Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton Hill Cobble Hill Crown Heights Ditmas Park DUMBO Vinegar Hill Dyker Heights Flatbush Fort Greene Gowanus Gravesend Greenpoint Greenwood Kensington Lefferts Gardens Midwood Mill Basin Park Slope Prospect Heights Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace The Corcoran Report Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton Hill Cobble Hill Crown Heights Ditmas Park DUMBO Vinegar Hill Dyker Heights Flatbush Fort Greene Brooklyn Gowanus Gravesend Greenpoint Greenwood Kensington Lefferts Gardens Midwood Mill Basin Park Slope Prospect Heights Prospect Park South Red Hook Sheepshead Bay Sunset Park Williamsburg Windsor Terrace The Corcoran Report 3rd Quarter 2014 Bath Beach Bensonhurst Bay Ridge Bedford - Stuyvesant Boerum Hill Brooklyn Heights Bushwick Carroll Gardens Clinton Hill Cobble Hill Crown Heights Ditmas Park DUMBO A comprehensive analysis of the residential Vinegar Hill Dyker Heights real estate market in Brooklyn. Flatbush Fort Greene Brooklyn Gowanus Gravesend Greenpoint The Corcoran Report Page 2 3rd Quarter 2014

Introduction

Welcome to the Corcoran Report, our comprehensive quarterly examination of the residential real estate market in Brooklyn. The report examines closed transactions during the Third Quarter of 2014 (July 1 through September 30) and compares them to the Third Quarter 2013 and the Second Quarter 2014. Statistics in this report trail actual market conditions by approximately eight to twelve weeks due to the typical lag time between a contract signing and its closing.

For the third consecutive quarter the number of closed sales in Brooklyn increased, as enduring demand and low inventory resulted in higher sale prices in many neighborhoods. With quarterly gains in both condo and co-op sales, transaction numbers were up 16% from Second Quarter 2014 but down 16% versus Third Quarter 2013, the high- water mark for closed sales over a three-year period.

In some ways, price appreciation in Brooklyn defies conventional wisdom. Because condominiums usually sell at a higher price point than other property types, one would expect their proportion of total sales to go up whenever overall prices do. However, in the Third Quarter 2014, there was a persistent lack of new developments, a contracting market share of resale condos, and an expanding number of closed sales in South Brooklyn where property tends to be less expensive.

In spite of these market dynamics in the past year, the median price for Brooklyn rose 1% to $549,000 and average price climbed 3% to $679,000, thanks to the willingness of buyers to spend more in neighborhoods further afield from Downtown. The price per square foot climbed to $734, 6% higher than last year and 3% lower than last quarter (when it achieved a six-year high).

New development sales remain low in Brooklyn. Last year 22% of sales were in new developments while this quarter new product comprised just 13% of transactions. Strong demand and limited supply fueled the fourteenth consecutive quarter of new development price growth. Median and average price was higher than a year ago, posting 9% and 15% annual gains, respectively. Average price was $960 per square foot for new developments – a six-year record high – up 20% year-over-year. This price growth is even more impressive due to the lack of transactions in Brooklyn’s high-end markets.

We hope you find this edition of the Corcoran Report useful and informative, and we welcome any questions you may have. For a digital copy of this report and more information on the New York real estate market please visit our website at www.corcoran.com/nyc/Advice.

Sincerely, Frank PercesepeFrank Senior Regional Vice President, Brooklyn

The following members of the The Corcoran Group made significant contributions to this report: Douglas LaMere I Kathleen Mejia I Ryan Schleis I Joshua Sachs I Brie Train

The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Lavinia Husar I Bodor Kalman I Robert Raiz I Mihai Palermo

The Corcoran Report is compiled using market-wide data aggregated by PropertyShark, an independent research firm. The Corcoran Report Page 3

3rd Quarter 2014 View all our current market reports at www.corcoran.com/nyc/Advice

