It’s no secret that new residential construction in Brooklyn is booming. A report from Halstead Property Development Marketing (HPDM) offers a snapshot of the borough’s new development market.
Here are a few of the report’s highlights:
• There were 1,102 residential units in new developments on the market in prime Brooklyn neighborhoods in roughly the past year. Of these units, 545 residences were sold.
• The average price for a new one-bedroom apartment with an average of 780 square feet of living space was $1,019,125. The average price for a 2,770-square-foot, four-bedroom apartment was $4,991,932.
• More condominium developments are on the way. There were about 1,400 units with offering plans that were submitted by developers or accepted by the New York Attorney General’s Office.
A separate report from New York-based real estate website CityRealty, which was released in August, estimated that developers will build 22,000 new apartments in Brooklyn from now through 2019.
HPDM based its analysis on data from 16 prominent new developments in Brooklyn. These developments are located in prime neighborhoods such as Dumbo, Downtown Brooklyn and Williamsburg, among others.
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