Brooklyn’s luxury market has best week since before the pandemic

27 contracts signed last week for homes asking $2 million or more

New York /
Oct.October 26, 2020 02:50 PM
19 Strong Place and 161 Warren Street (Google Maps, iStock)

19 Strong Place and 161 Warren Street (Google Maps, iStock)

The number of contracts inked last week in Brooklyn’s luxury market surged to levels not seen since before the pandemic began.

In all, 27 homes that went into contract for a total volume of $89 million, according to Compass’ weekly report on contracts signed for $2 million or more. That’s a significant increase from the prior week, when 11 deals were inked.

The median asking price was $2.88 million with an average discount of 2 percent across the transactions. Six condo units went into contract, while the remaining 21 deals were for townhouses. Together, the average time of the market for the listings was 136 days.

When the pandemic shut down New York City’s real estate market in March, deals in Brooklyn’s luxury market sharply declined. The last time there were more than 20 contracts in one week was in early March when 21 deals were inked for a total value of $62.8 million.

The most expensive home was a Cobble Hill townhouse at 19 Strong Place last asking $6.5 million. The more than 6,000-square-foot home has eight bedrooms and four bathrooms, along with with a wood-burning fireplace and backyard garden.

The second priciest was another Cobble Hill townhouse at 161 Warren Street. The 25-foot wide home has a chef’s kitchen, two homes offices and a multi-tiered rear garden. Spanning 4,800 square feet, the five-bedroom home’s final asking price was slightly less than the Strong Place house.

Townhouses have been dominating Brooklyn’s luxury market activity as demand for outdoor space and larger homes, in addition to lower price-per-square-foot for single-family homes, continues to drive buyer activity across the city.

Of the 21 townhomes that went into contract last week, the average price per square foot was $1,047 compared to an average of $1,375 per square foot for the condominium units.

The average square footage of the condos was just over 2,000 square feet, compared to the average townhouse’s 3,555 square feet.





    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
    “It took off like crazy”: How brokers use TikTok to rent apartments

    “It took off like crazy”: How brokers use TikTok to rent apartments

    “It took off like crazy”: How brokers use TikTok to rent apartments
    532 West 22nd Street and Kate Winslet (Google Maps; Getty)

    Kate Winslet letting go of Chelsea penthouse

    Kate Winslet letting go of Chelsea penthouse
    Yue-Sai Kan and 6 Sutton Square (Getty; Google Maps)

    Sutton Square townhouse listed by “China’s Oprah” for $28M

    Sutton Square townhouse listed by “China’s Oprah” for $28M
    President Donald Trump (Getty)

    Realtor groups sue to block federal eviction ban

    Realtor groups sue to block federal eviction ban
    (iStock)

    Mortgage applications skyrocket in holiday week

    Mortgage applications skyrocket in holiday week
    arrow_forward_ios

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

    Loading...