Fort Greene is now the second location in Brooklyn to have an Apple store, ahead of Park Slope, Brooklyn Heights or even the effortlessly cool Dumbo. Located in Two Trees 300 Ashland, the imposing 400 unit luxury rental building, and soon to be home to an out post of WholeFoods, yum!
Be ready to get in line, the madness will officially open Saturday 10AM.
Last year this once beloved Brooklyn darling was just about written off by everyone. The L train shutdown loomed large, and buyers and investors eschewed it, feeling it would be too isolated. The New York Times all but declared it a dead zone and encouraged people to move elsewhere. For residents especially ones that just moved in, the news was devastating, “If only I KNEW the L train shutdown was even a possibility!” a local resident bemoaned. But now a year later, the market seems to have shrugged off its signs of slow down, and is on the road back to being the next next big thing.
Everyone knows spending the December and New Years is tough for the lonely hearts, but personally i think Thanksgiving is toughest of all. There are singles options for New Years, and going to the movies during X-mas is well documented, but Thanksgiving? Even the act of eating the centerpiece bird alone is depressing. So for those of us who have had to spend Thanksgiving alone, here are our best Downtown Brooklyn / Fort Greene Options:
Manhattan, always active and never sleeping continued more of the same this quarter. Key Findings of the Third Quarter Report:
Respectable summer activity. Closings rose 3% versus the same quarter a year prior, and were unchanged over Q2 2017. Signed contracts were down year-over-year (by -4%), and experienced a seasonal contraction (-28%) from Q2. The median price in Manhattan rose to $1.15M (up 10%), and the price per square foot reached $1339 (up 2%).
Re-sale co-ops remain robust. Re-sale co-ops were up 5% in closings year-over-year, thanks to their comparative affordability. 84% of co-op sales took place below $2 million, and their popularity with buyers led more co-op owners to list their homes (inventory +3%, months of supply +9%).
Slower activity in resale condos. The number of sales in re-sale condos fell 9% over last year, but this is partly a function of their inventory being out of touch with demand; apartments under $3 million account for 92% of sales, but only 66% of inventory.
New development sales shift from luxury to affordable units. Premium buildings like 432 Park Avenue, 30 Park Place and 56 Leonard Street had fewer closings this quarter, while new developments in Upper Manhattan priced under $500K closed in greater numbers. The result was a shift downwards in price even though the pace of closings was faster.
Luxury market retreats. In a sign that overabundance may have caught up with the luxury market, the price threshold for the top 10% of all sales retreated for the first time in more than four years, and the median price and price per square foot of these homes dropped by -14% and -9% respectively. Contraction at the high end caused the market-wide average price and price per square foot to fall for the first time in three years.
Highest recorded sales activity since 2008. The recent construction boom of new development properties attracted buyers to the Brooklyn market which helped drive quarterly sales. Sales rose 31% year-over-year, strengthened by new development sales as well as resale co-ops, which had its largest annual increase in over three years.
Median price was the second highest on record. Median price climbed 13% versus Q3 2016 to $733,000. Average price dipped 4% from last year due to fewer sales at the high end.
Inventory is below last years’ levels. The availability of for-sale properties contracted by 13% and buyers at the low and middle price ranges are feeling the biggest crunch.
By the time people buy a home usually they’ve fallen in love with it. Maybe they fell in love with it knowing they were going to do some renovation, maybe after awhile it just looked dated. At some point, everyone wonders whether or not they should renovate, and if so — what and when?
Before we get into the “what”, first I’d like to call out that renovation is for yourself. While there are many people who believe that the renovation is increasing their property value, and that it’s solely an investment play (and it can be), often times renovation may not actually earn you back the money you put in, so before you go through the long and bumpy road of renovation, I feel strongly that you should do it because it will be beneficial for you and your life.
Having been to my fair share of Broker Previews, Broker Tours, Neighborhood Scouting Missions, I feel pretty well versed on the pitch, and I was expecting more of the same when we were invited to tour Industry City. But i couldn’t have been more wrong or more impressed, and I was not intending to be — I had toured Sunset Park previously, and always came away with “eh .. maybe, but not for me” feeling. Not this time. The place is amazing, the food they have under one roof (or complex), will make even the Manhattanites jelly, and just being inside this complex before the tour even begins you will immediately understand why this place is a destination, and why it will most certainly transform the neighborhood.
From the creators of Chelsea Market (and really a large portion of the Chelsea chic market), is Industry City. You will want to relocate your business / downtime / or just your weekends, here. Promise.
The developments making headlines in Downtown Brooklyn have tended to be large developments, for example the colossal The Hub, with 750 units and over 50 stories, each new development seems to surpass the next in enormity. So it’s easy to overlook some of the more boutique developments in Downtown Brooklyn / almost or just barely Boreum Hill, such as 211 Schermerhorn. With only 48 apartments it is modest.
However, this sized development is exactly what many people are looking for, large enough to not have to run into the same people all the time, but small enough that invariably you will eventually know everyone in the building. The architects (Morris Adjmi Architects) are familiar with this formula have recently developed 465 Pacific, an even smaller condo development in the area, but also favorably reviewed.
Prices starting at just under the $1M for the one bedrooms, but in terms of price per sqft, it’s actually under $1,300, which is an incredible value as it’s hovering just over (and in many cases such as 388 Bridge LESS) than many resales, but it’s NEW! Worth a look!
Downtown Brooklyn, a neighborhood known for rapid and skyscraping development is finally getting some condos. Most notable of late is Brooklyn Point, which began active construction this past summer.
It’s scheduled to rise an impressive 68 stories (up from the originally planned 57), and will offer predictably expensive apartments from $840,000 to more than $4M, surely ushering in the dreaded “almost a million dollar” studio in Brooklyn.
The 458 apartments will no doubt raise brows amongst the current condo population which have enjoyed a privileged spot of scarce supply. But it will also make Downtown Brooklyn’s place as the next price popping neighborhood in Brooklyn practically complete.
Significant sales activity. Brooklyn’s residential market has been overtaken by competitive sales, particularly in the key price categories for one- and two-bedroom units. There were 17% more sales than a year ago, but these largely were new development purchases; resale co-ops contracted 6% and resale condos were unchanged.
Prices climb with the growth of the new development market. Brooklyn prices were up across the board compared to a year ago, but retreated mildly from Q1 2017 in price per square foot. Median price climbed 27% versus Q2 2016 to $760,000, 9% higher than Q1 2017.
Supply of re-sale properties plummets; new developments step in to fill the gap. For the most part inventory has been rising in Brooklyn since 2014, but that trend met a significant correction this quarter as the availability of resale properties contracted by one-third. As homeowners hunker down and hold on to their properties, developers are trying to fill in the gap and push more new properties to market.