Brooklyn Luxury Real Estate Market at Four-Year High

While the total number of residential sales in Brooklyn decreased slightly in 2011 (1%) compared to 2010, Brooklyn’s luxury market (residential sales of $1 million and above) registered a four-year record in 2011. There were 742 such transactions in 2011. This figure represents a 35% increase over 2010 (550), while compared to 2007 (775) it was 4% down.

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19% of the deals closed in 2011 were concentrated in Williamsburg, giving the borough the lead with 140 sales. It was followed by Park Slope with 115 sales and Brooklyn Heights with 84.

The $1 million and above condos segment comprised 49% of the total sales and saw the most significant increase in 2011, jumping 62% over 2010, from 225 to 365 transactions.

Brooklyn’s most expensive residential transaction in 2011 involved the 2,914-square-foot single-family residence at 451 Avenue S, which sold in May for $10.25 million. We also identified Brooklyn’s priciest apartment in 2011: a condo penthouse located at 1 Grand Army Plaza #PH15S which sold in February for $3.9M.

451 Avenue S

1 Grand Army Plaza

Below is the complete list of the top 10 residential deals during 2011. Click on an address for a detailed property report.

Brooklyn Top 10 Residential Transactions in 2011
Address Sale date Sale price Property type
451 Avenue S, Brooklyn, NY 11223 5-May-11 $10,250,000 Single-family home
420 Avenue S, Brooklyn, NY 11223 5-Apr-11 $6,000,000 Single-family home
74 Hicks Street, Brooklyn, NY 11201 4-Oct-11 $6,000,000 Two-family home
935 Ocean Pkwy, Brooklyn, NY 11230 20-Sep-11 $6,000,000 Single-family home
69 Willow Street, Brooklyn, NY 11201 29-Nov-11 $5,250,000 Single-family home
1996 East 5th Street, Brooklyn, NY 11223 11-Jan-11 $5,150,000 Single-family home
141 State Street, Brooklyn, NY 11201 12-Jul-11 $4,100,000 Two-family home
1 Grand Army Plaza #PH15S, Brooklyn, NY 11238 1-Feb-11 $3,971,175 Condo Unit
33 Willow Place, Brooklyn, NY 11201 28-Jun-11 $3,920,000 Single-family home
1968 East 2nd Street, Brooklyn, NY 11223 22-Nov-11 $3,850,000 Single-family home
Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.