Joe Zappa blocks and lots
Brooklyn condos have been riding this spring’s NYC real estate market recovery to record highs. The borough’s sponsors reported 188 contracts last month, far exceeding the past three years’ record of 150.
Marketproof tracks condo buildings, including those under construction, currently selling, and those that have moved on to resales. That gives us a clear view into the buildings driving the market’s recovery.
Below are the eight Brooklyn new developments that have reported the most contracts this year. The lowest average asking PPSF is $654 and the highest $1,790, and no two are in the same neighborhood. The diversity of the buildings underscores the depth of the market, which is not coasting on a single booming neighborhood or market segment.
1. 567 Ocean Avenue
This Flatbush building has reported 21 contracts this year, leading Brooklyn. The nine-floor, 108-unit project by New Empire Real Estate features the affordable prices that allowed Brooklyn to outsell Manhattan last year. Its average asking PPSF is just $927, and it offers 24 studios for less than $500,000. The building also has 42 1-beds and 37 2-beds, all with asking prices of less than $1m. Nest Seekers is handling sales.
2. 11 Hoyt St
Tishman Speyer is behind 11 Hoyt St, which comes in second so far this year with 19 contracts reported. 11 Hoyt is a massive Downtown Brooklyn project with 480 units across 53 floors. Two hundred nine of those units are sold or in contract. The average asking PPSF is $1,553 with a total asking price range of $650k–5.89m. Despite being relatively pricey for Brooklyn, the building has sold a brisk seven units per month throughout its tenure on the market. Corcoran is in charge of sales.
3. 1 Clinton
Brooklyn Heights’ 1 Clinton is a Hudson Companies tower. The project has reported 15 contracts this year and has 132 units across 38 floors. 1 Clinton’s average asking PPSF is $1,790, putting it in the higher end of Brooklyn’s market. Its cheapest units, 1-beds, have asking prices of $1.16–1.43m. The plurality of its units are 3-beds with asking prices of $3.19–6.6m. Corcoran is the sales office.
4. 1916 Avenue X
This Sheepshead Bay condo has reported contracts for 12 of its 28 units since the start of the year. Solex is the developer and Ilite Realty the sales office. The building has an average asking PPSF of $654, modest for Brooklyn condos, and its prices vary from $437–939k. The plurality of its units are 2-beds priced at $510–939k.
5. 552 Prospect Pl
Crown Heights’ 552 Prospect Pl places fifth this year with 11 contracts — half its total 22. Sales started just seven months ago, and the building has already reported contracts for 68% of its units. The average asking PPSF is $1,282. Its six 1-beds are priced at $825–895k, its 2-beds $1.27–1.45m, and its two 3-beds $1.9m. Corcoran is handling sales.
6. Arbor Eighteen
Also reporting 11 contracts this year is Adam America Real Estate and CGI Strategies’ Arbor Eighteen. The Greenwood building has 73 units and has reported contracts for 74% of them since sales began in 2019. The average asking PPSF is $1,196, and Arbor Eighteen offers 13 studios for $525–685k. Brown Harris Stevens is in charge of sales.
7. 2222 Ocean Avenue
Winchester Equities is the developer behind this Midwood condo. It has reported nine contracts this year. The average asking PPSF is $809, and the building offers 14 studios below $400k as well as 13 1-beds for $489–690k. One of it contracts this year is a studio with a most recent listing price of $385k, while its largest sale is a 3-bed with a final listing price of $918k. Keller Williams is handling sales.
8. The Benny
Prospect Lefferts’ Gardens The Benny has reported eight contracts this year. The Brookland Capital condo offers 44 units across eight floors. Its average asking PPSF is $997, and its units vary from $550k–1.2m. Thirty-five of its condos are 1-beds with asking prices of $550–800k. REAL New York is spearheading sales.