Park Slope Apartments Cost 8% More Than Last Year: Report

PARK SLOPE, BROOKLYN — Apartment prices in Park Slope have risen in the third quarter of 2021 — and the average price of Brooklyn apartments hit a record high, according to a new report.

Currently, the average cost of an apartment in Park Slope, South Slope and Windsor Terrace is $1,206,687 and the median price is $1,065,000, the report from Brown Harris Stevens, a real estate firm, found.

That's 8 percent higher than the average price this time last year, which was $1,122,188.

And it's not just the Park Slope area seeing its apartment prices increase — this quarter, the average price of a Brooklyn apartment topped $1 million for the first time. According to the report, it currently sits at $1,000,989.

Condominiums, too, are seeing their costs rise. Brown Harris Stevens said the average price of a condo in Park Slope and in nearby neighborhoods is $1,246 per square foot.

"The Brooklyn apartment market's amazing run continued in the third quarter, as both prices and sales reached new highs — a great accomplishment just a year and a half after the start of the pandemic," Brown Harris Stevens staff wrote in their report.

The borough's future looks strong as well, the report said, as contract-signed activity remains at record levels for this time of year.

"With all the borough has to offer we should have expected a quick recovery in Brooklyn, but I don't know if many predicted it would be this strong this fast," the report said.