Brownstones were once a symbol of Brooklyn stoop life. Now the townhomes that filmmaker Spike Lee helped popularize have become fashionable with both European investors and Manhattan expatriates. “I think that Brooklyn has replaced Manhattan as the place to be,” said mTkalla Keaton of Compass, a broker with more than 25 years of experience in the Brooklyn residential market. “And when people think about Brooklyn, they think about brownstones.” New data suggests that brownstone prices in Brooklyn could continue to reach new heights. The median price for a brownstone sold in the second quarter of this year was a record $2,589,500, up 38.8% compared with the same period in 2014, according to a new report from real estate brokerage Douglas Elliman. The average sales price rose 21.2% in the same period to a record $2,898,551. Meanwhile, the number of brownstone sales fell 51% compared with the previous year as a result of lower inventories. Keaton believes that scarcity is fueling this demand. There is a limited number of existing brownstones in Brooklyn and it would cost upwards of $5 million to build one from the ground up, he said. Instead, developers have modeled Brooklyn brownstone renovations after those seen in Manhattan. Compared with pricier Manhattan neighborhoods such as Soho, brownstones in Brooklyn are a relative value - selling for roughly 33% less. Keaton said neighborhoods such as Park Slope, Carroll Gardens and Clinton Hill are the most popular with brownstone buyers. The neighborhood of Bedford–Stuyvesant is also in demand. In Bed-Stuy, buyers might find a four-story brownstone in need of renovation for about $1.8 million, while a brownstone in peak condition sells for just under $3 million, according to Keaton. “This is definitely going to be the year that something trades at $3 million or more in Bed-Stuy,” he said. Here’s a look at what’s on the market in Brooklyn. These five brownstones, all listed on Mansion Global, range in price from about $2.9 million to $15 million.
Columbia Heights, $15 million:
Located near the Brooklyn Heights Promenade, this seven-bedroom home was built in 1859. Recently renovated, the brownstone includes a formal dining room with a bar and views of the East River from each of its five floors. Agent: The Corcoran Group. View full listing.
1st Place, about $6.3 million:
Built in the heart of Carroll Gardens, this 6,000-square-foot brownstone features five bedrooms with room for an additional two bedrooms on the garden level. In addition to handcrafted moldings and high ceilings, the home includes 2,000 square feet of outdoor space. Agent: Marion Fiore, Douglas Elliman Real Estate. View full listing.
Hancock Street, about $3 million:
This recently restored brownstone is located in the Bedford-Stuyvesant neighborhood. With eight bedrooms and four baths, the property features a gourmet kitchen with marble countertops. Agent: Peter Gordenstein, The Corcoran Group. View full listing.
8th Street, about $3 million:
Situated two blocks from Prospect Park, this three-bedroom brownstone features a living room with 11-foot ceilings, as well as a modern kitchen with a dining area. A bluestone patio runs the length of the garden. Agent: Laura Hess, The Corcoran Group. View full listing.
Classon Avenue, about $2.9 million:
This four-story brownstone is located in Clinton Hill. With four bedrooms and 3 ½ baths, the property features a formal dining room, a chef’s kitchen and two private roof decks. Agent: The Corcoran Group. View full listing. Write to Gina Faridniya at gina.faridniya@dowjones.com