Brooklyn | July 2021
According to New York City records, the median price for an apartment in Brooklyn in the month of July was $805,000. This price represents a 36.4% increase from last year’s median price of $590,064. The number of sales increased a whopping 95.6%, climbing from 317 to 620.
So, what does $805K get you in the borough of Brooklyn? Since the number of apartments sold in July was an even number, we took one of the properties that fell closest to the median and sold at $800K.
Apartment 2 at 371 Lincoln Road is a full floor condo in a small new development in Prospect Lefferts Gardens. The two bedroom, two bath home totals 946 square feet and is accessible via a keyed elevator. Additional features include south facing floor-to-ceiling windows, wide plank flooring, recessed lighting, stacked washer/dryer and a private terrace accessible from both bedrooms.
The open kitchen offers island bar seating, high-end stainless steel appliances, stone counters and backsplash.
371 Lincoln Road is a six-story building with six full floor apartments. Security is provided by a virtual doorman. There is a common roof deck.
The property was introduced to the market in January 2020 for $950K. A 7.9% price reduction lowered the price to $875K in October 2020. The $800K price represents a per square foot mark of $846. There is a 15-year tax abatement which has reduced the current monthly charges to a miniscule $557.