PARK SLOPE — It's a neighborhood prized for graceful 19th-century architecture, but apartments in Park Slope's newest buildings are the ones fetching the heftiest prices, according to a recent analysis of Park Slope's apartment prices.
Two buildings that are still under construction top a ranking of condo and co-op prices in Park Slope compiled by the real estate firm NeighborhoodX. The firm looks at price per square foot instead of median home price — which is the more traditional measure — to provide "clarity" about price trends, said founder Constantine Valhouli.
NeighborhoodX's latest analysis of Park Slope condo and co-op prices showed that 613 Baltic St. and 251 First St., two new amenity-laden buildings on Fourth Avenue, are the priciest in the neighborhood. A three-bedroom, $2.75 million listing at 613 Baltic is one of the most expensive in Park Slope, at $1,179 per square foot, and a $2.9 million four-bedroom at 251 First St. listing is $1,698 per square foot.
But the historic properties that Park Slope is known for still command top prices, though they're a relative bargain. A $4.6 million, four-bedroom apartment inside the landmark Montauk Club building at 25 Eighth Ave. looks slightly cheaper when compared to the newer buildings — it's only $1,150 per square foot.
Other takeaways on the data include:
A Price Range That Doesn't Exist in Brooklyn Anymore
A close look at the range of prices in Park Slope reveals just how expensive the neighborhood is for buyers, Valhouli said. The average price per square foot in the neighborhood is $1,115, so "the implication might be that there are properties all the way from 0 to $1,115 per square foot, but in fact there’s nothing available in Park Slope below $605 per square foot," Valhouli said.
By comparison, the low end for properties in Mott Haven starts around $120 per square foot, Valhouli said.
"That whole [price] range doesn't even exist in parts of Brooklyn anymore," he said.
"It really hits home the lack of affordability,” Valhouli said. “Even though $600 per square foot seems like a bargain in Park Slope, it's only a bargain if you're at a certain net worth or income. This is a bargain for an upper-middle class neighborhood."
Apartments in both old and new Park Slope buildings top the list of priciest properties in the neighborhood, according to an analysis by NeighborhoodX. (Facebook/Montauk Club; JDS Development)
Cheap Park Slope = Expensive Upper Manhattan
The least expensive apartments in Park Slope are on par with the priciest ones in Upper Manhattan, according to NeighborhoodX. In July, the most expensive listing in Inwood was a two-bedroom, 960-square-foot unit at 100 Park Terrace West, on the market for $595,000, or $619 per square foot.
By comparison, the cheapest listing in Park Slope is a two-bedroom, 1,135-square-foot unit at 405 Dean St. for $689,000.
“The cheapest one in Park Slope is priced more than the fanciest most expensive ones in Inwood or Washington Heights, and that says something about the relative desirability of the neighborhoods,” Valhouli said.
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