Brooklyn Heights Williamsburg Cobble Hill Greenpoint Dumbo Page 8 Downtown Fort Greene Page 9 Clinton Hill Prospect Heights Page 11 Park Slope Gowanus Page 10 Bedford–Stuyvesant Crown Heights Lefferts Gardens Carroll Gardens Bushwick Boerum Hill Page 13 Red Hook Page 12

East Flatbush Marine Park Mill Basin Bergen Beach Gerritsen Beach Greenwood Sunset Park Borough Park Mapleton Midwood Bay Ridge Dyker Heights Bensonhurst Bath Beach Gravesend Sheepshead Bay Sea Gate Coney Island Brighton Beach Manhattan Beach Page 15

Average unit sales Kensington per square foot (SF): Windsor Terrace Above $2,500 SF Interactive map online at Ditmas Park $2,000 - $2,500 SF PropertyShark.com’s map of $1,500 - $2,000 SF Number of unit sales Flatbush Brooklyn plots buildings with $1,250 - $1,500 SF per building: $1,000 - $1,250 SF sales in the Second Quarter Prospect Park South $750 - $1,000 SF Above 20 Units according to their number of $500 - $750 SF 10 to 20 Units Page 14 sales and average price per Below $500 SF 3 to 9 Units square foot. No SF Available 1 to 2 Units propertyshark.com/maps

The Brooklyn Sales Report is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker owned and operated by NRT LLC. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. The Corcoran Report Page 4 3rd Quarter 2014

Brooklyn Market-Wide

Market-wide median price increased 5% from last quarter to $549,000, slightly higher than a year ago and the highest median price since Third Quarter 2008. Average price of $679,000 was 3% higher than a year ago and was the second highest figure seen in six years. Average price per square foot increased 6% year-over-year, down only a slight 3% from last quarter’s six-year high figure.

Prices – Resale Co-ops, Resale Condos and New Developments

Average Median Avg Price Sale Price Price per sf

Q3 2014 679K 549K 734 Change -7% 5% -3% Q2 2014 734K 525K 760

ALL SALES Q3 2014 679K 549K 734 Change 3% 1% 6% Q3 2013 662K 545K 693

Market-Wide Historical Median Price

Median Sale Price Average PPSF $800,000 $800

$700,000 $700

$600,000 $600 Foot $500,000 $500 e Square Pric

$400,000 $400 Per dian Me Price $300,000 $300 erage

$200,000 $200 Av

$100,000 $100

$0 $0 The Corcoran Report Page 5 3rd Quarter 2014

Resale Market-Wide The resale market repeated last quarter’s performance with strong annual and quarterly gains. Resale price grew 18% to $758 per square foot, an increase driven entirely by the resale condo market. The condo resale figures during Third Quarter 2014 were the highest seen in over six years. Resale coop average price and price per square foot dipped slightly from a year ago, partially due to a decline in the number of transactions of larger residences.

Average Median Avg Price Sale Price Price per sf

Q3 2014 676K 550K 758 Change 2% 8% 2% Q2 2014 662K 507K 741

Q3 2014 676K 550K 758 ALL RESALES Change 12% 16% 18% Q3 2013 602K 475K 643

Average Median Avg Price Average Median Avg Price Sale Price Price per sf Sale Price Price per sf

Q3 2014 492K 389K 596 Q3 2014 907K 765K 836 Change 4% 5% 0% Change 7% 12% 4% Q2 2014 475K 370K 595 Q2 2014 846K 686K 801

Q3 2014 492K 389K 596 Q3 2014 907K 765K 836 Change -4% 9% -2% Change 32% 34% 27% RESALE CO-OPS RESALE RESALE CONDOS RESALE Q3 2013 513K 358K 608 Q3 2013 685K 570K 658

New Developments Third Quarter 2014 marks nine consecutive quarters of double-digit annual gains for new development average price per square foot. A six-year high figure of $960 per square foot was seen this quarter, up 20% from last year. Brooklyn is still experiencing a low number of new introductions, but strong demand continues to fuel high prices. Average price increased 15% year-over-year and exceeded $1MM for the second consecutive quarter. Median and average price were down versus Second Quarter 2014, which was skewed significantly higher due to several closings of new condos in Brooklyn Heights and Dumbo.

