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
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Sculpture artist Robert Hooke’s Sag Harbor home lists for $10M
Retail asking rents declined across Brooklyn this summer
Retail asking rents declined across Brooklyn this summer
Retail asking rents declined across Brooklyn this summer
 An industry report says that mortgage lenders and investors are ill-prepared for the growing challenge of climate risk. (iStock)
Mortgage market stakeholders are unprepared for growing climate change threats
Mortgage market stakeholders are unprepared for growing climate change threats
Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
432 Park Avenue residents sue developers for $250M
432 Park Avenue residents sue developers for $250M
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
US household real estate values jump by record $1.2T
David Bitton, CMO and co-founder of DoorLoop and Ori Tamuz, CEO and co-founder of DoorLoop (Bitton, DoorLoop, Getty)
Startup DoorLoop to take on goliaths in rental management software
Startup DoorLoop to take on goliaths in rental management software
Richard Grossman
Brown Harris Stevens’ NYC president Richard Grossman steps down
Brown Harris Stevens’ NYC president Richard Grossman steps down
15 Hanover Place in Brooklyn (Google Maps)
Lonicera Partners developing 314-unit building in Brooklyn
Lonicera Partners developing 314-unit building in Brooklyn
arrow_forward_ios

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

Loading...