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Brooklyn new development contract activity up 56 percent year over year

There were 420 Brooklyn new development contracts signed in Q1 2022 totaling $730 million based on last asking prices, according to Brown Harris Stevens Development Marketing’s (BHSDM) Q1 Brooklyn New Development Analysis. This contract activity marks a 56 percent increase year-over-year (270 contracts signed in Q1 2021) and 16 percent increase quarter-over-quarter (362 contracts signed in Q4 2021). Contract volume is up 22 percent quarter-over-quarter and 80 percent year-over-year.

In Q1 2022, the average contract price based on last asking price was $1.74 million, and the average size of a Brooklyn new development contract signed was 1,208 square feet, slightly down from the previous quarter’s record high of 1,220 square feet. The average price-per-square-foot based on last asking price was $1,436, down five percent from Q4 2021 ($1,518 per square foot).

RE Weekly

Photo by Linmiao Xu on Unsplash

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