Brooklyn’s luxury resi market only saw 2 deals signed last week

Borough saw three contracts signed the week prior

New York /
Apr.April 06, 2020 10:30 AM
 48 Sidney Place and 289 Union Street in Brooklyn (Credit: Google Maps)

48 Sidney Place and 289 Union Street in Brooklyn (Credit: Google Maps)

Activity was moribund once again in Brooklyn’s luxury residential market, as real estate continues to grapple with the unprecedented fallout of the coronavirus pandemic.

The borough saw just two luxury contracts signed last week, both for townhouses, 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 priciest deal was for a townhouse at 48 Sidney Place in Brooklyn Heights, which went for about $6 million. The five-bedroom property spans 3,850 square feet and was on the market for about a year. It went into contract at 10 percent below its asking price.

The other deal last week was for a townhouse at 289 Union Street in Carroll Gardens, which went for about $5.2 million. The six-bedroom property spans 3,900 square feet and went into contract at its asking price after 82 days on the market.

The average price of the contracts was about $5.6 million, and the total volume was about $11.2 million. The properties spent an average of 388 days on the market and sold at an average of 5 percent less than their asking prices. It was a bit slower than the week before, when three contracts were signed for about $19.1 million.

Whether or not brokers were allowed to continue showing homes amid the pandemic emerged as a key point of confusion within the industry, though now the state has clarified that showings for residential and commercial properties can only be done virtually.

While there has been some deal activity despite New York City’s shutdown, those in the industry say closings are only happening for properties that went into contract weeks, if not months ago.


Related Articles

arrow_forward_ios
17 Polhemus Place and 7A 2nd Place in Brooklyn (Photos via StreetEasy; Google Maps)

Park Slope townhouse sells after just 36 days on the market

Park Slope townhouse sells after just 36 days on the market
Compass CEO Robert Reffkin (Getty; iStock)

Aloha, Compass: Brokerage expands to Hawaii

Aloha, Compass: Brokerage expands to Hawaii
Compass lending service sues Nile Niami over Bel Air mansion

Compass lending service sues Nile Niami over Bel Air mansion

Compass lending service sues Nile Niami over Bel Air mansion
Connecticut sales soar in third quarter, reflecting a shift toward more space and work-from-home. (iStock)

Connecticut sales soar in third quarter

Connecticut sales soar in third quarter
From left: Compass CEO Robert Reffkin, and  Modus' Abbas Guvenilir, Jay Sim and Alex Day (Getty; Modus)

Compass expands into title and escrow with Modus deal

Compass expands into title and escrow with Modus deal
Ed D’Ambrosio (center) with Dottie Herman and Rory Golod (Elliman, Twitter)

O Brother, where art thou? Dottie Herman’s brother leaves for Compass

O Brother, where art thou? Dottie Herman’s brother leaves for Compass
Compass CEO Robert Reffkin and Charles Phillips (Photos via Flickr; Getty)

Compass makes good on diversity pledge, adding Charles Phillips to board

Compass makes good on diversity pledge, adding Charles Phillips to board
Avi Dorfman and Compass' Robert Reffkin and Ori Allon (Getty; iStock)

Cash, no stock: Compass aims to cut down any Avi Dorfman windfall

Cash, no stock: Compass aims to cut down any Avi Dorfman windfall
arrow_forward_ios

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

Loading...