Townhouses continue to dominate Brooklyn’s luxury market

Nineteen contracts signed for homes asking $2M or more in the borough

New York /
Nov.November 09, 2020 04:10 PM
(iStock)

(iStock)

Amid the uncertainty of the presidential election last week, 19 homebuyers sealed the deal in Brooklyn.

Luxury contracts worth a total of $50.7 million were signed last week, according to Compass’ weekly report on activity for properties asking $2 million or more.

That’s an increase from the previous week, when 14 contracts were signed for a total volume of $38 million.

Of the 19 contracts, 11 were townhouses and eight were condominium units. The average discount on the homes was 6 percent with a median asking price of $2.5 million. The deals were a long time coming for sellers; the average time on the market was 221 days across all 19 homes.

The most expensive contract was a seven-bedroom Italianate-style townhouse at 286 Lafayette Avenue in Clinton Hill. The 4,108-square-foot home was last asking $3.995 million. The property was recently renovated and has floor-to-ceiling windows on the main level, which overlooks the home’s backyard garden and deck.

The second priciest deal was a four-story brownstone at 119 Lincoln Place in Park Slope. The four-bedroom, 3,200-square-foot home sits on a large with a backyard that stretches back 87 feet. The circa-1890s home has been renovated and includes an eat-in chef’s kitchen. It was last asking $3.35 million.

Townhouses have been dominating the Brooklyn luxury market of late. In the past few weeks, the majority of homes that have gone into contract have been townhouses. Across last week’s 11 townhouses the average square footage was about 3,100 square feet with an average price of $934 per foot.





    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: PropTech's Thomas Hennessy and Joseph Beck; Appreciate's Chris Laurence (Appreciate, LinkedIn/Tom Hennessy, LinkedIn/Joseph Beck, iStock)
    Single-family rental platform Appreciate to go public in SPAC deal
    Single-family rental platform Appreciate to go public in SPAC deal
    From left: Douglas Elliman's Scott Durkin, Stephen Kotler and Avi Dan-Goor (Douglas Elliman, iStock)
    Douglas Elliman bets on Vegas in westward expansion
    Douglas Elliman bets on Vegas in westward expansion
    366 State Street and 37 Sidney Place in Brooklyn (Corcoran, Zillow)
    Passive house asking $15M tops Brooklyn contracts
    Passive house asking $15M tops Brooklyn contracts
    100 Eleventh Avenue (iStock, Rhododendrites/CC BY-SA 4.0, via Wikimedia Commons, Illustration by Kevin Cifuentes for The Real Deal)
    Lower-end listings dominate Manhattan’s luxury deals
    Lower-end listings dominate Manhattan’s luxury deals
    Wildfire, Houses
    One in five homes facing wildfire risk, report says
    One in five homes facing wildfire risk, report says
    (Top) 1580 Meadow Lane in Southampton NY and (Bottom) 2056 Montauk Highway in Amagansett NY (Zillow)
    A tale of two oceanfront Hamptons homes
    A tale of two oceanfront Hamptons homes
    More and more homebuyers and investors are coming to the negotiating table with cash in hand. (iStock)
    In cities, “starter homes” getting more difficult to find
    In cities, “starter homes” getting more difficult to find
    arrow_forward_ios

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

    Loading...