NEW YORK CITY—Brooklyn ended 2017 with a bang, according to the Halstead Property Development Marketing's year-end report.
Brooklyn's new development market remained strong with a 9.4% year-over-year increase in price-per-square-foot and a 73% year-over-year increase in median price for entering contracts. The report attributes the tremendously high median price increase to the condominium units priced above $2.5 million entering contract at Pierhouse at Brooklyn Bridge Park, 51 Jay St and 251 First St.
In a GlobeSt.com interview, the president of Halstead Property Development Marketing, Stephen G. Kliegerman explains Brooklyn has been playing catch-up to Manhattan for many years. He says on average there is a 30% discount when buying a home in Brooklyn compared to Manhattan. The average one-bedroom in Manhattan costs approximately $1.2 million, with the average one-bedroom in Brooklyn selling in the high $800s, according to Kliegerman.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
