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DUMBO Was Brooklyn's Most Expensive Neighborhood for Sales in 2015: Report

By Alexandra Leon | December 30, 2015 7:29am
 DUMBO was Brooklyn's most expensive neighborhood to buy a home in 2015, according to a recent real estate report by YARDI.
DUMBO was Brooklyn's most expensive neighborhood to buy a home in 2015, according to a recent real estate report by YARDI.
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Flickr/Joshua Derr; Joshua Derr Photography

DUMBO — The most expensive Brooklyn neighborhood to buy a home during 2015 was DUMBO, with the median home sale price coming in at a record $1.4 million, according to a new real estate report by PropertyShark.

A total of 71 homes sold in DUMBO in 2015, with 31 of those coming in at $1.5 million or more, according to data collected between Jan. 1 and Dec. 15 for single family homes, condos and co-op units. 

The priciest properties were four homes on Water Street that sold in the $4.1 million to $4.8 million range.

The report found that DUMBO was the 13th most expensive neighborhood in New York City for the year.

Vinegar Hill came in as the second-most expensive neighborhood in the borough, though the report was only based on 14 home sales, a small sample size.

Carroll Gardens, which came in as the third most expensive neighborhood, had 56 home sales. Also on the list were Cobble Hill, Manhattan Beach, Brooklyn Heights, Greenpoint, Boerum Hill, Park Slope and the Columbia Street Waterfront District.

Sale prices in Brooklyn as a whole reached an all time high this year. There were 570 sales over $1.5 million in 2015 compared to 207 that sold for that price or higher in 2011, PropertyShark found.

The median home sale price for Brooklyn has also steadily gone up in the past 10 years — from $400,000 in 2005 to $560,038 in 2015. But the number of home sales went down from 9,527 in 2005 to 7,580 through Dec. 15 for 2015.

The most expensive units in multi-family homes sold in Brooklyn Heights and Williamsburg. A unit at 360 Furman Street sold for $5.3 million Sept. 25 and another at 440 Kent Avenue sold for $5.2 million Sept. 8.

Three other units in Brooklyn Heights sold for $4.5 million or more — two more at 360 Furman Street (an address also known as One Brooklyn Bridge Park,) and one at 72 Poplar Street.

Brooklyn Heights also saw the most high-end sales this year, with 249 homes selling for a median price of $950,000.

Brooklyn’s 10 most expensive single-family home sales were in Cobble Hill, Park Slope, Brooklyn Heights and Gravesend. The priciest single-family home sale in Brooklyn came in at $15.5 million for a home at 177 Pacific Street.

Prospect-Lefferts Gardens saw the biggest increase in home sale prices, with properties selling for a median of $700,000 in 2015 versus $408,000 in 2014, a 72 percent increase.

Other neighborhoods that saw a significant increase in median home sale prices were Carroll Gardens, Vinegar Hill, Greenwood Heights and Bedford-Stuyvesant.

Those that saw the biggest decrease in median home sale prices were the Columbia Street Waterfront District, Homecrest, Ocean Hill, Fort Hamilton and City Line.