According to New York City records, the median price for an apartment in Brooklyn in September 2023 was $735,000. The price is identical to last year’s median for the month. The number of sales for September, when compared to 2022, however, fell dramatically from 594 to 375, representing a year-over-year decrease of 37%.
September is the twelfth consecutive month that the number of year-over-year sales has dropped in Brooklyn by double digits.
What exactly does $735,000 get you in Brooklyn? Let’s take a closer look.
Apartment 5-M at 11 Hoyt Street is a 457 square foot studio in one of Brooklyn’s premier new buildings. The residence features an open layout, 10-foot ceilings and sweeping views of the building’s elevated private park.
Additional features include wide plank white oak flooring, WiFi enabled thermostats, a stacked washer/dryer and a Latch smart door entry lock.
The open kitchen, which greets you as you enter the residence, offers gray satin lacquered cabinetry, lava stone countertops and backsplashes, and a full suite of Miele appliances, including an integrated refrigerator and dishwasher.
11 Hoyt Street is one of a multitude of premium residential towers that has recently opened in downtown Brooklyn. The full-service condominium rises 57 floors and currently represents the third tallest building in Brooklyn. It is bounded by Fulton Street and Livingston Street and sits across from Macy’s and St Francis College.
11 Hoyt offers world-class design and more than 35,000 square feet of indoor and outdoor amenities, including an elevated private park.
The area is serviced by a multitude of subway lines. The 2 and 3 trains are just outside the building’s front door at the intersection of Hoyt Street and Fulton Street, while the A, C, and G trains are conveniently located at the intersection of Hoyt Street and Schermerhorn Street.
Apartment 5-M was first introduced to the market in December 2022 at $785,000. In mid-July, the property went to contract. The $735,000 closing price represents a 6.4% drop from the original ask. The sale of 5-M was one of the first resales at 11 Hoyt Street. Nick Oliver of Hauseit represented ownership. Please visit Linecity for more details.