Aptsandlofts.com - Brooklyn Ten Year Sales Study

8/13/2019 Aptsandlofts.com - Brooklyn Ten Year Sales Study

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OUR TAKE ON TEN YEARS O

BROOKLYN REAL ESTATA TEN YEAR SALES STUDY BY

BKLYN HEIGHTS

WILLIAMSBURG

PARK SLOPE

DUMBO

BEDFORD-STUYVESANT

BOERUM HILLCOBBLE HILL

CARROLL GARDENS


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ABOUT THIS REPORTaptsandlofts.com is a full service Real Estate brokerage offering sales, leasing, marketing

and new development consultation throughout New York City with particular expertise in prime are

of Brooklyn and Queens, with offices in Williamsburg, Bedford-Stuyvesant and Cobble Hill, Brookly

Founded in 2002 by president David Maundrell, aptsandlofts.com has quickly established itself as

leader in the industry for groundbreaking marketing campaigns and trusted market trend analysis.

aptsandlofts.com boasts a sophisticated roster of exclusive listings and strong, established relationshi

with some of NYCs leading developers.

For more information visit www.aptsandlofts.com .

The aptsandlofts.com market report is completed in association with Vanderbilt Apprais

Company, LLC., one of the elite valuation firms in the NYC region.

With over 50,000 assignments completed since 2003, Vanderbilts appraisal teams have vast

experience and a trustworthy knowledge of value. Attorneys, accountants, lenders, private investor

developers, insurance companies and property owners have all relied on Vanderbilts expert associ

to provide unbiased, timely, precise appraisal reports. The firm offers regional coverage, skill in mu

disciplinary fields and exceptional customer service that sets them apart from the competition.

For more information visit www.vanderbiltappraisal.com.

BROOKLYN REAL ESTATE HIGHLIGHTSHIGHEST SALE PRICE NEIGHBORHOODBrooklyn Heights

ADDRESS

70 Willow Street

Brooklyn, NY 11201

Townhouse

$12.5MI live in Brooklyn. By choice. Once home to author Truman Capote,the five-story, 9,000 square foot, high Greek-Revival 70 Willow Street was

built in 1839 in the heart of Brooklyn Heights. Features of this magnificentproperty include a three-story mahogany staircase, 12 ceilings, 38windows, 11 fireplaces, 11 bedrooms, 7.5 baths and a private gateddriveway. Truman had it all figured out. We would choose to live here also!

HIGHEST PRICE/S.F.

NEIGHBORHOODDUMBO

ADDRESS

1 Main Street, PH

Brooklyn, NY 11201

$3,358

The iconic 1 Main Street, one of thefirst conversions of former industrialwarehouses in DUMBO, Brooklyn is knownfor unobstructed views and a ridiculousmulti-tiered clock tower apartment. 1 Mainis also home to celebrities, the chic Brooklynset, the founder of DUMBO (David Walentas)and, in 2006, the highest price per squarefoot paid for a condominium over the past10 years at $3,358. That $/S.F. generated asale price of over $10 million and makes uswonder: What will the Clocktower apartmentthat is currently on the market finally sell for?Only time will tell.

CONVERSION WITH THE MOST ACTIONNEIGHBORHOOD

DUMBO

ADDRESS70 Washington Street

Brooklyn, NY 11201

213SOLD!

Converted to residential in 2005, the former industrial buildinlocated at 70 Washington Street has become one of Brooklynmost coveted condominium buildings. What makes us say this

There have been 213 sales in the loft building since its conversioand judging by recent listing activity, there will be another 10

units changing hands in the next few months. While there havbeen other properties with more closed sales (Edge in Williamsbur

had 513 transactions) there is just something about a rehab thagets us excited at aptsandlofts.com


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BROOKLYN HEIGHTSBrooklyn Heights 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

# of Closed Sales (Co-Op+Condo) 133 250 289 280 416 308 225 338 368 423 475

Avg Sale Price $279K $337K $482K $556K $615K $623K $620K $702K $721K $794K $848K

Median Sale Price $250K $300K $385K $430K $500K $520K $450K $559K $575K $625K $690K

# of Co-Op Sales 125 235 266 260 350 276 206 257 260 292 300

Avg Co-Op Sale Price $272K $324K $459K $526K $578K $587K $570K $562K $584K $616K $625K

