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BED-STUY, BROOKLYN — Another week, another study showing Bed-Stuy’s real estate market is booming.
Bed-Stuy’s property transactions outpaced other Brooklyn neighborhoods in an otherwise relatively-sluggish 2019, a new study released Friday by Ariel Property Advisors found.
It really isn’t a surprise Bed-Stuy’s real estate market is moving fast, given the near-daily headlines about big transactions, developments and ever-present controversy over gentrification.
But the report puts the picture into cold numbers. Together, Bed-Stuy, Bushwick and Crown Heights’ real estate market account for 21 percent of all sales across the borough, it found.
Those combined 188 transactions accounted for about $875 million in sales. That may seem large, but it paled next to Park Slope and Downtown Brooklyn’s $1.6 billion or Williamsburg’s $1.5 billion.
The total dollar amount — $6.25 billion — is 18 percent less than 2018, the report stated.
“In fact, this is the fourth consecutive year transaction volume has declined in the borough, and the 894 transactions represents the first time that number dipped below 1,000 since 2012,” the report states.
The report tallied transactions with a minimum sales price of $1m and did not include city transactions, internal sales, notes and ground leases, it states.
The report can be read here.