Engel & Volkers Brownstone Brooklyn 3Q19 Market Report

3Q19

Photo credit @arnabdt

BROWNSTONE BROOKLYN MARKET REPORT

Overview Our report indicates that townhouses in Brownstone Brooklyn are trading just below the average sales price established a year ago and the average sales price for condominiums is 6.6% below the average sales price established in the 3Q18. Overall volume and gross transaction volume of townhouses and condominiums has decreased year over year.

Townhouses Over $379MM worth of 1- to 4-family townhouses traded hands in 3Q19, versus $452MM during 3Q18, a decrease of $73MM, or 16.2%. Transaction volume decreased 14.9% compared to last year. The average sales price decreased modestly as well, to approximately $2,893,000. Brooklyn Heights took the top spot in our ranking of highest gross priced transactions at $9.8MM for a single family on Sidney Place. A small townhouse in Clinton Hill claimed the top spot on a dollar per square foot basis at $2,313. Notable transactions appear on page 9 of this report.

Condominiums Approximately $339MM worth of condominiums sold in 3Q19, versus $410MM during 3Q18, a decrease of $71MM, or 17.3%. The number of transactions dropped 11.4% and year over year average price per square foot dipped by 4.8% to $1,149 and average sales price moved down by 6.6%. A penthouse transaction at the Polhemus in Cobble Hill was the most expensive deal on a gross sales price basis at $6.8MM. Another penthouse in the same project took the top spot on a dollar per foot basis at $2,088. Other notable condominium transactions appear on page 9 of this report.

If you are interested in receiving a complimentary opinion of value for your property, please don’t hesitate to contact me directly.

Sincerely,

Donald P. Brennan, Jr. License Partner | Real Estate Broker Engel & Völkers Brownstone Brooklyn Brennan Realty Services, LLC 45 Main Street, Suite 1022 Brooklyn, NY 11201

Email: donald.brennan@evrealestate.com Cell: (917) 568-6525 Web: brownstonebrooklyn.evrealestate.com

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Timeless Elegance on Historic Block 16 South Portland Avenue, Fort Greene· Brooklyn· NY· 11217

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Exquisite Brooklyn Heights Penthouse 24 Remsen Street, PH · Brooklyn Heights · NY· 11201

Engel&Völkers Brownstone Brooklyn

Office Phone: ( 718 ) 858 8238 Email: BrownstoneBrooklyn@EVRealEstate.com Web: BrownstoneBrooklyn.EVRealEstate.com