Brooklyn’s luxury market reaches new pandemic high

Twelve properties asking more than $2M went into contract last week

New York /
Aug.August 04, 2020 08:30 AM
442 Union Street and 257 Berry Street (Google Maps)

442 Union Street and 257 Berry Street (Google Maps)

For the second week in a row, Brooklyn’s luxury market saw sales volume climb to record levels during the pandemic.

Last week, 12 properties went into contract for a combined total of almost $36.1 million, according to a Compass weekly report. The data tracks the borough’s contract activity for properties asking $2 million or more. The previous week saw 10 properties go into contract for a total of $30.2 million.

The pre-coronavirus bar was set on the week of March 9, when 15 contracts were inked for a combined $45.3 million.
That was before nonessential businesses were ordered
to close and in-person showings were banned.

Of the deals last week, nine were townhouses, two were condos and one was a co-op. The median asking price was $2.5 million, and the average listing discount was 4 percent. The properties spent an average of 179 days on the market.

The most expensive deal was a Williamsburg townhouse, at 257 Berry Street. The four-bedroom home spans 4,700 square feet with three outdoor landscaped terraces, and a drive-in garage. It went into contract asking $5.25 million.

The second priciest property was a 4,320-square-foot Carroll Gardens home at 442 Union Street. The four-bedroom townhouse has a backyard, a rooftop terrace and an elevator. Its final asking price was $4.39 million.

Write to Erin Hudson at [email protected]


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