State of the Market: Townhouses Drag image to placeholder and resize
Brooklyn Heights, Cobble Hill, Carroll Gardens Prepared by Engel & Völkers Brownstone Brooklyn January 2022
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4Q21 TH sales volume very active but down from 3Q21’s record highs
-33%
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 4-Family Townhouses vs. Condominiums from 2Q15 to 4Q21 across our 15 key neighborhoods
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4Q21 TH gross dollar volume marks the highest Q4 volume on record
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 4-Family Townhouses vs. Condominiums from 2Q15 to 4Q21 across our 15 key neighborhoods
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Clear pricing hierarchy: Brooklyn Heights > Cobble Hill > Carroll Gardens
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family Townhouses Trailing Four-Quarter Average from 2Q15 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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But some parity in $PSF, with strong skews1 in prior quarters in BH
BH $1,509 CH $1,447 CG $1,327
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family Townhouses Trailing Four-Quarter Average from 2Q15 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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Brooklyn Heights predominantly 1- to 2-family homes ∴ higher avg. price2
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family vs. 3- to 4-Family Townhouses Closed Sales from 4Q19 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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Cobble Hill 1- to 2-family gross price trends up, closing gap with BH
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family vs. 3- to 4-Family Townhouses Closed Sales from 4Q19 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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Carroll Gardens limited 1- to 2-family homes ∴ more competitive pricing
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family vs. 3- to 4-Family Townhouses Closed Sales from 4Q19 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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1- to 2-family townhomes trade at a premium to 3- to 4-family townhomes
Average Premium: $1,590,000 +47.55%
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family vs. 3- to 4-Family Townhouses Pricing Premium from 4Q19 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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1- to 2-family $PSF Δ is amplified due to predominance of gut rehabs3
Average Premium: $308 psf +29.27%
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
1- to 2-Family vs. 3- to 4-Family Townhouses Pricing Premium from 4Q19 to 4Q21 in Brooklyn Heights, Cobble Hill, Carroll Gardens
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Prepared by
Peyton Yen Real Estate Salesperson | Global Advisor Cell/Text: 917-225-8374 Email: peyton.yen@evrealestate.com Engel & Völkers Brownstone Brooklyn 221A Court Street Brooklyn, NY 11201 Phone: 718-643-6312 brownstonebrooklyn.evrealestate.com
STATE OF THE MARKET
Donald P. Brennan, Jr. License Partner | Real Estate Broker | Global Advisor Cell/Text: 917-568-6525 Email: donald.brennan@evrealestate.com
Each brokerage independently owned and operated
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Appendix
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In 4Q20, 8 Montague Terrace located in Brooklyn Heights traded for $25.5MM, positively skewing average pricing metrics that quarter. 2
The townhouses in these neighborhoods have different average sizes, where homes in Brooklyn Heights are predominantly larger. 3
“Gut rehabs,” including substantial rehabilitation of existing homes and new ground up construction, typically trade at higher dollar per square foot.
All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, | omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.
STATE OF THE MARKET
The data set in pages 2 through 3 is composed of deals in the following 15 key neighborhoods we track: Brooklyn Heights, Cobble Hill, Carroll Gardens, CSWD, Boerum Hill, DUMBO, Gowanus, Fort Greene, Clinton Hill, Prospect Heights, Park Slope, Bed-Stuy, Downtown Brooklyn, Greenpoint, and Williamsburg.
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