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New Development Unit Contracts Rise 94% Y-O-Y in Brooklyn
There were 223 contracts totaling $370 million signed for new development sponsor units in Brooklyn in the third quarter, up 94% year-over-year and down 13% from Q2 2021, according to Brown Harris Stevens Development Marketing (BHSDM)
Demand was evident for larger, pricier units as 12% of contracts were priced at $3 million or more, while just 3% of units are actively marketed at that price point. This is up from 7% in Q3 2020.
“Inventory is being absorbed quickly in Brooklyn,” said Stephen Kliegerman, president of BHSDM. “The decline in total sales this quarter over last was not a surprise given the lack of new building launches and typical seasonal summer slowdowns. Additionally, the first half of the year produced strong demand for well-designed Brooklyn condos, and units were absorbed at an incredible pace, in particular with low interest rates and concessions being offered at the time.”
- ◦Development
