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Condo, Co-op Sales Soften in Brooklyn and Queens
Condo and co-op sales volume declined by 6% in the second quarter across both Brooklyn and Queens, said Stribling & Associates. For Brooklyn in particular, Stribling’s Garrett Derderian cited “global instability and swings in the stock market, all of which affect buying patterns.”
In addition, there was the impact of fewer contracts signed earlier in the year, as buyers weighed the implications of the new federal tax regime.
Although both boroughs experienced softening overall, quarterly results differed in the details. Average and median pricing for both condos and co-ops in Brooklyn declined during Q2, with average prices for co-ops slipping by 9%.
Conversely, in Queens “both the median and average prices increased 5% compared to one year ago,” said Derderian, although median prices declined by 8% in the Long Island City submarket. Additionally, “we saw positive signs of growth for the outer submarkets in the borough, not dissimilar to Brooklyn.”
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