Buying Boom Continues in Bed Stuy

Bed sTUY, Bed Stuy development, Bed Stuy construction

For a few years now, there’s been talk about the Bed Stuy boom. Development’s going up, buyers are snatching up properties, record prices are being recorded. And here’s one more data point to add to the conversation. For the second sales quarter of 2015, Bed Stuy saw the most home sales activity of all Brooklyn neighborhoods. REBNY released data for the quarter and found sizable average price increases of 9 percent year-over-year in Brooklyn and Queens. Bed Stuy had the most sales of any Brooklyn neighborhood — 183 transactions! — followed by 137 sales in Bay Ridge/Fort Hamilton. The average selling price for Bed Stuy properties is $874K, up 21 percent from last year. The median price is $850K. Condo prices average at $651K, a 15 percent jump from last year. Three-family homes average at $937K, up 25 percent.

Speaking of booms, I snapped this photo of demolition underway at 410 Tompkins Avenue, off of Hancock. The three two-story brick buildings will be replaced by a 35-unit luxury building that looks atrocious. According to signs on the construction fence, demolition will last through August.

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