Brownstone Brooklyn Apartments Averaging $661K

The average price of an apartment in Brooklyn rose 8 percent during 2007 to $661,000, according to a report from the Corcoran Group released on Wednesday. Here are some more Brooklyn tidbits:

  • The average price per square foot for a co-op jumped 33 percent from 2006 to 2007 to $577.
  • The average co-op sales price increased 7 percent year-over-year, from $497,000 in 2006 to $534,000 in 2007.
  • The average price of a co-op studio rose 10 percent–the most of any co-op size–from $246,000 in 2006 to $271,000 in 2007.
  • Condo prices increased an average of 5 percent in 2007, from $705,000 in 2006 to $740,000.
  • Demand for family-size apartments drove the average sales price of a three-bedroom condo up 24 percent in 2007 (the biggest rise of any condo size) to $1.172 million, compared to $946,000 the previous year.
  • Condo prices rose by 14 percent, on average, in Brooklyn Heights–the biggest increase of any neighborhood polled by Corcoran–from $554,000 in 2006 to $630,000 in 2007.
  • The average price of a one-family townhouse in Brooklyn increased marginally, from $1.536 million in 2006 to $1.581 million in 2007, but the median price increased by 11 percent during the same period.
Brownstone Brooklyn Apartments Averaging $661K