Average Median Avg Price Sale Price Price per sf

Q3 2014 1.012M 832K 960 Change -32% -10% 9% Q2 2014 1.486M 923K 881

Q3 2014 1.012M 832K 960 Market-wide Change 15% 9% 20% Q3 2013 877K 765K 802 The Corcoran Report Page 6 3rd Quarter 2014

Townhouses Townhouse averages can be skewed each quarter due to the limited number of sales. Average and median price of single- family townhomes saw double-digit annual gains due to strong sales in prime Brooklyn neighborhoods. Also contributing to the price gains is tremendous demand for single-family homes in Bedford-Stuyvesant and Crown Heights, where median price nearly doubled from a year ago.

Single-family Multi-residence Average Price Median Price Average Price Median Price

Q3 2014 1.832M 1.550M 1.344M 1.100M Change -25% -21% -6% -3% Q2 2014 2.447M 1.953M 1.425M 1.130M

Q3 2014 1.832M 1.550M 1.344M 1.100M Market-wide Change 18% 21% -15% -21% Q3 2013 1.553M 1.285M 1.587M 1.395M

Brooklyn Market-Wide Sales during Third Quarter 2014 exceeded the trailing six-year average number of sales per quarter. Inventory constraints have been the catalyst for annual sale declines seen during the past four quarters. Sales were down 16% versus a year ago, the largest annual decline seen in ten quarters.

Sales – Closings - Resale Co-ops, Resale Condos and New Developments

Closed Sales Average 1,700 1,600 1,500 1,400 1,300

s 1,200 1,100 Sale 1,000 900 800 700 600 Number of Closed 500 400 300 200 100 0 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q The Corcoran Report Page 7 3rd Quarter 2014

Brooklyn Market-wide Sales by Price Category

Market share of sales priced between $750K and $1MM grew to 19% and was the highest share this category has seen in five years. Simultaneously, market share of sales over $1MM shrank compared to both last quarter and last year. Holding steady at 66% of total sales, market share of sales priced under $750,000 was unchanged versus both periods.

3Q14 28%18% 19%19% 13%3% r

2Q14 27%20% 19%15% 15%4% Quarte

3Q13 30%16% 20%17% 15%2%

1Q14 Neighborhood Sales Comparison 3Q14 Neighborhood Sales Comparison 17% 3Q14 Property Type Comparison 0% 10%20% 30%40% 50%60% 70%80% 90%100% 8% 36% 8% Percent of Sales 13% 30% 13% 26% Under $350K $350K-$500K15% $500K-$750K $750K-$1M $1M-$2M $2M+ 38%

Neighborhood Sales Comparison11% Property Type Sales Comparison 12% 48% Market share of sales in South 8% Brooklyn had the biggest Resale coops comprised nearly half of the sales this quarter, 7% change from last year, growing by 7% to comprise 26% of all growing from 38% during Third Quarter 2013. New developments 15% 49% sales. Northern submarkets7% in Brooklyn7% subsequently shrank represented 13% of total sales, a huge decline from its 22% 8% 16% in market share during Third Quarter 2014 9%versus a year ago. market share a yearResale ago.Condo VersusResale last Co-o pyear,New resale Develo pmencondot market

ThisZone quarter 1 Zone apartment 2 Zone sales3 Zone in Brooklyn 4 Zone Heights, 5 Zone Cobble 6 Zone Hill, 7 Zoneshare 8 shrank slightly to 38%. Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Zone 8 Resale Condo Resale Co-op New Development Dumbo and Downtown comprised 15% of sales down from 19%

a year, the largest decline1Q13 Neighborhood in the Borough. Sales Comparison 3Q14 Neighborhood Sales Comparison 3Q13 Neighborhood Sales Comparison 3Q14 Property Type Comparison 3Q13 Property Type Comparison Q3 2014 Q3 2013 Q3 2014 Q3 2013

