Williamsburg townhouse goes into contract after listing strategy shift

Brooklyn’s luxury deals last week included two homes asking more than $7M

Views of 10 Orient Avenue (compass.com)
Views of 10 Orient Avenue (compass.com)

UPDATED Dec. 15, 2021, 1:58 p.m.: One Brooklyn townhouse seller who asked for the moon will have to settle for a nice chunk of cheese.

The owner of 10 Orient Avenue in Williamsburg had slashed the original $5.5 million asking price to $2.6 million before going into contract last week, according to Compass’ weekly report.

The drastic price change came when the team decided to no longer sell the home as a combination property with the unit behind it on Metropolitan Avenue, according to listing agent Mat Gundell.

The fat price chop for the 25-foot-wide double duplex helped skew last week’s average discount — the difference between the initial and final asking price — for Brooklyn luxury contract signings to 6 percent across 25 deals. The previous week’s 2 percent average discount, across 28 signings, was more typical of the market, which the report defines as residences asking $2 million or more.

The two priciest homes that went into contract were both asking for more than $7 million.

Read more

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Topping the list was a Prospect Heights penthouse last asking $7.7 million. The 2,969-square-foot condominium at 550 Vanderbilt was asking $2,599 per square foot and has four bedrooms and four and a half bathrooms. Its ceilings exceed 10 feet and oversized windows offer neighborhood and city views.

Not far behind was a 5,500-square-foot brownstone in Park Slope last asking $7.5 million. The townhouse at 541 First Street has eight bedrooms and four bathrooms. The home’s ceilings also stretch more than 10 feet tall and feature restored stained glass transom windows and a garden.

Of the Brooklyn contracts signed from Dec. 6 to Dec. 12 for properties asking $2 million or more, 11 were condominiums, 11 were townhouses and three were co-ops.

The asking prices for those units totaled $83.3 million, with the median asking price being $2.7 million. The homes spent an average of 152 days on the market and sought an average price per square foot of $1,347.

This article has been revised to clarify that the original listing price of 10 Orient Avenue included an additional property on Metropolitan Avenue.