The average price per BSF of residential development sites in 2022 in Brooklyn was $188, slighty up from 2021’s average of $187. The average price was approximately $5.59M, up from approximately $5.5M in 2021.

The North Brooklyn Region achieved the highest average price per SF at $303.

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$934M of Residential Development Sites were sold in 2022, representing a 13% decrease in transaction activity compared to 2021. The expiration of the Affordable New York 421A tax abatement and the increase of the construction loan index rate (SOFR) from .05% to 4.31% lead to a 39% drop in total transaction volume in the second half of the year. cade from large parcels to smaller projects. Although dollar volume is down, 54% of the transactions were under $2M dollars which shows that developers are moving toward building assets of a smaller scale. Despite a decline in both dollar volume (-13%) and transactions (-44%), price per buildable foot is actually up 26% in regions like North Brooklyn.

Ofer Cohen, Founder & CEO

Brooklyn 2022 Market Report Development

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Daniel Lebor

EVP Sales & Partner
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Andrew Manasia

Senior Associate, Investment Sales
Development

Development Insights

2022 Avg Sale Price: $5.6M

Average Sale Price by Region

  • Central Brooklyn $6.9M
  • East Brooklyn $1.9M
  • Greater Downtown Brooklyn $10.7M
  • North Brooklyn $7.2M
  • North-Central Brooklyn $4.2M
  • South Brooklyn $4.5M
  • West Brooklyn $2.6M

10 Nevins Street Case Study

Ofer Cohen and Melissa Warren, along with their team were the sole brokers in the sale of the development site located at 10 Nevins Street in Downtown Brooklyn.

With over 14,000 residential units in Downtown Brooklyn’s development pipeline at the time of the sale, Team Cohen/Warren had to make sure this nearly shovel-ready site stood out in a congested market.

In a market dominated by rental units, 10 Nevins is positioned to be one of the largest condo projects in Downtown Brooklyn.

Ofer Cohen, Founder & CEO

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