# of Condo Sales 8 15 23 20 66 32 19 81 108 131 175

Avg Condo Sale Price $387K $539K $751K $948K $814K $939K $1.159M $1.145M $1.052M $1.192M $1.250M

Avg Condo $/S.F. $441 $528 $756 $833 $753 $862 $805 $795 $781 $873 $990

# of Townhouse Sales 16 14 20 27 19 19 13 29 19 29 15

Avg Townhouse Sale Price $1.926M $2.263M $3.023M $3.610M $3.581M $4.010M $2.348M $3.024M $3.438M $4.860M $4.5M

Avg Townhouse $/S.F. $552 $697 $866 $951 $857 $909 $612 $842 $878 $1,070 $1,000

2003-201

FEATURED SALES OUR TAKEOver the last 10 years, the total apart-

ment sales volume in Brooklyn Heights

(Co-Op sales plus Condo sales) rose

from a total of 133 to 423 by year end

2012, an increase of 218%...........................................................

The average sale price of a Co-Op

in Brooklyn Heights in 2003 was

$272,000. By year end 2012, the

average Co-Op sale price increased to

$616,000, a 126% increase.

..........................................................

By contrast, the average Condo sale

price in 2003 was $387,000. In 10

years time, the average Condo sale

price increased to $1,192,000, an

average gain of nearly 21% per year

over the last decade...........................................................

The Townhouse market exhibited a

similarly impressive gain. In 2003, the

average Townhouse sale price was

$1,926,000. Over the last 10 years, the

average sale price rose to $4,860,000,

a gain of 152%.

Interesting Fact:There were four

sales over $10M in Brooklyn Heights

between 2006 and 2012.

Highest TownhouseSale Price (2012)70 Willow StreetBrooklyn, NY 11201

Highest Co-OpSale Price (2009)160 Henry StreetBrooklyn, NY 11201

$4M

Highest CondoSale Price (2009)360 Furman Street, #1208Brooklyn, NY 11201

$12.5

M

Total Co-OpSales

Total CondoSales

Total TownhouseSales

AVERAGE & MEDIAN SALE PRICECO-OPS & CONDOS900K

800K

700K

600K

500K

400K

300K

200K

100K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

450

400

350

300

250

200

150

100

50

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

NUMBER OF SALESCO-OPS, CONDOS & TOWNHOUSES

Average Sale Price Median Sale Price

$4.2

M


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WILLIAMSBURGWilliamsburg 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

# of Closed Sales (Co-Op+Condo) 21 130 349 618 554 579 413 859 1,058 733 500



# of Co-Op Sales 0 0 9 75 24 12 8 11 11 27 20

Avg Co-Op Sale Price $0 $0 $446K $330K $345K $363K $287K $536K $353K $335K $375K

# of Condo Sales 21 130 340 543 530 567 405 848 1,047 706 480

Avg Condo Sale Price $331K $353K $492K $593K $644K $653K $596K $588K $671K $756K $827K

Avg Condo $/S.F. $373 $339 $432 $524 $577 $694 $614 $631 $679 $735 $785


Avg Townhouse Sale Price $378K $450K $766K $962K $1.04M $1.147M $863K $825K $919K $1.262M $1.400M

Avg Townhouse $/S.F. $204 $263 $292 $404 $406 $377 $280 $258 $294 $424 $475

2003-201

FEATURED SALES OUR TAKEThe market area known as the epicente

of the Brooklyn Condo housing boom,

Williamsburg, had just 21 Condo

apartment sales in 2003 compared with

706 Condo sales by the start of 2013...........................................................

The average Condo sale price in 2003

was $331,000 with an average price

per square foot of $373/S.F. In 10 years

time, the average sale price increased to

$756,000, a 128% increase.

..........................................................

The average Condo sale price is

projected to be nearly $800/S.F. by year

end which amounts to a 114% increase

since 2003...........................................................

Townhouse properties have performed

spectacularly as well with an average

price gain of 234% in 10 years...........................................................

In 2003, there were 42 sales with an

average sale price of $378,000 as

compared to 125 sales with an average

price of $1,262,000 through 2012.

Interesting Fact:The $/S.F. of a

Williamsburg Condominium is now

more than double what it was in 2003.

