Brooklyn real estate prices set record: New report

Brooklyn real estate is getting expensive at an unprecedented rate, and different sections of the borough are increasing more rapidly than others, according to a report released Thursday.

The new report from Brown Harris Stevens showed that records have been set for both the average and median Brooklyn apartment prices during the second quarter of 2016, with apartments in central Brooklyn increasing the most.

The average Brooklyn apartment price increased 10 percent to $746,277, a new record, according to the report, which added that the average townhome price has increased over 12 percent per square foot since last year.

Apartments in neighborhoods along Brooklyn’s western side, such as Carroll Gardens, Park Slope and Red Hook, saw double-digit increases in price while townhomes decreased compared to the same period in 2015, the report stated.

The opposite trend was found in Brooklyn’s northern neighborhoods, such as Williamsburg, where apartment prices fell compared to 2015, but townhomes saw an average increase of 16 percent from a year ago.

Central Brooklyn, though, led the way with regards to prices going up, Brown Harris Stevens reported. In neighborhoods like Bed-Stuy, Bushwick and Crown Heights, apartment prices increased 18 percent and townhomes were 15 percent higher than a year ago.

The same trend was true to a lesser extent in south Brooklyn. Neighborhoods such as Bay Ridge, Midwood and Gravesend saw apartment prices rise 13 percent, on average, and townhome prices increase 10 percent, the report added.