Hope springs ephemeral: Brooklyn luxe market retreats

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

TRD 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
The number of mortgage borrowers in Covid-19 forbearance plans ticked down again this week. (iStock)

3M homeowners remain in forbearance

3M homeowners remain in forbearance
Mayor Bill de Blasio and the Lucerne Hotel at  201 West 79th Street (Getty; iStock; Google Maps)

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response

Lawsuit blasts NYC’s “capricious” Covid-19 homeless response
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
(iStock)

Dead weight: A breakdown of NYC’s rental listing glut

Dead weight: A breakdown of NYC’s rental listing glut
The National Multifamily Housing Council’s monthly payment tracker found that 90.6 percent of those households paid some rent by Oct. 20. (iStock)

Rent collections in market-rate apartments stagnate in October

Rent collections in market-rate apartments stagnate in October
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; SL Green)

Peace prevails: SL Green, Local 79 settle dispute over protests

Peace prevails: SL Green, Local 79 settle dispute over protests
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
arrow_forward_ios

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

Loading...