On-the-rise Brooklyn condos start catching up to Manhattan price tags By KATHERINE DYKSTRA November 29th, 2012 Welcome to the new Brooklyn, which looks a lot like Manhattan. It has a high-profile NBA team, flashy entertainment venues (Barclays Center and the expanding BAM complex), mobbed food purveyors (Trader Joe's and Shake Shack) and condos priced at $1,000 per square foot. Yes, $1,000 per square foot is the new normal for new developments in Kings County neighborhoods including Brooklyn Heights, Carroll Gardens and Park Slope. "The Brooklyn market is undervalued," says Andrew Barrocas, CEO of the MNS brokerage, who notes that Brooklyn's condo prices haven't yet caught up to its rental prices. "If you took an area in Manhattan that's comparable [to Brooklyn in rental prices], you'll see the condo pricing is anywhere from 35 to 50 percent more [than Brooklyn]." According to data from MNS, rental prices overall in Brooklyn Heights ($55 per square foot per year) are close to those in Chelsea ($58 per square foot), where apartments sell for an average of more than $1,400 per square foot. "So there's still a tremendous amount of growth where the [Brooklyn] condo market is," Barrocas says. Have no fear, developers are closing that gap. "We saw a 20 to 25 percent premium for condos [over co-ops]," says Steve Kliegerman, president of Halstead Property Development Marketing, about how Park Union — one of a handful of buildings that is coming, or has just come, on the market with price EFTA01113075