Brooklyn On The Rise

While things are moving slower in the Manhattan luxury market, Brooklyn’s market is rising. One should note that what defines the luxury market in Manhattan is a price of $10 million plus and in Brooklyn is a price of $2 million plus. In October alone, 34 contracts were signed for condos, co-ops and townhouse in Brooklyn, priced at or over $2 million. What is interesting to note about October, was the sales market was predominately dominated by brownstones. They tend to sell at a lower price per square foot than their condo counterparts. The average price per square foot is approximately $1200. The stretch of brownstone from Brooklyn Heights to Cobble Hill were the borough’s rising star. Brooklyn Heights led the charge with an average asking price of $3.8 million and a total of $26.6 million in sales. Cobble Hill not to be outdone followed with 18.6 Million in sales. Even though the L train is shutting down, Brooklyn is still on the rise.