Brooklyn’s luxury market is picking up steam: Stribling

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

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


Related Articles

arrow_forward_ios
RE/MAX CEO Adam Contos (Facebook)
RE/MAX revenue ticks up in Q4 but profit sinks
RE/MAX revenue ticks up in Q4 but profit sinks
(iStock/Illustration by Kevin Rebong for The Real Deal)
State will use undercover testers to combat housing discrimination
State will use undercover testers to combat housing discrimination
Zillow COO Jeremy Wacksman (Zillow, iStock)
Zillow using Zestimate to streamline cash offers for some homes
Zillow using Zestimate to streamline cash offers for some homes
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard
Making Lemonade: Don Lemon breaks even on Harlem condo sale
Making Lemonade: Don Lemon breaks even on Harlem condo sale
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
Douglas Elliman chairman Howard Lorber (Getty)
Douglas Elliman reports $14M profit, 50% revenue jump in quarter
Douglas Elliman reports $14M profit, 50% revenue jump in quarter
Glenn Kelman (Randy Stewart via Flickr)
Redfin revenue grows as it races to hire more agents
Redfin revenue grows as it races to hire more agents
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...