Brooklyn luxury market roars back to life

$83M in contracts for homes over $2M inked last week

New York /
Jan.January 19, 2021 05:30 PM
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)

The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)

 

The market for luxury Brooklyn homes — and townhouses in particular — came back to life after a slow start to the year.

Twenty-five homes asking over $2 million went into contract last week, according to Compass’ weekly report. Of those, 17 were townhouses.

The total of those asking prices was $83 million, up from $37.6 million the week before.

Notably, the average price per square foot for townhouses cracked $1,000 for the first time in months, hitting $1,031 — up 31 percent from the previous week. The average price per square foot for the eight condos that went into contract last week was $1,897, compared to $1,500 the week before.

The two most expensive contracts signed last week were condos at One Prospect Park West, a 55-unit building being redeveloped by Sugar Hill Capital Partners. The project, a conversion of the former Madonna Residence nursing home, is aiming for a sellout of just under $200 million.

A four-bedroom unit in the building was the priciest home to go into contract with a final asking price of $5.9 million. The 3,176-square-foot home has pre-war details and nine-foot ceilings.

The second-priciest contract was for a three-bedroom in the building that was last asking $4.65 million. Common amenities in the building include a roof deck, fitness center and private storage.

During the first week of the year, condos dominated the number of luxury contracts inked for the first time in months.

The median asking price across all 25 contracts inked last week was $3.2 million. The average time on the market was 180 days and the average drop in asking price was 6 percent.





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