It’s just one week, but Brooklyn luxury contract signings fell 50%

Buyers signed eight contracts for homes asking $2 million or more

New York /
Sep.September 28, 2020 03:01 PM
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

Brookyn’s luxury market activity shrank last week to half of what it was a week earlier.

A mere eight homes asking a combined $22.7 million went into contract last week, according to Compass’ weekly report on contract activity for residential properties listed for $2 million or more.

That’s down from 16 contracts signed for homes asking $45.2 million during the previous week.

The most expensive deal last week was a four-bedroom condo in Boerum Hill. The unit, at 76 Schermerhorn Street, spans more than 2,300 square feet and was asking $3.99 million, or $1,719 per square foot.

The 12-story building, developed by Lonicera Partners, Orange Management and The Davis Companies, was completed this year and holds 59 apartments and 3,000 square feet of retail space. The condominium’s common amenities includes a fitness center, lounge and children’s playroom.

For a condo to be the largest contract signed in the borough is a change from recent weeks. Throughout September, townhouses have dominated luxury deals. Of the eight deals last week, the Schermerhorn unit was the only condo in the mix; the rest were townhouses.

The second priciest deal last week was a five-bedroom townhouse in Park Slope at 378 5th Street. The nearly 2,100-square-foot home has a yard and deck as well as a terrace on its top floor. It went into contract asking $2.9 million, or $1,167 a foot.

The median asking price for all luxury contracts inked last week was $2.7 million. The eight properties saw an average discount of 5 percent from their original asking price and spent an average of 185 days on the market.





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