Brooklyn Real Estate Held Its Own in 2006

Greenpoint Brooklyn construction (Image courtesy of

Dubai construction (Image courtesy of Boudders)

According to a New York Daily News article yesterday, Brooklyn’s real estate is holding up:

The median sale price for an apartment in the northern part of the borough was up 22% in the last three months of 2006 compared with the corresponding period in 2005, according to the Corcoran Group.

And the average price of an apartment in Park Slope and Brooklyn Heights was up 3% in the same period, according to a separate report by the real estate firm Brown Harris Stevens.

But the increases in sale price is lower in 2006 compared to 2005. “During 2005, Corcoran reported a 14% increase in the median price of Brooklyn co-ops and a 12% increase for condos. In 2006, those numbers shrank to 7% for co-ops and 8% for condos. And the median sale prices for co-ops actually declined 4% in the last quarter of 2006.”

The article quotes developer Jed Walentas, a principal at Two Trees Management, who is “cautiously optimistic” about the Brooklyn real estate market.

“I don’t think it’s the seller’s market you had 18 months ago,” he conceded. But he noted that his company’s current downtown Brooklyn project at 110 Livingston St. was selling well.

Two Trees is converting the former headquarters of the Board of Education into luxury condos at 110 Livingston in downtown Brooklyn. Walentas said at least 160 of 300 units have been sold.

Gowanus Lounge predicts that late 2007 and 2008 in Brooklyn will see price cuts and unsold inventory especially in Williamsburg and Greenpoint where construction is almost as prevalent as in Dubai. (ok, not quite, but those images of the Dubai construction cranes are unbelievable).

{Home is where B’klyn bucks are, reports show, New York Daily News, 1/3/07}
{ Brooklyn Real Estate Prices Going Down or Staying Up?, Gowanus Lounge}