ChananyaBineth

Brooklyn real estate is doing something strange right now. Prices are hitting record highs at the same time lending is tighter than it's been in years, and somehow both things are true without cancelling each other out. Signed contracts jumped 15 percent year over year in the second quarter, the strongest annual gain the borough has seen in four years, and homes are moving off the market in 72 days on average — a ten-year low. Median prices climbed 11 percent to new all-time highs, price per square foot hit a record $1,185, and resale condos are now clearing $1.15 million at the median. Development sites alone made up 38 percent of total commercial dollar volume in the first quarter, roughly $423 million worth. That's not a soft market. That's a borough building through resistance.   Investors watching this closely, Chananya Bineth among them, have started treating Brooklyn less like a single market and more like a dozen smaller ones running side by side. As the founder ...