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Brooklyn's New Developments Did Well in Second Quarter

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One thing we don't have to include on our list of apocalypse-is-nigh worries: the fate of the Brooklyn new development condo market. The market's actually improving, according to the quarterly new development report from brokerage MNS released at midnight. The median sales price rose 26 percent from the second quarter of 2011, and the sales volume is up 155 percent. Prospect Heights saw the largest quarterly increase in prices; Carroll Gardens the largest decline.

For all that, 45 percent of the sales volume came from only four developments: the Edge, Northside Piers, One Brooklyn Bridge Park, and On Prospect Park. That last project achieved both the highest sale price ($5.1 million for PH16S) and the highest price per square foot ($1,497/square foot for PH16N).

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