Brooklyn’s luxury market is picking up steam: Stribling

17 properties went into contract for a total of $55M

TRD New York /
Feb.February 19, 2019 04:00 PM

325 Pacific Street and 51 Jay Street in Brooklyn

As was true in Manhattan, Brooklyn’s luxury residential market just had its best week of the year.

Seventeen contracts were signed for a total of $54.58 million last week, according to the latest report from Stribling & Associates. The firm defines the borough’s luxury market as all homes priced at $2 million or higher.

The market ticked up from the prior week, which saw 13 contracts for a total of $37.95 million in contract volume.

The deals included eight condos, one co-op and eight townhouses. The priciest property was the townhouse at 325 Pacific Street in Boerum Hill, asking $6.95 million. The home spans about 5,800 square feet — and the contract price is a 16 percent discount from the initial asking price, the report said.

The second-highest priced contract was for Unit PHA at Slate Property Group and Adam America’s 51 Jay Street. The four-bedroom condo spans about 2,600 square feet and was asking $4.79 million. It went into contract at 10 percent below the initial asking price.

The average discount for last week’s deals was 9 percent, according to the report. And properties were on the market for an average of 494 days. The median contract price was $2.99 million. — Meenal Vamburkar

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