The Wall Street Journal summarizes a number of 1Q reports on the residential sales market across NYC in a story today titled “Sellers Gaining The Upper Hand.” Summary: Double-digit declines in inventory are driving up median prices, “with large increases reported in Brooklyn. The number of contracts signed during first quarter was up sharply, leading analysts to foresee rising prices later this year, (which) could make would-be buyers” eager to pay more.
The Brooklyn Heights angle: “Adam Donato, a management consultant, was ready to buy a Brooklyn apartment, after paying more than $75,000 in rent over 3½ years in Manhattan, but found the going rough. He bid $20,000 above the asking price on an apartment on Henry Street, but was beaten by another offer of even more money.
“When a small co-op came on the market on 75 Henry Street, a 32-story tower in Brooklyn Heights, he was ready. The apartment, a studio converted to a 1 bedroom, with a 14-foot long terrace and views of the Brooklyn Bridge and the Manhattan skyline, was listed for $495,000. Working with broker Greg Williamson of Douglas Elliman, he offered full asking price, and outbid three others who offered slightly below asking price.
Donato tells WSJ: “It is a hot market in Brooklyn Heights, and there are very few high rise co-ops. This one had a view of the Brooklyn Bridge.” (Photo: Streeteasy)