search

The Real Deal Logo

Trending

Developer Brandon Miller in intensive careDeveloper Brandon Miller in intensive careDowners Grove office building saddled with delinquent $45M loanDowners Grove office building saddled with delinquent $45M loanFinancially strapped co-op escapes Mitchell-Lama with first-ever conversionFinancially strapped co-op escapes Mitchell-Lama with first-ever conversionCompass scores ‘W’ as team departs SerhantCompass scores ‘W’ as team departs Serhant
Residential
New York

No progress for Brooklyn’s moribund luxury market

A measly six properties asking at least $2 million found buyers last week

1 Clinton Street and 374 Clermont Avenue (Courtesy Compass)
1 Clinton Street and 374 Clermont Avenue (Courtesy Compass)

Don’t call it a comeback.

The luxury market in Brooklyn was stuck in neutral last week, as six properties asking $2 million or more went into contract in the borough last week for a combined total value of $17.4 million, according to Compass.

The prior week saw seven homes with combined asking prices of $17.5 million go into contract. The week before that, it was seven contracts and $22.5 million.

Contract activity in the borough hasn’t exceeded seven deals since early March — pre-lockdown — when 15 homes went into contract asking a total of $45.3 million. Compass’ weekly report tracks contract signings for properties asking at least $2 million.

Read more

154 Underhill Avenue and 561 Pacific Street in Brooklyn (Courtesy StreetEasy, 561 Pacific)
Popular
New York
Brooklyn luxury market sees seven deals for second week in a row
“Phase two is going to start bringing back the energy:” Residential brokers are coming back in full force, despite some reservations (iStock)
Popular
New York
Brokers are back, but what about buyers?
Offices, real estate firms and retailers can resume activities as part of New York City’s phase two of reopening. (Getty)
Commercial
New York
What phase 2 will look like for NYC real estate

Sign Up for the undefined Newsletter

The most expensive property that went into contract last week was a Fort Greene townhouse last asking nearly $4 million. The five-bedroom home at 374 Clermont Avenue spans 3,516 square feet and includes a roof deck, three terraces and a landscaped yard. It was on the market for 162 days.

Out of the week’s six deals, five were for townhomes. The other four were located in Park Slope and Windsor Terrace.

The lone condo was at 1 Clinton Street, Hudson Companies’ 133-unit building in Brooklyn Heights. The three-bedroom unit was last asking $3.3 million.

On average, the six properties were on the market for 40 days and went into contract with an average final asking price of $2.9 million.

On Monday, in-person showings resumed as part of phase two of reopening New York City and many in the brokerage community are counting on an uptick in contract activity.

Write to Erin Hudson at ekh@therealdeal.com

Tags
Brooklyn
Recommended For You