Brooklyn’s luxury market cooled last week

One Prospect Heights condo sold in just two weeks

New York /
Apr.April 06, 2021 02:15 PM
1 Grand Army Plz #12C (Compass, Google Maps)

1 Grand Army Plz #12C (Compass, Google Maps)

Most of the luxury Brooklyn homes that went into contract last week had languished on the market for months, but there was one notable exception.

A 1,500-square-foot condo at 1 Grand Army Plaza in Prospect Heights was available for just 15 days before it went into contract last week. That’s well below the average of 223 days. Its last asking price was $2.7 million, or $1,800 per square foot.

A 3,495-square-foot townhouse at 177 Madison Street in Bedford Stuyvesant was also swept up quickly after 29 days on the market. The home, last asking $2.8 million (or $802 per square foot), has six bedrooms and four-and-a-half bathrooms.

Those two deals were among the 22 luxury contracts signed in Brooklyn last week, down from the previous week’s 40 deals, according to Compass’ weekly report. The total sales volume was nearly $64 million, more than half of the $133 million in deals inked the week before.

Townhouses and condos saw 11 contracts signed each, but there were no co-op deals. The top two contracts were both townhouses.

In Fort Greene, a townhouse at 191 Washington Park was the most expensive deal of the week with a last asking price of $4.9 million. The 3,913-square-foot home has five bedrooms, three bathrooms, and high ceilings with ornate moldings throughout the home.

On its heels was 6 Wythe Lane in Williamsburg, with a final asking price of $4.5 million. The newly constructed 4,454-square-foot home spans five floors and features a private roof deck and underground parking.

The median asking price was about $2.7 million and the average price per square foot was $1,205. Between condos and townhouses, the former triumphed with an average price per square foot of $1,493, while latter had an average price per square foot of $888.

The average discount was 3 percent.





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