9% 18% 8% 11% 18% 13% 19% 28% 22% 26% 15% 38% 24% 19% 41% 7% 7%

4% 12% 8% 7%

10% 12% 7% 49% 54% 12% 11% 38% 16% 9% 16% 14%

Zone 1 Zone 2 Zone 3 Zone 4 ZoneZone 1 5 ZoneZone 2 6 ZoneZone 3 7 ZoneZone 48 Zone 5 ZoneResale 6 CondZoneo 7 Zone 8 Resale Co-op Resale CondNewo Development Resale Co-op New Development Williamsburg/Greenpoint Resale Condo Resale Co-op New Development Brooklyn Heights/Cobble Hill/Dumbo/Downtown 3Q13Park Neighborhood Slope/Gowanu sSales Comparison Fort Greene/Clinton Hill/Prospect Heights 3Q13 Property Type Comparison Carroll Gardens/Boerum Hill/Red Hook Bedford–Stuyvesant/Crown Heights/Lefferts Gardens/Bushwick Kensington/Windsor Terrace/Ditmas Park/Flatbush/Prospect Park South 11% South19 Brookly% n 22%

19% 41% 7%

7%

12% 12% 38% 14%

Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 Zone 6 Zone 7 Zone 8 Resale Condo Resale Co-op New Development The Corcoran Report Page 8 3rd Quarter 2014

Williamsburg - Greenpoint

Condo average price per square foot during Third Quarter 2014 figure was level with last quarter’s six-year high but 16% higher than last year. Average price increased 4% year-over-year, but was 12% lower than Second Quarter’s six-year high due to fewer sales over $1MM this quarter. Median price experienced a 3% decline, the first annual decline seen in nearly four years. Note that there are a statistically insignificant number of co-op sales in the submarket.

Average Median Average Price Sale Price Price per SF

Q3 2014 337K N/A N/A Queens Change 10% N/A N/A Q2 2014 305K 210K 493 CO-OPS Newton Creek Q3 2014 337K N/A N/A Change -68% N/A N/A Q3 2013 1.061M 999K 785

Average Median Average Price Sale Price Price per SF East River East Q3 2014 950K 832K 1,016 Change -12% -10% 0% Q2 2014 1.084M 925K 1,011

CONDOS Q3 2014 950K 832K 1,016 Change 4% -3% 16% Q3 2013 914K 855K 876

Average unit sales Number of unit sales per square foot (SF): per building: Above $2,500 SF Above 20 Units $2,000 - $2,500 SF 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF $500 - $750 SF Below $500 SF FLUSHING AVE No SF Available

Interactive map online at PropertyShark.com/maps

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 1.295M 1.295M 1.577M 1.443M Change N/A N/A -19% -18% Q2 2014 N/A N/A 1.945M 1.760M

Q3 2014 1.295M 1.295M 1.577M 1.443M Townhouses Change N/A N/A 5% -2% Q3 2013 N/A N/A 1.502M 1.473M The Corcoran Report Page 9 3rd Quarter 2014

Brooklyn Heights - Cobble Hill - Dumbo - Downtown

Both coops and condos in this submarket experienced strong annual price gains. Median coop price was 16% higher than a year ago. Average condo price grew 27% year-over-year and was a six-year high. Average condo price per square foot increased 17% versus Third Quarter 2013 to $1,064 per square foot, nearly level with last quarter’s six-year high figure.

