Brooklyn Condominiums Outperform: New Data from REBNY

Home buyers spent a record $50 billion to buy condominiums, coop apartments and houses in New York City in 2017 — led by a record $11 billion spent in Brooklyn, according to new data from the Real Estate Board of New York (REBNY).

That’s good news for condominium developers finishing new towers in Brooklyn, which is making up for the sagging volume of sales and falling prices in much of the rest of the city. The average sales price for a condo in Brooklyn grew to $1,014,000 in the fourth quarter of 2017, a 3% increase compared to the year before. That’s a stark contrast to the city overall, where the average price dropped 14% to $1,573,000. In Manhattan, condo prices fell 19% to $2,405,000.

“The high end of the New York City home sales market slowed this quarter, in comparison to past quarters,” said John H. Banks, president of REBNY. Super luxury condominiums may have more problems in 2018, in part because of the impact of federal tax reform.

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