Industry News

REBNY releases first-ever Brooklyn real estate report

Apartment prices in borough soar 35% in 2005

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Average apartment prices grew 35 percent last year in Brooklyn, and one- and two-family home prices jumped 20.5 percent in 2005 compared to 2004, according to the Real Estate Board of New York, a real estate trade association that has about 11,000 members. The first-ever REBNY Brooklyn real estate report, which uses city and brokerage firm data, found that the DUMBO/Fulton Ferry had the highest Brooklyn-area average sales price of apartments in 2005, at $1.26 million, or $717 per square foot. The survey includes data from 19 Brooklyn neighborhoods. The average sales price for a Brooklyn apartment was $478,000 in 2005 while the average sales price of one- and two-family homes was $530,000. Fort Greene reported the highest surge in apartment prices, with an 81.9 percent increase in 2005 compared to last year. Fort Greene average prices per square foot for apartments increased 114.2 percent to $562 per square foot, REBNY reported. "This report is a testament to the tremendous growth of B...