Buyers willing to pay premium for Brooklyn luxury

With Manhattan’s oversupply of luxury apartments, demand for high-end in Brooklyn is increasing
  • With an average sales price of $795,409 (up 6.2 percent from last year) Brooklyn isn’t so cheap anymore.
  • Total pending sales in Brooklyn's luxury price tier went from a 20.1 percent share of the market to 22.3 percent year-over-year.
  • In Q1, Brooklyn had 192 total sales in the luxury market, compared to 154 in the first quarter last year.

Brooklyn and luxury didn’t quite go together 10 years ago. An eclectic mix of less expensive apartments — many loft-style — and a trendier, laid back scene attracted some Manhattanites to make the switch before the borough became the trendy hotspot it is today.