Bed-Stuy townhouse tops Brooklyn luxury contracts

Number of deals remained steady but dollar volume dropped during the last week of August

TRD New York /
Aug.August 31, 2020 06:45 PM
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Brooklyn’s luxury home market didn’t take a vacation the last week of August.

While Manhattan has seen an exodus of people — and a decline in deals — following the coronavirus, the Brooklyn market has proven quite active.

For the week ending Aug. 30, well-heeled buyers snapped up 13 properties, each asking $2 million or more, similar to last week’s 15 deals, according to Compass’ market report. However, sales volume fell considerably from $58.5 million to $34.2 million week over week.

The contracts were for six condos, one co-op and six houses. The properties spent an average of 142 days on the market, had a median asking price of $2.6 million and an average listing discount of 1 percent.

The most expensive deal, based on asking price, was for a 4,205-square-foot townhouse at 126 Hancock Street in Bedford Stuyvesant, built in 1886. The eight-bedroom home includes an 1880s pier mirror, four bathrooms and five decorative fireplaces. It was asking about $3.5 million.

The second priciest unit was a condo in Williamsburg, at 85 North 3rd Street. The 2,250-square-foot pad has 75 square feet of balcony space and 11 oversized windows with views of Manhattan and Williamsburg. It went into contract for just under $3.3 million.

Strength in the Brooklyn luxury market comes as existing home sales nationwide hit a new reported high: The median sales price reached $300,000 for the first time, based on July data.

U.S. sales grew by 25 percent in July compared to the month prior, with more than two-thirds of homes being listed for less than one month before selling.

Contact Orion Jones at [email protected]


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