Brooklyn Residential Sales Skyrocket: Halstead's Year-End New Development Report

Stephen Kliegerman, president of Halstead Property Development Marketing

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.

“I’ve seen how people who haven’t been back to Brooklyn in 10 or 15 years, who go back now to look for housing, are so impressed by the amount of amenities, level of architecture and design now going into homes, which wasn’t happening five or 10 years ago,” says Kliegerman. Brooklyn’s available inventory fell more than 22% year-over-year indicating it remained a hot market in 2017.