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CROWN HEIGHTS A quarterly analysis of multifamily sales in Crown Heights, Brooklyn 2nd Quarter 2016
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Multifamily Market Report, 2nd Quarter 2016
Multifamily Market Report, 2nd Quarter 2016 Crown Heights, Brooklyn
SUMMARY SALES VOLUME
NO. OF TRANSACTIONS
AVERAGE PRICE/UNIT
AVERAGE PRICE/SQ.FT.
$125.3M
38
$272K
$308
-25% YoY
-19% YoY
11% YoY
13% YoY
NEIGHBORHOOD BOUNDARIES
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MULTIFAMILY STATS Sales Volume $200.0M
$156M $167M
$150.0M $87M
$100.0M $26M
$50.0M
$51M
$34M $42M
$20M
$60M
$75M
$82M
$109M
$108M $49M
$76M
$62M
$125M
$74M
$
Average Sale Price per Unit $350K $300K $250K $200K $150K $100K $50K $
$272K
$244K
Number of Units Sold Quarter Q1 Q2 Q3 Q4
2014 587 573 226 526
2015 785 685 269 436
2016 363 461
1000 800 600 400 200 0
461
363
Q1
Q2 2014
Number of Buildings Sold Quarter Q1 Q2 Q3 Q4
2014 47 47 34 38
2015 34 57 28 49
2016 40 45
60
0 Q2 2014
Quarter Q1 Q2 Q3 Q4
2014 40 31 33 31
2015 32 47 27 29
2016 39 38
2016
20
Q1
Number of Transactions
2015
Q4
45
40
40
Q3
50 40 30 20 10 0
39
Q1
Q3 2015
Q4
2016
38
Q2 2014
Q3 2015
2016
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Q4
Total Sq. Ft. 700K 600K 500K 400K 300K 200K 100K
589K 460K
401K 232K
352K
535K
260K
237K
507K
506K
570K
392K 261K
214K
128K
615K 321K
407K
Average Sale Price per Square Foot $400 $350 $300 $250 $200 $150 $100 $50 $
$308
$272
MULTIFAMILY SIZE
Size of Multifamily Properties Sold Multifamily size Small Medium Large
Avg. price/unit $289,667 $247,336 $367,308
Y-o-Y 32% -11% 67%
Avg. price/sqft $349 $301 $272
Y-o-Y 46% -1% 7%
Sales volume $34,760,000 $71,480,000 $19,100,000
Sales 27 10 1
Buildings 27 17 1
Small (up to 10 units), Medium (between 10 and 50 units), Large (more than 50 units)
3% 26% Small Medium Large 71%
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Units 120 289 52
LIST OF TRANSACTIONS Address 1382 Bedford Ave 1384 Bedford Ave 1380 Bedford Ave 1378-1386 Bedford Ave 770 St Marks Ave 1746-1756 President St 1742 Union St 1746 Union St 1408 Sterling Pl 1402 Sterling Pl 883-889 Franklin Ave 1362 St Johns Pl 1366 St Johns Pl 1358 St Johns Pl 1656 St Johns Pl 1043-1047 Sterling Pl 711 Nostrand Ave 1338 Sterling Pl 557 St Johns Pl 1564 Pacific St 783 Prospect Pl 644 Park Pl 224 New York Ave 674 St Marks Ave 1090 Dean St 1297 St Marks Ave 1233 Dean St 236 Schenectady Ave 940 Montgomery St 743-745 Crown St 1362 Pacific St 872 St Johns Pl 1682 Dean St 1093 Dean St 105 Rogers Ave 1558 Park Pl 536 Ralph Ave 1509 Dean St 127 Kingston Ave 216 Buffalo Ave 1769 Union St 65 Kingston Ave 251 Troy Ave 1597 Lincoln Pl 1168 St Marks Ave
Sale date 15-Jun-16 15-Jun-16 15-Jun-16 15-Jun-16 12-May-16 4-May-16 4-May-16 4-May-16 4-May-16 4-May-16 4-May-16 16-Jun-16 16-Jun-16 16-Jun-16 7-Jun-16 20-Jun-16 19-May-16 11-May-16 29-Jun-16 1-Jun-16 15-Apr-16 20-Jun-16 22-Jun-16 28-Apr-16 17-May-16 11-May-16 23-Jun-16 12-May-16 26-May-16 16-May-16 15-Jun-16 30-Jun-16 25-May-16 14-Jun-16 16-Jun-16 11-May-16 27-Jun-16 1-Jun-16 25-May-16 30-Jun-16 6-Apr-16 18-May-16 13-Apr-16 29-Jun-16 9-May-16
Sale price $25,150,000 $25,150,000 $25,150,000 $25,150,000 $19,100,000 $9,000,000 $8,000,000 $8,000,000 $6,900,000 $6,900,000 $6,100,000 $3,800,000 $3,800,000 $3,800,000 $3,300,000 $3,280,000 $3,200,000 $2,750,000 $2,160,000 $2,155,000 $2,000,000 $1,950,000 $1,800,000 $1,700,000 $1,685,000 $1,650,000 $1,550,000 $1,500,000 $1,440,000 $1,400,000 $1,400,000 $1,300,000 $1,200,000 $1,175,000 $1,150,000 $1,100,000 $950,000 $925,000 $810,000 $785,000 $720,000 $685,000 $600,000 $520,000 $450,000
Property type Medium multifamily Medium multifamily Medium multifamily Medium multifamily Large multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Medium multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily Small multifamily
Units 10 10 10 10 52 42 20 20 21 20 40 10 10 10 18 16 12 10 6 8 3 4 6 5 4 6 4 5 4 4 4 4 3 8 3 4 6 3 5 3 3 3 5 3 4
Sqft 9,600 9,600 9,600 9,600 70,097 34,836 18,800 18,800 17,800 17,800 22,400 7,600 7,600 7,600 12,571 15,820 11,102 6,006 3,300 7,650 3,292 3,800 4,890 3,000 2,520 4,500 4,000 6,006 4,000 4,680 3,030 2,594 3,264 2,673 3,240 3,200 4,080 2,520 3,342 3,750 2,681 2,724 3,300 3,960 3,588
Price/sqft $655 $655 $655 $655 $272 $258 $213 $213 $194 $194 $272 $167 $167 $167 $263 $207 $288 $458 $655 $282 $608 $513 $368 $567 $669 $367 $388 $250 $360 $299 $462 $501 $368 $440 $355 $344 $233 $367 $242 $209 $269 $251 $182 $131 $125
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