Total Co-OpSales

Total CondoSales



800K

700K

600K

500K

400K

300K

200K

100K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

,

,

,

1,350

1,200

1,050

900

750

600

450

300

150

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012



Highest Condo

Sale Price (2013)

Highest Condo$/S.F. (2013)

$1,959**

Building withMost Action (2003-2013)The Edge, 34 North 7th StreetBrooklyn, NY 11211

513 SALES!

$3.6M*

2 Northside PiersBrooklyn, NY 11249 *PH #5, **PH #7

-AND-


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Park Slope 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*



Median Sale Price $465K $465K $581K $602.5K $674K $628K $595K $608K $658K $668K $763K

# of Co-Op Sales 91 68 246 248 278 258 190 247 206 253 320

Avg Co-Op Sale Price $400K $443K $550.3K $580,425 $617,360 $667K $565K $612K $625K $692K $744K

# of Condo Sales 39 82 216 188 241 323 230 324 304 255 190

Avg Condo Sale Price $542.4K $587K $708K $720K $821K $655K $683K $684K $635K $764K $993K

Avg Condo $/S.F. $450 $559 $630 $687 $722 $725 $670 $664 $696 $724 $877


Avg Townhouse Sale Price $978K $1.160M $1.016M $1.565M $1.700M $1.742M $1.588M $1.593M $1.637M $1.9M $2.150M

Avg Townhouse $/S.F. $365 $424 $561 $597 $599 $624 $511 $572 $585 $657 $840

PARK SLOPE 2003-201

FEATURED SALES OUR TAKEThe Park Slope region revealed impres-

sive gains over the last 10 years in all

market segments. Total apartment sales

volume increased 291%. The number of

Co-Op sales rose 178%...........................................................

Condominium unit sales volume

increased 554%. Prices overall for all

apartment sales increased 55% from

an average of $471,000 to $728,000...........................................................

The most impressive price gains were

in the Townhouse segment. In 2003,

the average sale price of Townhouse

properties sold was $978,000 and

$365/S.F. Ten years later, the average

sale price is $1,900,000 and $657/S.F.

- a 94% increase in average price and

an 80% increase in average price per

square foot.

Interesting Fact:Between

2005 and 2012, Park Slope nearly

averaged 500 Condo/Co-Op sales

per year and approximately 150

Townhouse sales per year.

Total Co-OpSales

Total CondoSales



800K

700K

600K

500K

400K

300K

200K

100K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

450

400

350

300

250

200

150

100

50

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012



Highest Townhouse

Sale Price (2008)17 Prospect Park WestBrooklyn, NY 11215

Building with HighestCo-Op Sale Price (2012)107 Prospect Park WestBrooklyn, NY 11215

$2.6

5M

Building with HighestCondo Sale Price (2009)35 Prospect Park WestBrooklyn, NY 11215

$5.1M

$8.4

5M


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BoCoCa 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*




# of Co-Op Sales 34 28 64 80 98 78 55 52 77 92 95

Avg Co-Op Sale Price $400K $415K $598K $526K $593K $631K $570K $556K $762K $665K $748K

# of Condo Sales 42 76 210 124 280 243 198 288 288 190 219


Avg Condo $/S.F. $481 $520 $629 $655 $704 $754 $642 $655 $714 $745 $826


Avg Townhouse Sale Price $832K $1.046M $1.346M $1.548M $1.582M $1.620M $1.485M $1.595M $1.670M $1.828M $2.097M

Avg Townhouse $/S.F. $347 $448 $471 $533 $532 $562 $741 $573 $565 $640 $740

BoCoCa (Boerum Hill, Cobble Hill and Carroll Gardens) 2003-201

FEATURED SALES OUR TAKEOver the last 10 years, the total

apartment sales volume in BoCoCa

(Co-Op sales plus Condo sales) rose

from a total of 76 to 282 by year end

2012, an increase of 271%...........................................................

The average sale price of a Co-Op in

BoCoCa in 2003 was $400,000. By yea

end 2012, the average Co-Op sale price

increased to $665,000, a 66% increase..........................................................

The average Condo sale price in 2003

was $482,000. In 10 years time, the

average Condo sale price increased to

$845,000, a gain of 75%...........................................................

