Brooklyn Condo Prices: New Development vs Resale Condos (2024–2025 Data Analysis)
Introduction
When I work with buyers, one of the first questions that comes up is:
Is a new development really more expensive than a resale?
The answer was always yes (or almost always). This time, when I was asked over the weekend, I decided to conduct research to support an answer with empirical data (not assumptions). I analyzed verified Brooklyn condominium sales from 2024 and 2025, comparing new development versus resale condominiums across both bedroom count and neighborhood.
The result shows that, unsurprisingly, there is a substantial premium to purchase a new development. What is unique is the lack of uniformity around this premium. As with any market, supply and demand dictate the price premiums.
New development vs resale condo prices by bedroom
I first analyzed the impact of resale versus new development by apartment size.
Key takeaways by unit size
Two-bedroom apartments show the largest premium for new development at 22%. Two bedrooms typically have the highest pool of potential buyers and often the most common units in a building
I was frankly surprised by how flat prices were across some segments. This clearly merited more review in other ways as I’m looking at pretty wide geographic areas.
New development vs resale condo prices by Brooklyn neighborhood
The largest new-development premiums are in markets with limited new development inventory.
The biggest pricing gaps appear in:
Fort Greene (+86%)
Brooklyn Heights (+53%)
Carroll Gardens (+44%)
Columbia Street Waterfront District (+36%)
Fort Greene and Brooklyn Heights are characterized by extensive historic districts. Fort Greene had 17 new development and 71 resale condos in the period. Brooklyn Heights had 48 new developments and 96 resale condos. This fuels an even greater demand for the premium finished product because it is scarcer and more widely distributed.
This price appreciation then attracts a sponsor who can plan:
Larger projects
Higher-end finishes
Amenity buildings
Some markets show almost no difference
In Downtown Brooklyn, the average price difference between new development and resale is essentially flat. Much of the inventory in Downtown Brooklyn has been built in the past 10 years. This makes all the product fairly similar.
This also suggests a very blended market where:
Resale condos and new buildings compete at similar price points
Buyers are choosing more on layout, light, and monthly costs than on building age
New development vs resale 2-bedroom prices by Brooklyn neighborhood
Two bedrooms are the most common and most popular product. Comparing a limited segment across a similar geographic area gives the easy answer. Across the board, a 20% premium applies to new developments versus resale condos. There are always outliers, and I can see them when we dig in. Prospect Heights, for example, has three “resale” projects that perform quite well: One Grand Army Plaza, 550 Vanderbilt, and 280 Saint Marks. These are priced higher than a true “new” project at 684 Dean Street.