Brooklyn luxury home sales remain 80% below last year

Only four deals last week, led by Bed-Stuy townhouse asking $2.6M

New York /
May.May 26, 2020 11:30 AM
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Activity in Brooklyn’s luxury market returned to its typical pandemic level last week after just one sale the week before. But it is still way down from a year ago.

The borough saw four deals last week for a total of about $9.4 million — two townhouses, one condo and one co-op, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more based on the last public asking prices.

The priciest deal, apparently, was for a townhouse at 84 Putnam Avenue in Bedford-Stuyvesant, which was seeking about $2.6 million. The five-bedroom property, built in 1901, stands four stories tall and is 20 feet wide.

A contract was also signed for a condo at 308 North 7th Street in Williamsburg, which was asking $2.5 million. The three-bedroom penthouse unit spans about 1,500 square feet and features two terraces.

The average asking price for the four properties was $2.3 million, and they went into contract with asking prices that were 14 percent lower on average than their original requested amount.

Last week was significantly busier than the week before, when just one contract was signed for a Park Slope condo listed at $2.5 million.

In four of the past five weeks, exactly four contracts for Brooklyn properties asking $2 million or more have been signed. A year ago last week, 20 contracts in that market were signed for properties asking about $64 million in total.


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