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Ft. Greene and Clinton Hill See Boro's Biggest Jump in Real Estate Prices

By Janet Upadhye | October 18, 2013 8:37am
 This wooden home on Vanderbilt Avenue in Clinton Hill is exemplary of the neighborhood's historic architecture.
This wooden home on Vanderbilt Avenue in Clinton Hill is exemplary of the neighborhood's historic architecture.
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The Wooden House Project.

FORT GREENE — Real estate prices in Fort Greene and Clinton Hill are on the rise.

The two neighborhoods experienced the borough's biggest upswing in new development sale prices, MNS Real Estate reported.

In the last four months new development sales prices have increased by 25 percent in both neighborhoods. Over the last year the increase was even larger with Fort Greene's prices increasing by 38 percent and Clinton Hill's prices growing by 31 percent.

Clinton Hill had the overall largest price jump in Brooklyn with median sales prices rising from $534,000 to $713,000 in the last quarter.

MNS Real Estate's CEO Andrew Barrocas attributed Clinton Hill's price jump to an increase in families moving to the neighborhood.

"The schools are improving and more families are looking to move into the neighborhood," he said. "It’s an area with some great parks, and one where you can find single family homes for under $2 miliion."

Barrocas added that Fort Greene's proximity to the Barclays Center and its brownstone blocks make the neighborhood desirable for homebuyers.

"The dust has settled and development around the Barclays Center, has made this one of the most desirable areas in Brooklyn – everything you can imagine is at your fingertips," Barrocas noted. "Fort Greene has some of the nicest blocks in New York City."

Read MNS Real Estate's full report here.