According to New York City records, the median price for an apartment in Brooklyn in the month of May 2023 was $747,000. The price represents a 6.5% drop from last year’s median of $799,000. The number of sales for May, when compared to 2022, fell dramatically, dropping from 653 to 454 representing a year-over-year decrease of 30%.
May is the eighth consecutive month that the number of year-over-year sales has dropped in Brooklyn by double digits. Through the first five months of 2023, year-over-year sales in Brooklyn have fallen dramatically, dropping from 3,060 to 1,914 representing a 37% slide.
What exactly does $747,000 get you in Brooklyn? Or in this case, $749,000. Let’s take a closer look.
Apartment 5-E at 192 East 8th Street is a charming two bedroom one bath pre-war co-op in the Kensington section of Brooklyn. The renovated apartment offers wonderful light, an entire wall of exposed brick in the living room, an entry foyer and a large windowed eat-in kitchen.
Modest monthly carrying charges of $1,074 (including electric and gas charges) make the apartment even more attractive.
East 8th Street is a tree-lined street consisting of low-rise apartment buildings and historic three-story townhomes. Prospect Park, Brooklyn’s finest amenity, is just a ten-minute walk.
192 East 8th Street rises six floors and contains 30 apartments. There is no doorman. Amenities include a lovely common courtyard with an outdoor grill, laundry facilities, bike room and private storage. The building features a set-back garden entrance.
The area is serviced by the F and G trains at the Church Avenue Station. This is about a ten minute walk.
Apartment 5-E at 192 East 8th Street wasn’t on the market long. It was first introduced in early February and was under contract within a month’s time. The $749,000 closing price was slightly above the original ask of $739,000. Rebekah Carver of Douglas Elliman represented ownership. Please visit Linecity for more details.