The Market

CompsWatch: Further evidence of weakness in Brooklyn Heights?

By A. Ready  | November 10, 2010 - 1:29PM

Long-time observers of the real-estate market in prime Brooklyn neighborhoods are aware that sales prices have been quite resistant to downward pressure. There have been some recent indications that change is afoot, and a review of recorded sales in Brooklyn Heights shows some more cracks in the armor. The sales below, which all closed last week, tell a similar story of early signs of price movement:

  • One Brooklyn Bridge Park has sold just 181 of its 449 units since the first sale closed in January of 2008. The median price per square foot of all sales is $737.  Recently prices in the building have been losing traction. Consider the October sale of #612, an 1,100 square foot one-bedroom for $641,497. That's $583 per square foot and almost 26% less than the $865,000 asking price. 
  • A recently renovated pre-war studio co-op with windowed kitchen and bath at 38 Livingston Street was initially listed at $219,000 in April of 2010.  It went into contract about four months later and sold in October for $207,500, slightly below the $209,000 it commanded in July 2006.
  • 24 Monroe Place, 10B. This one-bedroom, one-bath pre-war co-op at 24 Monroe Place--on a prime tree-lined street--was initially listed for $409,000 in May 2009. After numerous small price cuts, the apartment, described as "in superb move-in condition," closed for $369,000 last month. How does that compare to earlier B-line sales in the building? Not so well. 11B sold for $435,000 in July 2008, 7B for $395,000 in July 2006, and 3B for $380,000 in March 2005.
  • A renovated, post-war alcove studio with foyer in a full-service building at 75 Henry Street, Unit 32J, closed last month for $370,000. It was initially listed in May 2009 for $448,000, and sold previously in July 2005 for $350,000, just 6% less than its 2010 sales price.
  • Yesterday 135 Henry Street, Unit 3 was listed for $395,000. This  renovated one-bedroom, one-bathroom coop sold in May of 2005 for ... $395,000.
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