New Condo Sales Reviving in Brooklyn, Queens
(Crain’s) — Sales of new condo developments in Brooklyn and Queens made a comeback in the second quarter of this year, according to market reports released Thursday. In Brooklyn nearly one in four sales—24.6% to be precise—were new developments according to Prudential Douglas Elliman and Miller Samuel Inc. This marked the highest level of sales activity for new developments recorded since the firms started tracking the statistic in the first quarter of 2008, before the collapse of Lehman Brothers that autumn. During the second quarter of 2010, new developments represented just 14% of total Brooklyn sales. Even in Queens, where there aren’t as many new developments, 8.9% of sales were new condos—also an all time high.