Average Median Average Price Sale Price Price per SF Manhattan Q3 2014 711K 550K 755 Change -2% -5% -9% Q2 2014 727K 579K 832 CO-OPS Q3 2014 711K 550K 755

East River Change 6% 16% 4% Q3 2013 673K 475K 723

Average Median Average Price Sale Price Price per SF

Q3 2014 1.230M 915K 1,064 FLUSHING AVE Change -25% -24% -1% Q2 2014 1.641M 1.200K 1,070 CONDOS FLATBUSH AVE Q3 2014 1.230M 915K 1,064 Change 27% 2% 17% Q3 2013 967K 900K 910

FULTON ST Average unit sales ATLANTIC AVE Number of unit sales per square foot (SF): per building: Above $2,500 SF HOYT ST Above 20 Units $2,000 - $2,500 SF 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF $500 - $750 SF DEGRAW ST COURT ST Below $500 SF No SF Available

Interactive map online at PropertyShark.com/maps

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 3.443M 2.450M 3.233M 3.241M Change -27% -37% -12% 28% Q2 2014 4.721M 3.900M 3.694M 2.529M

Q3 2014 3.443M 2.450M 3.233M 3.241M Townhouses Change -8% N/A 28% 49% Q3 2013 3.735M N/A 2.529M 2.176M The Corcoran Report Page 10 3rd Quarter 2014

Park Slope - Gowanus

Median condo price in Park Slope and Gowanus grew 4% and average condo price per square foot increased 3% year-over-year. Both gains marked the tenth consecutive quarter of annual gains. Median condo price was nearly level with last year’s figure. Coop average price and average price per square foot were also level with last year’s figure. With fewer large coop sales, median price declined 5% year-over-year.

Average Median Average Price Sale Price Price per SF

Q3 2014 833K 785K 885 Change 3% 18% -2% Q2 2014 808K 668K 899

FLATBUSH AVE DEGRAW ST CO-OPS 4TH AVE Q3 2014 833K 785K 885 Change 1% -5% 1% Q3 2013 822K 825K 873

Average Median Average Price Gowanus Canal Sale Price Price per SF

Q3 2014 986K 945K 908 Change -5% -4% -10% Q2 2014 1.040M 980K 1,005

CONDOS Q3 2014 986M 945K 908 Change -1% 4% 3% Q3 2013 994M 905K 879

Average unit sales Number of unit sales per square foot (SF): PROSPECT AVE per building: Above $2,500 SF PROSPECT PARK W Above 20 Units $2,000 - $2,500 SF 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF Prospect $500 - $750 SF Below $500 SF Park No SF Available

Interactive map online at PropertyShark.com/maps

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 2.179M 1.595M 2.268M 2.080M Change -25% -45% 0% -10% Q2 2014 2.913M 2.913M 2.260M 2.300M

Q3 2014 2.179M 1.595M 2.268M 2.080M Townhouses Change 1% -19% 8% 6% Q3 2013 2.159M 1.973M 2.103M 1.963M The Corcoran Report Page 11 3rd Quarter 2014

Fort Greene - Clinton Hill - Prospect Heights

Year-over-year average and median condo price increased 13%. Average condo price per square foot was 6% higher than Third Quarter 2013 and the fourth consecutive quarter where the figure exceeded $700 per square foot. The coop market experienced annual and quarterly declines partially due to fewer sales of large coop residences.

Average Median Average Price Sale Price Price per SF

Q3 2014 543K 465K 564 FLUSHING AVE Change -10% -10% -21% Q2 2014 602K 515K 710 CO-OPS Q3 2014 543K 465K 564 Change -15% -16% -14% Q3 2013 638K 555K 654

BEDFORD AVE Average Median Average Price Sale Price Price per SF

Q3 2014 838K 732K 723 Change -8% -7% -3% Q2 2014 910K 787K 743

CONDOS Q3 2014 838K 732K 723 Change 13% 13% 6% FLATBUSH AVE Q3 2013 743K 645K 679

ATLANTIC AVE Average unit sales Number of unit sales per square foot (SF): WASHINGTON AVE per building: Above $2,500 SF Above 20 Units $2,000 - $2,500 SF 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

EASTERN PKWY Interactive map online at PropertyShark.com/maps

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 2.550M 2.550M 1.898M 1.703M Change 32% 32% 10% 6% Q2 2014 1.925M 1.925 1.722M 1.613M

