Category Archives: Real Estate

Brooklyn’s median sales price continued to flirt with the $1 million mark amid rising sales in the second quarter.

Both the median and average sales prices in the borough reached new highs for the second consecutive quarter according to the latest editions of the Elliman Report, which covers co-op, condo, and one-to-three family house sales for Brooklyn and Queens.

The median sales price in Brooklyn rose half a percent in the second quarter to $995,000 from $990,000 in the second quarter of 2024. It was unchanged from the first quarter.

When the mansion tax kicks in

While many properties sell for $1 million or higher in Brooklyn, if the median price hits that threshold, it means a lot more Brooklyn buyers are facing an additional cost.

That’s because the mansion tax kicks in when you buy a New York City apartment or single-family house for $1 million or more, no matter the size of the property.

The fee starts at 1 percent of the sales price and rises in increments to 4.15 percent on sales of $25 million-plus.

Brooklyn sales increased for the third time, rising 0.5 percent in the second quarter. Listings were up annually for the fifth time, also climbing by 0.5 percent, as per the Elliman Report.

The ‘days on market’ debate

Days on market were down 13.8 percent annually for Brooklyn—a sign that properties are selling faster. For individual properties, days on market can signal whether a listing is fresh or stale and buyers will often adjust their offers accordingly.

That metric is part of a major debate over private listings spurred by Compass’s new, three-phase strategy for sellers. The strategy begins with listing properties privately and doesn’t show days on market to buyers to level the playing field for sellers, a Compass company spokesperson previously told Brick.

The problem with this strategy is that “a seller may accept an offer and not realize only three people saw the listing and the buyer didn’t know how long the property has on the market so they feel like they overpaid or undersold,” said Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the Elliman Report. 

Queens listings plunge but prices rise

A significant drop in listings helped drive prices to new highs in Queens, even though sales fell in the second quarter, according to the Elliman Report.

The average sales price hit a new high, rising 4.5 percent to $771,441. The median sales price increased 4.1 percent to $714,383.

Sales were down by 7.1 percent compared to the year-ago quarter and listings were down by a significant 30 percent.

A premium for one- to three-family houses in Queens

In his firm’s Brooklyn sales market report, Brown Harris Stevens chief economist Gregory Heym noted that “fewer new development closings lowered the average prices in Downtown Brooklyn.”

For the firm’s Queens sales market report, Heym said the average price of a one- to three-family home crossed the $1 million mark for the first time at a record $1,013,558. (The Elliman Report, which primarily relies on ACRIS, said it rose to $978,998.)

A tumultuous geopolitical period

The second quarter was a tumultuous geopolitical period marked by President Donald Trump’s new tariffs, which hurt the stock market in early April, and the U.S. bombing of three Iranian nuclear sites.

“Brooklyn’s real estate market started the second quarter with solid momentum, but as economic and political uncertainty grew, activity naturally began to cool,” said Michael Sorrentino, senior vice president and general sales manager for New York at The Corcoran Group, which also released a second quarter sales market report for Brooklyn.

“Even with fewer new development sales and tighter inventory, Brooklyn’s average price held near historic highs, underscoring the market’s resilience,” Sorrentino said.

Brooklyn co-ops ‘performed the best’

Compass also released second quarter market reports for Brooklyn and Queens, noting that sales of “co-ops interestingly performed the best, although they have the lowest market share [in Brooklyn], seeing 12.5 percent more sales at notably higher median and average prices than this time last year.”

Condos in Queens “fared the best with a 20.3 percent year-over-year jump in closings,” Compass said.

New development sales drop

Brooklyn’s new development market faced a slowdown in activity during the second quarter, as both sales and signed contracts fell amid a 10.2 percent drop in new listings, according to SERHANT’s second quarter sales market reports for Brooklyn and Long Island City.

“Activity tapered off as the market moved closer to summer and deeper into the season, aligning with economic volatility and heightened global uncertainty,” said Cory Napier, director of research.

The report said that total new development inventory climbed 15.1 percent year over year, driven by older sponsor units remaining on the market.

The Long Island City’s condo market saw an increase in sales and contract activity amid falling prices, as per SERHANT.

Set in the heart of Bovina Center — a hamlet known for its agricultural history and quiet creative energy — this multi-structure compound spans more than 57 acres stretched over four parcels on both sides of Main Street. The offering includes a fully renovated five-bedroom inn, a two-bedroom carriage house, a historic storefront with commercial potential, and a restored dairy processing facility.

The layout supports a range of uses, from hospitality and retail to food production or agri-tourism. Additional structures include original barns, dry storage buildings, and a new bridge over the Brush Brook that connects both sides of the property. With scale, infrastructure, and location, this is a flexible setup for a business-minded buyer or a team with a shared vision.

The post Historic Farm Compound with Inn, Creamery & Storefront in Bovina Center, NY appeared first on ESCAPE BROOKLYN.

Perched on a high ridge above the Hudson River, The Hudson Lookout is a three-story tower that merges bold architectural form with a deep connection to its surroundings. Originally imagined as a sculptural “watchtower,” the three-story structure is oriented to frame long views in every direction – an approach that has earned features in Dwell, Wallpaper*, and Vogue for its bold vision and striking presence. With its minimal footprint and vertical form, the home offers a quiet but commanding presence in the landscape.

The post The Hudson Lookout in Catskill, NY appeared first on ESCAPE BROOKLYN.

One of the earliest Upstate enclaves for New Yorkers, Rhinebeck has long been defined by its well-kept homes, deep-pocketed residents, and a village center that feels more like a movie set than a small town. With roots that go back centuries — and architecture to match — it’s a place where old money meets manicured charm, anchored by antique shops, legacy restaurants, and the slow rhythm of tradition.

But in recent years, a quiet shift has begun. The arrival of Little Goat, an all-day café and bakery from Taavo Somer, has drawn a younger, design-conscious crowd to town. New shops like Upstate Down and Westerlind reflect a similar sensibility—polished, outdoorsy, and carefully curated. Soho House is also opening nearby, signaling a new wave of attention from the hospitality world.

While Rhinebeck still holds tightly to its traditions, there’s a growing sense of reinvention — subtle, refined, and distinctly upmarket—folding into the village’s storied framework.

ind all our Rhinebeck, NY recommendations below, including what to do in Rhinebeck, the best nearby hiking, plus eating, drinking and shopping favorites.

The post A Guide to Rhinebeck, NY appeared first on ESCAPE BROOKLYN.

In the Catskills town of Callicoon Center, Hawthorn is an 1880s farmhouse that feels quietly modern – its historic bones preserved, its design grounded in a timeless, place-based aesthetic. The property stretches over rolling hills, framed by mature trees and open sky, offering a peaceful backdrop where nature and architecture coexist with ease.

The post Hawthorn in Callicoon Center, NY appeared first on ESCAPE BROOKLYN.

Victorian grandeur meets Catskills charm at The Henderson in Hankins, NY. 120 miles from NYC, guests are greeted by the soothing sounds of Hankins Creek below the home, plus architectural details of a bygone era. This grand Victorian home was a boutique hotel in the 1860s, and now offered as a unique escape from the city, with a custom stone hot tub, outdoor kitchen and shower, fireplace and more.

The post The Henderson in Hankins, NY appeared first on ESCAPE BROOKLYN.