While technically part of the Northside, I like to break it out because it is a force unto itself. Consisting of only two developments (The Edge and Northside Piers), they outpaced any other neighborhood in North Brooklyn however you measure it. Over $60 million of property closed there over the last 6 months. These apartments tend to get the highest price/sf in the area, mostly because of their protected views, but also because they’re very high-end products that can approach resort-style living.
There hasn’t been as huge a variation over time that we’re seeing in the other areas. Looking at closed sales in the last 6 months, 3 months, and recent contract asking prices, the averages continue to hover in the $1000 - $1030/sf range.
There was a time when these two were negotiating heavily, but as of about a year ago that came to an end. They had a target price/sf for every unit and steadily sold them out with a few price increases here and there. The rules are pretty simple: higher floors more expensive than lower, protected views more expensive than obstructed. Studios and one-beds have a higher price/sf the smaller they get in size, but that correlation doesn’t hold with two and three-beds. With them it’s more about some layouts being more desirable than others.
These buildings are sold out of the first offering and have begun to have re-sales. I would expect much more fluctuation in the prices here for now on.
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