The Brooklyn Real Estate market continues to be vibrant across almost all property categories including single family residential, mixed-use with ground floor retail and residential apartments above the stores, commercial, vacant land, Cooperative apartments and Condominium units. Experts agree that this up trend will continue into 2018.
The Multi-Family housing market in Brooklyn is no exception to this up trend for several reasons.Compared to Manhattan, the average monthly rent for a similar apartment in Brooklyn is substantially lower by as much as $1,150 per month.
Several large Institutional investors such as TIAA CREF, Bentall Kennedy and World Wide Holdings have spent $425M in Brooklyn Multi Family housing between 2016 and 2017 and this trend is likely to continue into 2018.
Investors calculating on a relative price per unit cost in Multi Family properties expect to receive as much as a 27% higher yield in Brooklyn compared to Manhattan.
Investors examining Brooklyn’s Multi family properties on a price per square foot basis see properties selling for $334 per square foot vs $945 per square foot in Manhattan, which is a huge difference.
A snapshot of the range in some current market pricing for Multi Family properties in several Brooklyn neighborhoods is as follows:
In Ditmas Park, a 4,000 square foot 10 bedrooms 5baths house has an ask price of $2.5M.
In Greenpoint, a 5,000 square foot 4 bedrooms 2baths house has an ask price of $3.9M.
In Bushwick, a 4,350 square foot 10 bedrooms 10 baths house has an asking price of $3.5M.
In Brooklyn Heights, a 6 bedrooms 4 baths house has an asking price of $6M.
In Williamsburg, a 2,500 square foot 4 bedrooms 3 baths house has an asking price of $4.8M.
In Sunset Park, a 3,100 square foot 10 bedrooms 7 baths house has an asking price of $1.845M.
In Bedford Stuyvesant, a 3,000 square foot 4 bedrooms 4 baths house has an asking price of $1.845M.
In Sheepshead Bay, a 3,800 square foot 7 bedrooms 4 baths house has an asking price of $1.6M.
In Boerum Hill, a 2,800 square foot 5 bedrooms 3 baths house has an asking price of $2.395M.
In Clinton Hill, a 3,600 square foot 6 bedroom 3 baths house has an asking price of $3M.
In Midwood, a 2,500 square foot 5 bedroom 4 baths house has an asking price of $1.599M.
In Bay Ridge, a 2,100 square foot 4 bedroom 3 baths house has an asking price of $1.2M.
In Red Hook, a 1,600 square foot 5 bedroom 3 baths house has an asking price of $1.2M.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn NY property, whether a residential property, a multifamily building, a commercial property, mixed use, multi family, co op or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Realtor