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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Development Transactions

Development
Case Study

Gowanus

$55,000,000

Avery Hall Development Development Gowanus Rezoning Tavros Holdings
Sold
Development
Sold

257 Washington Avenue

Clinton Hill

PPSF: $422/BSF
$13,500,000

Clinton Hill Development
Sold
Development
Sold

103 Vanderveer Street

Bushwick

PPSF: $192
$1,050,000

Broadway Junction Development Residential Development
Sold
Development
Sold

160 12th Street

Gowanus

Development Gowanus Residential Development
Sold
Development
Sold

1020 Cortelyou Road

Flatbush

Development Ditmas Park Residential Development
Sold
Development
Sold

75 Fourth Avenue

Park Slope

PPSF: $354
$13,200,000

Development Park Slope
Sold
Development
Sold

232 Third Avenue

Gowanus

PPSF: $236/BSF
$55,000,000

Development Gowanus
Sold
Development
Sold

348 Van Brunt Street

Red Hook

Development
Sold
Development
Sold

402 Union Avenue

Williamsburg

Development
Sold
Development
Sold

55-61 Summit Street

Columbia Street Waterfront District

Columbia Street Waterfront Development Residential Development
Sold
Development
Sold

118 Waverly Avenue

Clinton Hill

$8,000,000

10000 SF 20000 BSF Development
17,000 buildable SF Development lot in Gowanus from TerraCRG, a commercial real estate firm in Brooklyn
Sold
Development
Sold

553 Sackett Street

Gowanus

PPSF: $341
$5,800,000

Gowanus Industrial Office
571 Fulton Street - Downtown Brooklyn - Development - Investment Sales - terraCRG - Commercial Real Estate - Ofer Cohen - Dan Marks- Mike Hernandez
Sold
Development
Sold

571 Fulton Street

Downtown Brooklyn

PPSF: $1,365
$14,500,000

10 622 SF Air Rights Development
Sold
Development
Sold

373-379 Knickerbocker Avenue

Bushwick

Bushwick Development Redevelopment
Sold
Development
Sold

5-15 Sumpter Street

Bedford-Stuyvesant

See All Listings >
$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

Download the 2022 Brooklyn Development Report

Daniel Lebor

EVP Sales & Partner
All
All Asset Types
Residential Development

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

See Full Case Study >