The Townhouse market segment in this

region illustrated more impressive gains

In 2003, the average Townhouse sale

price was $832,000. Over the last 10

years, the average sale price rose to

$1,828,000, a gain of 120%...........................................................

The projected average Townhouse

sale price by year-end 2013 is nearly

$2,100,000, a 152% increase since

2003.

Total Co-OpSales

Total CondoSales



800K

700K

600K

500K

400K

300K

200K

100K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

900

800

700

600

500

400

300

200

100

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012



Highest Townhouse

Sale Price (2012)233 Warren StreetBrooklyn, NY 11201

Building with HighestCo-Op Sale Price (2013)327 Clinton StreetBrooklyn, NY 11231

$2M

Building with HighestCondo Sale Price (2012)362 Pacific StreetBrooklyn, NY 11217

$3.3M

$6.0

5M


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Dumbo 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

# of Condo Sales 95 69 102 219 400 71 32 55 62 201 130

Avg Condo Sale Price $908K $789K $971K $1.008M $913K $1.296M $1.098M $1.180M $1.284M $1.044M $1.145M

Avg Condo $/S.F. $588 $550 $708 $818 $776 $917 $812 $865 $879 $839 $872

DUMBO 2003-201

FEATURED SALES OUR TAKETen years ago, there were 95 Condo

sales in DUMBO with an average sale

price of $908,000 and an average price

per square foot of $588/S.F. Ten years

later, there were 112% more sales...........................................................

The projected 2013 average sale price

of $1,1450,000 is a 26% increase in

10 years, while the projected average

price per square foot of $872/S.F. is an

increase in that value measure of 48%.

Total CondoSales

AVERAGE SALE PRICECONDOS1,800K

1,600K

1,400K

1,200K

1,000K

800K

600K

400K

200K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

,

,

,

,

,

400

350

300

250

200

150

100

50

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

NUMBER OF SALESCONDOS

Average CondoSale Price

Highest CondoSale Price (2006)

Highest CondoPrice/S.F. (2006)

$3,358

Building withMost Action (2003 2013)70 Washington StreetBrooklyn, NY 11201

213SOLD!

$10.7M

1 Main Street, PHBrooklyn, NY 11201

-AND-


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1,350

1,200

1,050

900

750

600

450

300

150

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

Bedford-Stuyvesant 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

# of Condo Sales 12 108 208 182 191 164 148 141 208 124 132


Avg Condo $/S.F. $310 $367 $295 $363 $387 $431 $335 $350 $414 $404 $432

# of Townhouse Sales 574 600 1,099 1,184 707 436 290 420 511 590 744

Avg Townhouse Sale Price $321K $394K $527K $606K $668K $600K $503K $443K $504K $553K $600K

Avg Townhouse $/S.F. $137 $168 $229 $236 $245 $225 $187 $161 $171 $194 $217

BEDFORD-STUYVESANT 2003-201

FEATURED SALES OUR TAKETen years ago, there were just 12 Condo

sales in Bed-Stuy with an average sale

price of $351,000 and an average price

per square foot of $310/S.F...........................................................

The Condo apartment market 10 years

later revealed sales volume increased

to 124 sales (+933%), an average

sale price of $416,000 (+19%) and

an average price per square foot of

$404/S.F. (+30%).

..........................................................

In the Townhouse property segment,

the average sale price 10 years ago

was $321,000 as compared to a

projected $600,000 by year 2013,

an 87% improvement.

Total CondoSales


AVERAGE SALE PRICECONDOS & TOWNHOUSES900K

800K

700K

600K

500K

400K

300K

200K

100K

02003 2004 2005 2006 2007 2008 2009 2010 2011 20132012

,

,

,

NUMBER OF SALESCONDOS & TOWNHOUSES

Avg. Sale PriceCondos

Avg. Sale PriceTownhouses

Highest TownhouseSale Price (2013)254 Gates AvenueBrooklyn, NY 11238

Building with HighestCondo Price (2006)860 Bedford AvenueBrooklyn, NY 11205

$920K

In December, aptsandlofts.comannounced we are opening our 3rdBrooklyn office in Bed Stuy in early 2014.We expect sales transactions in theneighborhood to increase almost 50%from 2013 levels next year.

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M

Aptsandlofts.com - Brooklyn Ten Year Sales Study

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