Hope springs ephemeral: Brooklyn luxe market retreats

Only one deal last week, for a three-bedroom condo in Park Slope

New York /
May.May 18, 2020 12:30 PM
425 3rd Street in Brooklyn (Credit: Google Maps)

425 3rd Street in Brooklyn (Credit: Google Maps)

The Brooklyn luxury market had its slowest week yet since the coronavirus began ravaging New York City: Only one contract was signed.

The deal was for a condo at 425 3rd Street in Park Slope, which was asking just under $2.5 million, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more.

The three-bedroom condo, between Fifth and Sixth avenues, spans 1,790 square feet and spent 71 days on the market. Its listed price was not lowered before it went into contract.

Luxury deals in Brooklyn started declining significantly the week of March 15, when six contracts were signed, down from 15 the week before, according to Compass.

Since then, the market has seen between two and five contracts signed each week. The week before last saw four luxury contracts signed for about $9.3 million overall.

One reason for last week’s drop-off could be the statewide moratorium on in-person home showings. Some contracts were signed after the ban by shoppers who had visited the homes beforehand, but now many deals require buyers to pull the trigger on a place they have only seen on video.

In 2019, the week of May 12 was the strongest week the Brooklyn luxury market had seen all year up to that point, with 20 contracts signed for about $79.6 million.


Related Articles

arrow_forward_ios
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
Gov. Andrew Cuomo's emergency powers are about to go up in smoke (Getty, iStock)
Cuomo to lose shutdown power, but could still extend Covid restrictions
Cuomo to lose shutdown power, but could still extend Covid restrictions
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Compass CEO Robert Reffkin (Instagram, Compass, iStock/Photo illustration by Kevin Rebong for The Real Deal)
Inside Compass’ S-1: How it measures the upside of its tech
Inside Compass’ S-1: How it measures the upside of its tech
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
arrow_forward_ios

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

Loading...