Brooklyn echoed Manhattan market in closing activity this quarter as buyers anticipated sweeping changes of the tax legislation and rushed to lock in the full $1M mortgage interest deduction on new originations. This urgency was reflected by a 14% year-over-year increase in the number of closings by December 15th, coupled with a surge of transactions occurred in the $500K-$1M price segment, which was most impacted by the mortgage interest deduction limit change. Additionally, it is interesting to note that the resale condos and co-ops primarily contributed to the year-over-year increase in the number of closings. While the new development closings distributed with less extremity this quarter against 4Q16, demonstrated by five vs. two projects with 10 or more closings totaling the same number of 106 transactions.
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