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One-Third of Brooklyn's New Condo Sales Were in Williamsburg, Report Says

By Serena Dai | July 27, 2015 6:58pm | Updated on July 28, 2015 6:57pm
 New condo sales are booming in Williamsburg compared to the rest of the borough. New developments like 190 South First St. will boost Williamsburg numbers later this year.
190 South First St.
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WILLIAMSBURG — A third of all new development sales in Brooklyn took place in Williamsburg last quarter, according to a report — with condos in the neighborhood also selling for the highest price per square foot in the borough.

Condo sales in Williamsburg have been hotter as rising land prices push developers to sell new property instead of renting it, according to real estate firm MNS, which published the report.

Some 16 new properties in Williamsburg went off the market in the second quarter, four times more than the number of properties that sold in the first four months of the year.

Bed-Stuy followed closely behind, with 15 new property sales in the second quarter.

But Williamsburg's prices were still higher than Bed-Stuy's.

Williamsburg condos sold for a median price of $1,253 per square foot, more than any other popular Brooklyn neighborhood. They also sold for a median overall price of $1.4 million.

Bed-Stuy, meanwhile, sold properties for a median price of $732 per square foot and $714,812 overall.

Williamsburg's high sale prices follow high rents, which have been steadily rising, and high sale prices of older condos, said Andrew Barrocas, CEO of MNS.

It's easy to show a buyer a 6- to 10-year-old condo going for $1,200 per square foot and then show a brand new property going for $1,500 per square foot, Barrocas said.

Higher prices on new condos end up feeling justified, he said.

"There is a lot of pent-up demand over the last several years because there have been a shortage of condos," Barrocas said.

While rentals still dominate the market, new condo sales in Williamsburg will continue to grow in the next year, he predicted.

There are several buildings, like 190 South First St. and 280 Metropolitan Ave., that are still in the selling stage and should close within the next year.

The buildings mostly have a small number of units, but they're still packed with amenities like small fitness centers and shared outdoor space.

"You’re certainly going to see a trend north in terms of the numbers," he said.

Greenpoint's not far behind in terms of prices.

Only two new development apartments sold in the neighborhood last quarter, but they went for a median price per square foot of $1,166 — third highest in the borough and the highest price point since 2012.

In the first quarter of 2012, new properties in Greenpoint were going for a median price of just over $600 per square foot, according to the report.

"Greenpoint has the making of what’s going to be very exciting in the next couple years, especially in the appreciation standpoint," Barrocas said.