Brooklyn luxury market has best week since Covid began

Borough saw seven contracts signed for about $22.5M

New York /
Jun.June 08, 2020 01:00 PM
314 Hicks Street and 200 Berkeley Place in Brooklyn (Google Maps; Corcoran)

314 Hicks Street and 200 Berkeley Place in Brooklyn (Google Maps; Corcoran)

New York City officially started reopening Monday, and it appears Brooklyn’s luxury market is on its way back as well.

Last week was the market’s strongest since the onset of the pandemic, with seven deals going into contract for about $22.5 million in total, according to the latest report from Compass.

The contract and dollar volume were the highest the borough has seen since the week of March 9, when there were 15 contracts signed for a total of about $45.3 million. Compass’ report looks at homes in the borough listed at $2 million or more.

The priciest deal last week was for a townhouse at 314 Hicks Street in Brooklyn Heights asking about $6.8 million. The five-bedroom home was built in 2012 and went into contract after 239 days on the market.

The second most expensive deal was for a townhouse at 200 Berkeley Place in Park Slope asking $4.5 million. The home spans 4,000 square feet with six bedrooms and went into contract after 219 days.

The seven deals included three condos, two townhouses and two co-ops, and went into contract with an average asking price of about $3.2 million and an average discount of about 5 percent from their initial listings. The properties spent an average of 178 days on the market.

Other deals that went into contract last week included a condo at 243 4th Avenue in Park Slope for about $2.5 million and a co-op at 28 Old Fulton Street in Brooklyn Heights for $2.35 million.


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