The luxury real estate market in Brooklyn, NY has been booming. Old properties that are on sale, in addition to newly constructed rental buildings, are all hitting the market priced at millions of dollars. This might sound strange to some. When most people think of million dollar homes in NYC they typically imagine decadent Manhattan Penthouses owned by the few, not modest family homes in Brooklyn. However, the trend of multi-million dollar Brooklyn homes has been on the rise as of late.
Industrial-style homes on Pacific Street, between Fourth Avenue and Henry Street, in Brooklyn are the new cash cows for investors in the city’s hippest borough. Douglas Elliman recently sold a $15.5 million mansion on that street. There has also been a string of mega-million deals on residential homes that have put a spotlight on a stretch of Pacific Street, which runs through Cobble HIll and Boerum Hill, areas near the Barclays Center. Noted celebrities have been buying homes in this area – another factor that has caused the boom. Singer Norah Jones even owns two houses in the area that are around the corner from each other.
Recently, investors have not only been re-selling homes but building new, cool, amenity-laden homes in vacant patches on the strip that are impossible to build in nearby neighborhoods such as Brooklyn Heights or even in the West Village. One of these new houses is about to hit the market for $12.5 million, which equates to over $2,000 a foot. New carriage-style homes are also making an appearance in the area. Located at 323 Pacific Street, the first home is a massive 6,000-square-foot, 25-foot-wide mansion. It features five bedrooms, an elevator, on-site parking, and custom Americana finishes. It is supposed to hit the market in late October 2015 for $12.5 million. While this is of course a sizable price tag, this house would list for around $40 million in Manhattan. Another home on Pacific Street, for example, was built with a 20-seat movie theater, a gym, a children’s playroom, a bar and wine cellar, a roof deck and parking facility.
Not only are houses being priced extremely high, but condos are as well. A new 30-unit condo development at 465 Pacific Street, designed by architect Morris Adjmi, is about to be listed at about 40% more than the neighborhood average, which is more than $1,4000 a foot. The diversity of the houses, from condos to brownstones to carriage houses to three-bedroom homes, is what is really luring wealthy individuals and celebrities to the area. Moreover, Pacific offers these high-profile individuals a low-key vibe, one which doesn’t attract the high tourist traffic of areas such as Brooklyn Heights. There are many factors that play into the boom of the luxury real estate market in Brooklyn, a trend that doesn’t seem to be slowing down any time soon.
To learn more about Brooklyn, see the message from Brooklyn Borough President, Eric Adams below.
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