north central brooklyn sales report - 1h2013

7/29/2019 North Central Brooklyn Sales Report - 1H2013

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w w w . m y k n k . c o m

nrth Cetral BrklBefr Stuesat, Bushwck & Crw Hehts

1 s H a f 2 0 13

PropertySalesReport


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rooklyn ProPErTy S AlES | 1 s t Quarter 2013

% oF ProPertieS Sold BY tYPe



orTh CEnTrAl Brooklyn ProPErTy SAlES | 1 s t Half 2013

% oF dollAr Volume BY tYPe



(1st Half 2013)

This report focuses on investment sales activity in the North Central Brooklyn submarket, which we dene as comprising theneighborhoods of Bedford Stuyvesant, Bushwick and Crown Heights. Each of these neighboring areas, formerly characterized bycrime and economic hardship, have seen an inux of artists, young families, and a diverse array of new restaurants and other retaiamenities. Driven by strong fundamentals like proximity to market center and transportation (including 10-25 minute subwaycommutes to Downtown Brooklyn and Manhattan), architectural signicance, solid returns and tremendous long-term upside,these transitional neighborhoods have emerged as a focal point of transaction volume in Brooklyn.

During the rst half of 2013, 524 properties were sold in the Brooklyn investment sales market for a total aggregate value of$1.3B. Coming off the capital gains-driven sell-off in 4Q12, the number of properties sold has remained at in comparison tothe same period last year and dollar volume has decreased by 17%. On a submarket level, North Central Brooklyn contributed162 properties a 25% increase compared to the same period last year. This activity also accounted for a daunting 31% oftransaction volume across the borough. An important side note is that the average sale price in this submarket is$ 1.1M, 55%less than the borough-wide average. Dollar volume in the area was slightly down by 2% at $181M.

Befr Stuesat

Bushwck

Crw Hehts

18%10%

3%

22%

22%

4%2%

9%

22%18%

5%

10%

12%

2%

5%

12%

7% 9%

54%56%

27%

5%

46%

2%

5%

3%

12%

39% 37%

4%10%

1%

6%3%

44%

54%

18 Development $32,277,375

3 Industrial $3,554,382

8 Mixed-Use $8,275,000

1 Ofce $525,000

3 Retail $6,550,000

2 Specialty Use / Conversion $2,245,000

31 Walkup $34,075,575

66 TOTAL $87,502,332


12 Mixed-Use $10,066,000

2 Retail $4,100,000


30 Walkup $24,906,000

55 TOTAL $44,962,000


4 Industrial $2,580,000

9 Mixed-Use $8,890,755

2 Retail $800,000


18 Walkup $25,959,500

41 TOTAL $48,321,868


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norTh CEnTrAl Brooklyn ProPErTy SAlES | 1 s t Half 2

Bedford Stuyvesant:

1H13 Mixed-Use $/Unit averaged $207,176 up 58.24% from1H12Walkup $/Unit averaged $136,717 up 2.51% from 1H12Mixed Use $/SF averaged $212 up 25.80% from 1H12Walk-up $/SF averaged $156 down 7.85% from 1H12.

Bushwick:

1H13 Mixed-Use $/Unit averaged $143,003 up 22.54% from1H12Walkup $/Unit averaged $119,631 up 11% from 1H12Mixed Use $/SF averaged $180 up 18.60% from 1H12Walk-up $/SF averaged $162 up 18.76% from 1H12

Crown Heights:

1H13 Mixed-Use $/Unit averaged $165,617 down 1.03% from1H12Walkup $/Unit averaged $129,345 up 37.44% from 1H12Mixed Use $/SF averaged $171 up 5.86% from 1H12Walk-up $/SF averaged $177 up 47.08% from 1H12.

