In the final stretch of 2020, Brooklyn’s luxury market is soaring — and condos are fetching top dollar.
Last week, 26 deals were signed for a combined value of $88.2 million, nearly reaching the previous high point set during the pandemic, according to Compass’ weekly report on contracts for properties asking $2 million or more.
In late October, Brooklyn’s luxury market had its best week since March with 27 contracts valued at $89 million signed.
The most expensive signed contract was for a four-bedroom condo at One Prospect Park West. The nearly 3,200-square-foot unit was on the market for nine days before going into contract at $5.99 million. The 55-unit building was developed by Sugar Hill Capital Partners and completed this year. There is a communal roof deck with an outdoor kitchen and a fitness center.
The second-priciest deal was a condo at the Standish in Brooklyn Heights, known for is celebrity residents including Matt Damon and John Krasinski. The four-bedroom duplex has a 75-foot-long private terrace and spans 4,434 square feet. It was last asking $5.5 million. The 28-residence building was developed by DDG and Westbrook Properties.
Townhouses still dominated when it comes to the number of contracts signed: Of last week’s 26 deals, 19 were houses, while just six were condos and one was a co-op unit. Larger homes continue to offer more space at a lower price; the average size of the townhouses that went into contract last week was 3,125 square feet with an average ask of $1,063 per square foot.
In contrast, the average size of the condos that went into contract last week was 2,860 square feet, which works out to about $1,586 per square foot.