Q3 2014 2.550M 2.550M 1.898M 1.703M Townhouses Change 98% N/A -10% -18% Q3 2013 1.285M N/A 2.112M 2.075M The Corcoran Report Page 12 3rd Quarter 2014

Carroll Gardens - Boerum Hill - Red Hook

The average condo price of $1,041 per square foot was 21% higher than a year ago and the highest seen in over six years. Average condo price also experienced significant annual and quarterly gains fueled by a number of sales over $2MM. Median condo price grew 20% from Third Quarter 2013 and was the second highest seen in six years. Annual and quarterly gains were not seen in the coop market this quarter, partially due to the increase in market share of smaller residences.

Average Median Average Price Sale Price Price per SF

Q3 2014 756K 699K 893 Change -6% -16% 3% Q2 2014 801K 800K 865 Upper Bay CO-OPS Q3 2014 756K 699K 893 Change -19% -14% -4% Q3 2014 937K 780K 929

Governors ATLANTIC AVE FULTON ST Island HOYT ST FLATBUSH AVE Average unit sales

BQE Number of unit sales per square foot (SF): per building: Above $2,500 SF Above 20 Units $2,000 - $2,500 SF DEGRAW ST COURT ST 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

DEGRAW ST 4TH AVE Interactive map online at PropertyShark.com/maps

Average Median Average Price Sale Price Price per SF Gowanus Canal Q3 2014 1.347M 1.083M 1,041 Change 11% -9% 1% Q2 2014 1.216M 1.195M 1,032

CONDOS Q3 2014 1.347M 1.083M 1,041 Change 34% 20% 21% Q3 2013 1.006M 902K 858

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 1.825M 1.685M 2.336M 2.505M Change -37% -48% 9% 26% Q2 2014 2.898M 3.230M 2.139M 1.987M

Q3 2014 1.825M 1.685M 2.336M 2.505M Townhouses Change -20% -26% -9% -7% Q3 2013 2.270M 2.270M 2.565M 2.695M The Corcoran Report Page 13 3rd Quarter 2014

Bedford–Stuyvesant - Crown Heights - Lefferts Gardens - Bushwick

Both the coop and condo markets in Bed-Stuy, Crown Heights, and Bushwick showed strong gains this quarter relative to last year. All price metrics for condo sales posted six-year highs. The average condo sale price rose 40% from last year, the largest year-over-year average price gain in the Borough. Compared to this time last year, the median coop sale price was up 8% and the average price grew by 15%. This submarket also displayed impressive gains in the single-family townhouse market.

Average Median Average Price Queens CYPRESS AVE Sale Price Price per SF

Q3 2014 346K 325K 379 Change 32% 23% 25% Q2 2014 262K 264K 304 FLUSHING AVE WYCKOFF AVE CO-OPS Q3 2014 346K 325K 379 Change 15% 8% 20% Q3 2013 302K 300K 316

BEDFORD AVE Average unit sales Number of unit sales per square foot (SF): per building: Above $2,500 SF Cemetery Above 20 Units $2,000 - $2,500 SF $1,500 - $2,000 SF of the 10 to 20 Units 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF Evergreens 1 to 2 Units $750 - $1,000 SF ATLANTIC AVE $500 - $750 SF Below $500 SF WASHINGTON No SF Available

AVE Interactive map online at PropertyShark.com/maps

Average Median Average Price Sale Price Price per SF E NEW YORK AVE Q3 2014 609K 545K 548 NOSTRAND AVE EMPIRE BLVD Change 32% 21% 8% Q2 2014 463K 450K 506

CONDOS Q3 2014 609K 545K 548 Change 40% 34% 23% Q3 2013 435K 406K 444 PARKSIDE AVE

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 1.493M 1.850M 954K 949K Change 41% 48% -1% 0% Q2 2014 1.059M 1.250M 967K 950K

Q3 2014 1.493M 1.850M 954K 949K Townhouses Change 17% 86% 1% 9% Q3 2013 1.274M 995K 940K 873K The Corcoran Report Page 14 3rd Quarter 2014

Kensington - Windsor Terrace - Ditmas Park - Flatbush - Prospect Park South

The for-sale market in Ditmas Park, Windsor Terrace, and Kensington exhibited strong gains during Third Quarter 2014. Median condo price increased 44% from last year and median coop price was 26% higher versus the same period. Fueled by price increases of all residence types, average condo price per square foot increased 28%, the highest annual gain in price per square foot in the Borough.