Transactions by Price Bracket:

64%, 78 transactions under $1 Million34%, 42 transactions between $1-$5 Million2%, 2 transactions over $5 Million

Transactional Turnover:

On an annualized basis, the projected number of properties soldand transactional turnover during 2013 is slightly down incomparison to 2012. When looking back to 2009-2011, you cansee a signicant increase across North Central Brooklyn. Brooklyns

Transactional Turnover LTA of 1.9% was exceeded in bothBedford Stuyvesant and Bushwick in 2012 and is projected to beexceeded in Bushwick by year end.

Sc: massy knaa rsach

TRAnSACTionS By PRiCE BRACKET 1H13

14

18

15

5

8

12

5

0

5

0

5

5

0

5

0

0


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elow are all sales completed during the 2nd Quarter of 2013

deVeloP.

ADDRESS PRICE ZONING LOT AREA FAR BSF PRICE / B

708 Halsey St $814,600 R6B 1,800 2 3,600 $226

43 Claver Pl $725,000 R7-1 / C2-4 2,300 4.2 9,660 $75

mixed-uSeADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / UNI

1070 Bedford Ave $675,000 2,552 $264 3 $225,000

195 Patchen Ave $658,624 2,850 $231 3 $219,541

WAlkuPSADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / UN

879-881 De Kalb Ave $4,600,000 18,000 $256 22 $209,09

716-718 Jefferson Ave $2,650,000 17,600 $151 20 $132,50

686 Willoughby Ave $1,800,000 12,480 $144 9 $200,00

378 Lewis Ave $1,800,000 9,600 $188 8 $225,00

474 Lafayette Ave $1,400,000 6,668 $210 8 $175,00

848 Madison St $1,150,000 5,600 $205 8 $143,75

401 Chauncey St $1,000,000 5,460 $183 6 $166,66

333 Vernon Ave $999,750 4,875 $205 6 $166,62

229 Bainbridge St $862,500 6,160 $140 6 $143,75

870 Bedford Ave $730,000 7,900 $92 8 $91,250

872 Jefferson Ave $700,000 4,875 $144 6 $116,66

669 Halsey St $700,000 6,038 $116 6 $116,66

937 Jefferson Ave $700,000 5,000 $140 8 $87,500

763 Putnam Ave $695,000 5,847 $119 6 $115,83

321 Chauncey St $650,000 5,175 $126 6 $108,33

382 Kosciuszko St $599,000 3,000 $200 5 $119,80

SPeCiAltY-uSeADDRESS PRICE GROSS SF PRICE / SF

807 Quincy St $570,000 3,192 $179

iNduStriAlADDRESS PRICE GROSS SF PRICE / SF

484 Hancock St $784,000 7,600 $103

Bf Syvsan | 2n Qa


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elow are all sales completed during the 2nd Quarter of 2013

iNduStriAlADDRESS PRICE GROSS SF PRICE / SF

1544-1548 Atlantic Ave $680,000 4,979 $137

retAil AVG. PriCe GroSS SF AVG. PriCe / SF ADDRESS PRICE GROSS SF PRICE / SF

390 A, 392 Kingston Ave $800,000 4,560 $175

WAlkuPSADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / UNIT

345 Lefferts Ave, 130Martense St

$11,850,000101,284 $117 109 $108,716

1373-1375, 1389Sterling Pl

$6,703,000 65,197 $103 73 $91,822

945 Park Pl $1,950,000 10,600 $184 16 $121,875

243 Troy Ave $1,750,000 10,108 $173 17 $102,941

132 New York Ave $1,250,000 4,014 $311 9 $138,889

1243 Dean St $1,125,000 4,548 $247 8 $140,625623 St Marks Ave $1,020,000 3,600 $283 7 $145,714

1275 Nostrand Ave $767,500 4,500 $171 6 $127,917

84 A Rogers Ave $745,000 3,036 $245 5 $149,000

1565 Lincoln Pl $599,500 6,000 $100 6 $99,917

1076 Dean St $825,000 3,360 $246 8 $103,125

deVeloP.

