Brooklyn’s luxury resi market sees deals plummet

Borough saw just three contracts signed last week for about $19M

TRD New York /
Mar.March 30, 2020 11:33 AM
426 9th Street and 81 Pierrepont Street in Brooklyn (Credit: Google Maps)

426 9th Street and 81 Pierrepont Street in Brooklyn (Credit: Google Maps)

Activity plummeted for the second straight week in Brooklyn’s luxury residential market as the coronavirus continues to wreak havoc on the nation’s economy and real estate.

A six-bedroom townhouse at 81 Pierrepont Street in Brooklyn Heights was the priciest residential property to go into contract in the borough last week for $14.5 million. It spans 8,250 square feet and spent 171 days on the market.

Overall, Brooklyn saw just three luxury contracts signed last week, all for houses, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more based on the last publicly available asking prices.

The average price of those contracts was $6.35 million, and the total volume was about $19.1 million. The properties spent an average of 161 days on the market and sold at an average of 5 percent less than their asking prices. Although the number of contracts dropped from six compared to the week before, the total dollar volume actually increased from about $15.9 million, largely because of the price tag on 81 Pierrepont Street.

The second priciest deal to go into contract last week, at $2.35 million, was for a townhouse at 426 9th Street in Park Slope. The five-bedroom unit went into contract at a 16 percent discount after 291 days on the market.

The only other deal last week was for a townhouse at 146 1/2 Java Street in Greenpoint. The property spans 2,900 square feet with four bedrooms and went into contract at $2.2 million.


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