Brooklyn sees huge boom in luxury contracts signed

Both transactions and sales volume doubled from previous week

New York /
Mar.March 30, 2021 08:30 AM
489 Henry Street tops the list of last week's priciest Brookyln contracts. (Compass)

489 Henry Street tops the list of last week’s priciest Brookyln contracts. (Compass)

The number of luxury contracts signed in Brooklyn last week was the highest it’s been since Compass started releasing its weekly report in 2018.

Forty contracts worth $2 million and more were inked, up from the previous week’s 21, according to Compass’ weekly report. The total sales volume swelled to nearly $133 million, double the $66.7 million in deals signed the week before.

It’s also the biggest upswing the Brooklyn luxury market has seen since October, when 27 properties went into contract for a total sales volume of $89 million. Luxury contracts throughout March alone have consistently topped out in the tens of millions, peaking at $81.7 million in the second week.

Townhouses led the way with 21 contracts signed, followed by 15 condos and four co-ops. Townhouses were also the most expensive properties sold last week, dominating the top eight slots on the list.

The most expensive deal was for a 5,500-square-foot Cobble Hill townhouse at 489 Henry Street. It was last listed for $7.1 million, or $1,291 per square foot. The five-bedroom, four-bathroom home was recently renovated, and has soaring 20-foot ceilings, as well as a backyard with its own tiny guest house.

The second priciest contract was for a townhouse at 67 2nd Place in Carroll Gardens, which was last asking$6.5 million. The 4,352-square-foot townhouse had a steeper price per square foot, at $1,494. The six-bedroom property features a large front garden, along with details like a marble and white quartz fireplace.

The two houses were snatched up after being on the market for 22 and 27 days, respectively. That’s faster than the week’s average number of days on the market, which was 121 days.

The median asking price last week was $2.8 million with an average discount of 2 percent. The average price per square foot was $1,289.





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