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Deals & Dealmakers

Brooklyn Saw 102 Contracts Signed Totaling $153M in New Development in May 2022, According to Brown Harris Stevens Development Marketing’s May Monthly Analysis

There were 102 Brooklyn new development contracts signed between May 1 and May 31, 2022 based on data from Resource/RealPlus as of 6am June 1, according to an analysis by Brown Harris Stevens Development Marketing (BHSDM).  The highest sponsor contract was at 30 Front Street (Olympia Dumbo), asking $5,500,000. This contract also represents the highest price-per-square-foot, at $2,358.  

May 2022’s average contract price was reported at $1,500,316 based on last asking price, down 12 percent from April’s average asking price of $1,698,021.  It is also a small decrease of 3 percent from May 2021’s average asking price of $1,551,489.

 “The month-over-month decline in contract activity is primarily a result of dwindling inventory in new developments on the market,” said Robin Schneiderman, managing director, Brown Harris Stevens Development Marketing. “Rising interest rates are a contributing factor, but not the main event. The slight decrease in average last asking price is a reflection of current inventory, also mirrored in the drop in $3 million-plus properties going into contract.” 

In total, 77 contracts (75 percent) were for one and two bedrooms, a 6 percent increase of contract distribution from April 2022. There were 16 three bedroom contracts (16 percent), a 3 percent decrease of contract distribution in April 2022.

There were 42 units (41 percent) that went into contract with asking prices up to $1 million, staying stable from 40 percent of contract distribution in this price range in April 2022. There were 34 contracts signed (33 percent) between $1 million and $2 million, a small increase from 30 percent of distribution in April 2022. Just six percent of all contracts had last asking prices of $3 million or higher, a decrease from 13 percent in the same price range during April 2022.

Boerum Hill saw the most contract activity with 15 units signed, followed by Downtown Brooklyn with 14 units signed, and Park Slope with 11 units signed.

Outdoor space remains a priority, with 68 percent (69 units) offering common or private outdoor space.  This is an increase from 60 percent of units having outdoor space in April 2022.

Additionally, 57 percent (58 units) of all contracts signed also offered parking, whether by lease or own. This is an increase from April’s 45 percent of contracts offering parking. Of the top eight buildings with contracts signed in May 2022, all but one offered some form of parking.

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