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.





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