ADDRESS PRICE ZONING LOT AREA FAR BSF PRICE/ BSF

626 Flatbush Avenue $11,000,000 R7-1 / C1-3 52,265 3.44 179,792 $61

1699, 1703 Dean St $879,113 R6 7769 2.43 18,879 $47

293 Hawthorne St $625,000 R6 / C2-3 6647 3 19,941 $31

1238 Lincoln Pl; 991 $2,100,000 R6 10,384 2.43 25,228 $83

mixed-uSeADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE / UNIT

252 Albany Ave $1,000,000 5,340 $187 4 $250,000

611 Nostrand Ave $900,000 5,708 $158 7 $128,571

697 Prospect Pl $825,000 5,208 $158 5 $165,000

1375 Bedford Ave $600,000 3,225 $186 3 $200,000

SPeCiAltY uSeADDRESS PRICE GROSS SF PRICE / SF

1275-1285 Sterling Pl $2,500,000 18,000 $139

418 Utica Ave $1,100,000 5,536 $199

285 Kingston Ave $800,000 3,150 $254

Cwn Hghs| 2n Qa


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mixed-uSeADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE /

307 Knickerbocker Ave $1,450,000 6,500 $223 8 $181,2

197 Wyckoff Ave $995,000 4,275 $233 6 $165,8

153 Wilson Ave $825,000 4,875 $169 6 $137,5

161 Wilson Ave $780,000 4,275 $182 5 $156,0

324 Central Ave $650,000 4,500 $144 8 $81,2

332 Central Ave $588,000 4,500 $131 5 $117,6

WAlkuPSADDRESS PRICE GROSS SF PRICE / SF UNITS PRICE

336 Evergreen Ave $2,000,000 9,000 $222 16 $125

222 Suydam St $1,000,000 4,200 $238 6 $166

864 Hart St $900,000 5,250 $171 6 $150

792 Hart St $835,000 4,875 $171 6 $139

1143 Greene Ave $825,000 4,500 $183 6 $137

303 Harman St $750,000 4,125 $182 6 $125

1301 Putnam Ave $740,000 4,875 $152 6 $123

788 Hart St $695,000 4,875 $143 6 $115

286 Suydam St $680,000 5,250 $130 6 $113

227 Wyckoff Ave $650,000 4,500 $144 6 $108

319 Menahan St $625,000 4,778 $131 6 $104

315 Schaefer St $605,000 4,305 $141 6 $100

1114 Willoughby Ave $600,000 4,275 $140 6 $100

30 Covert St $549,000 4,875 $113 6 $91,

Bshwc | 2n Qa

deVeloP.

ADDRESS PRICE ZONING LOT AREA FAR BSF PRIC

595,599,591,587,597,593,589

Central Ave$2,500,000 R6 17000 2.43 41,310 $

19-23 Bleecker St $1,085,000 R6 7500 2.43 18,225 $

SPeCiAltY-uSeADDRESS PRICE GROSS SF PRICE / SF

146 Wyckoff Ave $1,200,000 5,580 $215

retAil AVG. PriCe GroSS SF AVG. PriCe /ADDRESS PRICE GROSS SF PRICE / SF

1639 Broadway $850,000 6,900 $123

Below are all sales completed during the 2nd Quarter


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BUSHWICK

PROSPECT

HEIGHTS

CROWN

HEIGHTS

BEDFORD

STUYVESANT

PROSPECT

PARK

Team Amrkhaa Market ActtBedford Stuyvesant, Bushwick & Crown Heights

Sold Listings

Active Listings

Under Contract

Uer Ctract415 Jefferson Avenue105 Ralph Avenue1471 Fulton Street1450 Fulton Street16-20 Halsey Street626A Monroe Street378 Nostrand Avenue232 Pulaski Street426 Bleecker Street1259 St. Johns Place109 Winthrop Street271 Lenox Road157 Empire Boulevard1550 Bedford Avenue1582 Atlantic Avenue

