# BROOKLYN MULTIFAMILY MARKET REPORT 1st Quarter 2019 P: 718-715-1758 www.PropertyShark.com [email protected] Multifamily Market Report Overview Multifamily Market Report Overview Released quarterly, the Brooklyn Multifamily Market Report is organized in six distinct sections and it is designed as a guide to the borough’s multifamily market. The report includes key market stats, the most up-to-date quarterly sales data, and charts that give a clear picture of current market conditions. The first section - Multifamily Market Overview - shows the borough’s quarterly sales volume and stats on average price per square foot and per unit. Small, medium, and large multifamily buildings are also accounted for separately and sales stats are provided for each category. Following a list of top 25 most expensive multifamily sales, Brooklyn neighborhoods are ranked by average price per square foot over the past quarter. Each neighborhood has its own one-page snapshot with stats and trends for the local multifamily market. Table of Contents 1 Multifamily Market Overview 2 Top 25 Multifamily Sales 3 Map of Neighborhoods 4 Top Neighborhoods 5 Sales Maps 6 Stats by Neighborhood P: 718-715-1758 www.PropertyShark.com [email protected] Multifamily Market Overview Multifamily Market Overview Brooklyn, 1st Quarter 2019 Sales volume Average price/sq.ft. Average price/unit Transactions $885.5M $401 $370K 390 -34% YoY 1% YoY 1% YoY -13% YoY Small multifamily Average price/sq.ft. Sales volume / Transactions $500 $800M 500 $400 $416 369 $600M 400 $300 $539M 300 $200 $400M $100 200 $ $200M 100 $ 0 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Medium multifamily Average price/sq.ft. Sales volume / Transactions $400 $400M 50 $300 $278 $300M 40 $200 30 $200M $100 14 20 $ $100M $77M 10 $ 0 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Large multifamily Average price/sq.ft. Sales volume / Transactions $500 $1B 15 $400 $422 $1B $300 $800M 10 7 $200 $600M $100 $400M 5 $ $200M $270M $ 0 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units) 1 P: 718-715-1758 www.PropertyShark.com [email protected] Top 25 Multifamily Sales Top 25 Multifamily Sales Brooklyn, 1st Quarter 2019 # Address Sale Price Sale Date Sq.ft. Price/Sq.ft. Neighborhood 1 395 Leonard St $130,442,381 14-Feb-19 186,779 $698 Williamsburg 2 110-120 S Eighth St $43,799,464 11-Jan-19 63,866 $686 Williamsburg 3 1701 W Third St $28,028,095 10-Jan-19 121,680 $230 Gravesend 4 1561 E 13th St $18,007,663 10-Jan-19 71,000 $254 Midwood 5 900 Avenue H $17,767,559 10-Jan-19 77,000 $231 Midwood 6 150 74th St $16,086,846 10-Jan-19 57,036 $282 Bay Ridge 7 2016 Avenue N $15,846,742 10-Jan-19 63,000 $252 Midwood 8 331 Keap St $15,500,000 15-Feb-19 21,740 $713 Williamsburg 9 108 Luquer St $9,250,000 12-Feb-19 24,150 $383 Carroll Gardens 10 1865 77th St $8,000,000 12-Feb-19 32,000 $250 Bensonhurst 11 488 Rockaway Pkwy $6,500,000 18-Mar-19 30,000 $217 East Flatbush 12 47 Thames St $6,190,043 11-Jan-19 35,000 $177 Williamsburg 13 313 52nd St $5,500,000 26-Mar-19 11,120 $495 Sunset Park 14 76 Pierrepont St $5,480,000 28-Mar-19 6,368 $861 Brooklyn Heights 15 441 First St $5,400,000 15-Feb-19 8,960 $603 Park Slope 16 2233 Ocean Ave $5,200,000 10-Jan-19 18,000 $289 Madison 17 2031 Ocean Ave $5,200,000 10-Jan-19 15,040 $346 Midwood 18 5423 15th Ave $4,600,000 20-Feb-19 4,857 $947 Borough Park 19 77 Second Pl $4,410,000 15-Jan-19 4,256 $1,036 Carroll Gardens 20 848 President St $4,300,000 26-Feb-19 3,916 $1,098 Park Slope 21 50 Mac Donough St $4,225,000 06-Feb-19 15,520 $272 Bedford-Stuyvesant 22 5124 Seventh Ave $4,200,000 22-Feb-19 4,860 $864 Sunset Park 23 166 Lafayette Ave $3,960,000 06-Mar-19 4,800 $825 Fort Greene 24 259 55th St $3,760,000 02-Jan-19 8,160 $461 Sunset Park 25 817 Eighth Ave $3,600,000 16-Jan-19 5,576 $646 Park Slope 2 P: 718-715-1758 www.PropertyShark.com [email protected] Map of Neighborhoods Map of Neighborhoods Average price per square foot (past 3 years) 3 P: 718-715-1758 www.PropertyShark.com [email protected] Top Neighborhoods Top Neighborhoods Brooklyn, 1st Quarter 2019 Average No. of Avg. price/sqft by multifamily size # Neighborhood Sales volume price/sq.ft. sales Small Medium Large 1 Park Slope $853 $31,135,000 9 $853 - - 2 Fort Greene $820 $11,220,000 4 $820 - - 3 Clinton Hill $665 $8,035,000 4 $665 - - 4 Carroll Gardens $646 $39,685,936 13 $817 $383 - 5 Williamsburg $626 $219,790,588 14 $549 $382 $695 6 Gowanus $564 $9,975,000 4 $564 - - 7 Greenpoint $538 $18,212,500 9 $538 - - 8 Kensington $495 $6,200,000 4 $495 - - 9 Dyker Heights $495 $7,935,000 5 $495 - - 10 Prospect Heights $490 $8,850,000 4 $490 - - 11 Windsor Terrace $475 $8,812,327 5 $475 - - 12 Sunset Park $437 $27,135,500 12 $476 $372 - 13 Prospect - Lefferts Gardens $416 $7,325,000 4 $416 - - 14 Borough Park $401 $23,547,813 17 $401 - - 15 Crown Heights $390 $21,306,725 17 $390 - - 16 Bensonhurst $367 $29,190,456 15 $447 $250 - 17 Sheepshead Bay $364 $7,595,600 6 $364 - - 18 Bushwick $362 $41,670,700 28 $361 $386 - 19 Bedford-Stuyvesant $351 $69,579,677 45 $427 $39 - 20 Bath Beach $337 $8,035,000 4 $450 $236 - 21 Greenwood Heights $335 $5,260,000 4 $335 - - 22 Ocean Hill $326 $15,399,560 14 $326 - - 23 Flatbush $325 $11,861,060 10 $325 - - 24 Brighton Beach $321 $2,632,000 3 $321 - - 25 Bay Ridge $303 $18,636,846 3 $560 - $282 26 Gravesend $285 $45,736,095 14 $455 - $230 27 Midwood $258 $67,074,505 10 $353 $304 $245 28 Wingate $253 $3,620,000 3 $253 - - 29 Canarsie $248 $4,711,950 7 $248 - - 30 East Flatbush $242 $33,256,450 31 $250 $217 - 31 East New York $241 $33,711,734 45 $241 - - 32 Brownsville $218 $5,251,848 7 $218 - - This is a ranking of Brooklyn neighborhoods based on average sale price per sq.ft. Only neighborhoods with a minimum of 3 property sales where square footage is available were considered. 4 P: 718-715-1758 www.PropertyShark.com [email protected] Sales Maps Sales Maps Brooklyn, 1st Quarter 2019 Recent sales Price / Sq.ft. The map displays recent sales activity. The This heat map displays the price per square foot areas in dark blue were the most active in terms for properties sold in the past 5 years. The areas in of closed sales. dark red are the most expensive. 5 P: 718-715-1758 www.PropertyShark.com [email protected] Bath Beach Brooklyn, 1st Quarter 2019 Served by five different subway stations on the D, Bath Beach is a community with good transportation options. Mostly made up of small apartment homes and semi-attached houses, the streets are lined with both mom-and-pop storefronts and chain stores. Caesar’s Bay Shopping Center is as popular as the locally owned fruit and vegetable stands. Sales volume Sales volume $40M $30M $20M $8.M $8.0M $10M $ 19% YoY Average Sale Price per Sq.ft. Average Sale Price per Sq.ft. $600 $500 $400 $337 $300 $337 $200 $100 $ -10% YoY Number of Transactions Number of Transactions 15 10 4 4 5 0 0% YoY Type of Properties Sold Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units Small $421,667 -1% $450 -23% $5,060,000 3 3 12 Medium $247,917 37% $236 -6% $2,975,000 1 1 12 Large - - - - $0 0 0 0 Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units) 6 P: 718-715-1758 www.PropertyShark.com [email protected] Bay Ridge Brooklyn, 1st Quarter 2019 Located at the southwest corner of Brooklyn, Bay Ridge is a middle-class neighborhood with plenty of housing and retail and restaurant options. The main commercial strips are along 3rd and 5th avenues and the neighborhood was named the 12th most livable neighborhood in NYC by New York Magazine. Landmarks include the 69th Street Pier and Owl’s Head Park. Sales volume Sales volume $40M $30M $18.6M $18.6M $20M $10M $ -36% YoY Average Sale Price per Sq.ft. Average Sale Price per Sq.ft. $600 $500 $400 $303 $300 $303 $200 $100 $ -11% YoY Number of Transactions Number of Transactions 20 15 3 10 3 5 0 -57% YoY Type of Properties Sold Multifamily size Avg. price/unit Y-o-Y Avg. price/sqft Y-o-Y Sales volume Sales Buildings Units Small $425,000 8% $560 36% $2,550,000 2 2 6 Medium - - - - $0 0 0 0 Large $268,114 - $282 - $16,086,846 1 1 60 Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units) 7 P: 718-715-1758 www.PropertyShark.com [email protected] Bedford-Stuyvesant Brooklyn, 1st Quarter 2019 Also known as Bed-Stuy, this centrally located neighborhood is just next door to hip Williamsburg but has plenty to set itself apart: impeccable brownstones, unique storefronts, and a tight-knit community that supports improvements to bring in more locally owned businesses.