Average Median Average Price Sale Price Price per SF Prospect PROSPECT PARK SW Park Q3 2014 398K 385K 452 Change 4% 10% 12% Q2 2014 381K 350K 405 CO-OPS PROSPECT PARK W Q3 2014 398K 385K 452 PARKSIDE AVE Change 18% 26% 15% Q3 2013 336K 305K 394

PARKSIDE AVE Average Median Average Price Sale Price Price per SF Cemetery Greenwood

NOSTRAND AVE Q3 2014 593K 626K 590 Change 65% 90% 31% Q2 2014 359K 330K 450

CONDOS Q3 2014 593K 626K 590 Change 30% 44% 28% Q3 2013 457K 435K 461

Average unit sales

Number of unit sales per square foot (SF): MCDONALD AVE MCDONALD per building: Above $2,500 SF Above 20 Units $2,000 - $2,500 SF 10 to 20 Units $1,500 - $2,000 SF 3 to 9 Units $1,250 - $1,500 SF $1,000 - $1,250 SF 1 to 2 Units $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

FOSTER AVE AVENUE I Interactive map online at

PropertyShark.com/maps CONEY ISLAND AVE ISLAND CONEY

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 1.135M 1.200M 1.150M 1.135M Change -46% N/A 10% -5% Q2 2014 2.100M N/A 1.042M 1.200M

Q3 2014 1.135M 1.200M 1.150M 1.135M Townhouses Change -18% 8% 9% 17% Q3 2013 1.376M 1.113M 1.055M 970K The Corcoran Report Page 15 3rd Quarter 2014

South Brooklyn

East Flatbush Marine Park Mill Basin Bergen Beach Gerritsen Beach Greenwood Sunset Park Borough Park Mapleton Midwood Bay Ridge Dyker Heights Bensonhurst Bath Beach Gravesend Sheepshead Bay Sea Gate Coney Island Brighton Beach Manhattan Beach

Average and median South Brooklyn coop and condo sale prices saw significant double-digit annual increases. Median condo price had the highest annual gain in the Borough of 47%. Compared to Third Quarter 2013 average condo price grew 26% to $476,000. Coop median and average price were bolstered 13% and 15%, respectively, versus a year ago.

Average unit sales per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available PROSPECT AVE Upper E NEW YORK AVE EMPIRE BLVD Bay Number of unit sales per building:

NOSTRAND AVE Above 20 Units 10 to 20 Units MCDONALD AVE 3 to 9 Units 1 to 2 Units

Average Median Average Price AVENUE I Sale Price Price per SF

Q3 2014 260K 220K 327 Change 10% 0% 21% Q2 2014 237K 220K 271 CO-OPS Q3 2014 260K 220K 327 Change 15% 13% 3%

Gateway National Q3 2013 227K 195K 317 Recreation Area

Gravesend Average Median Average Price Bay Sale Price Price per SF

Q3 2014 476K 454K 447 Change -2% 6% -1% Q2 2014 485K 428K 453 Lower Bay CONDOS Q3 2014 476K 454K 447 Interactive map online at Change 26% 47% 14% PropertyShark.com/maps Q3 2013 378K 308K 393

Single-family Multi-residence Average Price Median Average Price Median

Q3 2014 601K 560K 709K 688K Change -29% -28% -6% -7% Q2 2014 849K 782K 757K 740K

Q3 2014 601K 560K 709K 688K Townhouses Change -31% -30% -10% 1% Q3 2013 865K 795K 789K 681K