Search
 

Brooklyn Fuels $50B NYC Homes Sales Record

“The high end of the New York City home sales market slowed this quarter in comparison to past quarters,” says REBNY president John Banks.

By John Jordan | Updated on February 15, 2018
Photo of John Banks REBNY president John Banks

NEW YORK CITY—Thanks to an all-time high $11 billion in residential sales in Brooklyn, the home sales market in New York City last year reached a new record at $50 billion, according to the Real Estate Board of New York. This despite a recent sharp decline in luxury home sales in the city.

REBNY in its year-end residential sales report notes that fourth quarter 2017 sales activity citywide in cooperatives, condominiums, and one-to-three-family dwellings ranging from $1 million to less than $3 million rose 10% as compared to the same period a year earlier. The number of home sales recorded for properties in the $5-million or greater price range plummeted 38% in Q4 ’17 as compared to 12 months earlier.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

GlobeSt. Multifamily Spring 2025Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.