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Brooklyn New Development Sales Solid in First Quarter

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The second quarter is well underway, but let's take a short hop back in time via market report to look at the Brooklyn new development market for the first quarter. The latest MNS report is out, and the borough's median sale price rose 9 percent year-over-year. The price per square foot rose 14 percent compared to the first quarter of 2011. The largest quarterly upswing occurred in Downtown Brooklyn, where the median sales price climbed to $805,000 from $563,000. The biggest drop came in Boerum Hill and Cobble Hill, where the sales price fell from $1.44 million to $487,000. Oof.

The most expensive deal of the quarter was for the largest condo at Love Lane Mews, which sold for $3,327,613. On a price per square foot basis, the big winner was The Edge, where a penthouse sold at $1,135/square foot. The development also took care of $20 million of the quarter's $32 million worth of Williamsburg sales.

And here's one more graph:

· Brooklyn New Development Report [MNS]
· Other Market Reports [Curbed]