February 1, 2017
Condo prices are rising fast in the Williamsburg neighborhood of Brooklyn — largely because of one building. The Oosten, at 429 Kent Ave., accounted for nearly 75 percent of the fourth quarter condominium sales in the Williamsburg area.
Thanks largely to the Oosten, the average condo sales price increased 18 percent year-over-year to $1.2 million in Williamsburg. The number of condo sales in the Brooklyn neighborhood increased 87% to 140 sales in the fourth quarter, according to the Real Estate Board of New York’s fourth quarter report.
That one building is an extreme example of the overall trend in Q4 2016, when home prices grew quickly in up-and-coming neighborhoods, and plateaued or shrank in the most established neighborhoods.
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