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.





    Related Articles

    arrow_forward_ios
    Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
    For 15 years, David Koch lived at the world’s “richest building”
    For 15 years, David Koch lived at the world’s “richest building”
    From left: 290 Park Place and 28 Willow Street in Brooklyn (Getty, Google Maps)
    Historic townhouses top Brooklyn’s luxury market
    Historic townhouses top Brooklyn’s luxury market
    50 West 66th Street and the One57 building at 157 West 57th Street (Extell Development, One57)
    Extell properties top Manhattan’s luxury contracts
    Extell properties top Manhattan’s luxury contracts
    2801 Riverton Road in Cinnaminson, NJ (Redfin, Getty)
    Mansion listed for $25M sets South Jersey record
    Mansion listed for $25M sets South Jersey record
    The Blue Man group and Astor Place Theater (Getty, Google Maps)
    New Yorkers increasingly living above where they work
    New Yorkers increasingly living above where they work
    Connecticut Governor Ned Lamont (Registered Citizen, Getty)
    Half of Section 8 vouchers have gone unused in Connecticut
    Half of Section 8 vouchers have gone unused in Connecticut
    Clint Eastwood and The Ranch at Fisher Creek (Getty, Engel & Völkers Vancouver/Sona Visual)
    “Unforgiven” ranch listed for $19.2M
    “Unforgiven” ranch listed for $19.2M
    A roughly 450-acre estate in Colorado has sold for $40 million (360 Productions, Getty)
    Developer pays $40M for Colorado estate with two shooting ranges
    Developer pays $40M for Colorado estate with two shooting ranges
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...