Recet Sales404 Nostrand Avenue211 Taaffe Place216 Macon Street

319 Malcolm X Blvd.654 Putnam Avenue804 Macon Street814 Macon Street419 Marcus Garvey Blvd421 Marcus Garvey Blvd257 Quincy Street308 Stuyvesant Avenue570 Jefferson Avenue788 Madison Street790 Madison Street940 Kent Avenue433 Jefferson Avenue886 Jefferson Avenue355 Tompkins Avenue653 Marcy Avenue359 Lewis Avenue101-107 Stockton Street276 Throop Avenue160 Pulaski Street579 Greene Avenue437 Jefferson Avenue299 Throop Avenue868 Dekalb Avenue688 Halsey Street1008 Gates Avenue307 Lewis Avenue527 Marcy Avenue1116 Bedford Avenue118 Ralph Avenue192-194 Malcolm X Boulevard302 Throop Avenue43 Claver Place184-98 Nostrand Avenue448 Lafayette Avenue138 St. Nicholas Avenue303 Harman Street599 Bushwick Avenue211 Knickerbocker Avenue611 Wilson Avenue228 Wilson Avenue307 Knickerbocker Avenue274 Jefferson Street782-86 Hart Street245 Suydam Street1002 Bushwick Avenue428 Troutman Street780 Hart Street413 Troutman Street383 Troutman Street1223 Broadway1564 Prospect Place350 Empire Boulevard441 Brooklyn Avenue305 E. 34th Street505 St. Marks Avenue418 Utica Avenue1000 Dean Street

363 Prospect Pl./ 244 St. Marks Avenue

Acte Lsts568 Decatur Street124 Jefferson Avenue490A Jefferson Avenue

816-820 Broadway875-879 Broadway916 Broadway1129 Myrtle Avenue599-601 Willoughby Avenue102 Sandford Street220-226 Vernon Avenue599 Willoughby Avenue255 Himrod Street86 Menahan Street36 Starr Street153 Bleecker Street147 George Street358 Grove StreetPOMA Asemblage354 Parkside Avenue2031 Bedford Avenue906 Prospect Place195 Hawthorne Avenue

1750 Atlantic Avenue

ta Ahanan rcn da V: $204,218,000

ta Ahanan ta SF: 1,685,242

1000 Dean Street

358 Grove Street568 Decatur Street


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Massey KnaKal205 Motgu strt, Third FoorBrook, ny 11201

T H E M K A d v A n T A g E

Our team focuses exclusively on the sale ofcommercial properties

Our attention is not distracted by other realestate activities such as residential sales orleases, appraisals and management.We focus primarily on the sale of multifamily,mixed-use, development and industrial properties.Other teams within Massey Knakal focus exclusivelyonleasingoronnancingshouldyouneedthese

services.

We only represent owners

We remain the owners advocate throughout thesales cycle and absorb the logistical work associatedwith the process.We have the ability to bring many buyers to thetablewithouttheconictofinterestourcompetitors

face when representing both buyers and sellers.We will actively co-broke with buyer brokers inorder to cast the widest net. If you hire us, you areessentially hiring every broker with an interest in

your property.

We use a Territory System

Each neighborhood is supported by a singleMasseyKnakalteamthatfocusesspecicallyina

territory. Our team covers the territory of BedfordStuyvesant, Bushwick, Crown Heights and LeffertsGardens.Weareexpertsinallrealestatemattersafliated

with our territory (i.e. who is buying & selling,

recent sales, new developments, etc.).Our expertise and appreciation for our territoryenables us to better justify to buyers why theyshould pay a higher price for your property.

Wha has a s nq has as a ssccssf. As NYCs #1 Bng Sas F, whav s hn h s h ppsas nas cp.

Mchael Amrkhaa

drectr f Sales

[email protected]

(718) 238-8999 x 7073

d Jhst

Ser Asscate

[email protected]

(718) 238-8999 x 6515

Rbert Mre

Asscate

[email protected]

(718) 238-8999 x 7046

Mara dAel

Amstrate Assstat

[email protected]

(718) 238-8999 x 6521

north central brooklyn sales report - 1h2013

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