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
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    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”
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
    London home prices hit new high
    London home prices hit new high
    (Illustration by The Real Deal)
    Americans bought 5.6M homes last year — the most since the bubble
    Americans bought 5.6M homes last year — the most since the bubble
    Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
    Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
    Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
    Overall, the number of housing units that started construction last year was up 7 percent from 2019. (iStock)
    Residential construction had busiest year since 2006: MBA
    Residential construction had busiest year since 2006: MBA
    The South Brooklyn Marine Terminal (Google Maps; Waterfront Alliance)
    State to develop wind turbine plant on Brooklyn waterfront
    State to develop wind turbine plant on Brooklyn waterfront
    arrow_forward_ios

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

    Loading...