Brooklyn’s luxury market starts the year with a whimper: Stribling

Contracts signed least week were worth about $12.25M overall

TRD New York /
Jan.January 07, 2019 12:00 PM

From left: 76 Pierrepont Street and 430 Dean Street (Credit: Google Maps)

The first week of the year was a slow one for the Brooklyn luxury market.

Only three contracts have been signed so far in 2019, but the average contract price is up from last week’s holiday slump.

Contracts closed on two houses and one condominium for a total of $12.25 million, according to to the latest report from Stribling & Associates. The average contract price was $4 million, up from last week’s average of $2.4 million.

The most expensive sale was at 76 Pierrepont Street in Brooklyn Heights. The property, a Gothic Revival townhouse, was commissioned in 1857 by shipping merchant Henry B. Cromwell. The 29-foot-wide house is currently configured as five apartments. It has been maintained by the same family since the 1960s. The house sold for $6.5 million, 10 percent below the initial asking price of $7.25 million.

The second highest price contract was for a mixed-use townhouse at 430 Dean Street in Park Slope, which sold for $3.45 million. The first floor, which has 13-foot-high ceilings, was used by a commercial coffee roaster for decades. The second and third floor are configured as two bedroom apartments spread over 1,000 feet.

A three-bedroom penthouse at Evenhar Development Corporation’s 50 Greenpoint Avenue also sold for $2.3 million. The apartment has a 725 square-foot terrace overlooking the East River. – Decca Muldowney

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