Pricey Park Slope townhouses drive dealmaking in Brooklyn

Fifteen homes asking $2 million went into contract last week

556 1st Street and 556 3rd Street in Brooklyn (StreetEasy and Google Maps)
556 1st Street and 556 3rd Street in Brooklyn (StreetEasy and Google Maps)

Fall is starting with a solid set of luxury contracts inked in Brooklyn.

Fifteen contracts were signed last week in the borough for a total volume of $47 million, according to Compass’ weekly report on home contracts of $2 million or more.

The final week of August saw $34 million in luxury residential contracts signed across 13 deals.

The median asking price for homes going into contract last week was about $2.5 million after an average listing discount of 3 percent and 128 days on market. The contacts were dominated by townhouse properties with 13 such deals; just two condos asking at least $2 million found buyers.

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The priciest property was a five bedroom townhouse in Park Slope located at 556 1st Street. The renovated home spans 4,960 square feet and features a music studio, a media room complete with a large aquarium, a chef’s kitchen and a 2,000-book library. Its last asking price was $6 million.

The second most expensive listing to find a buyer was for another limestone townhouse two blocks away at 556 Third Street. Last asking $5.1 million, the five-bedroom home comes with three private outdoor spaces, while its interior sprawls over more than 4,300 square feet.

Despite a slowdown in transactions during the pandemic, Park Slope property prices remain among the highest in the borough, with the average price per square foot in the enclave remaining virtually unchanged year-over-year in the second quarter of 2020 at $958.

The price per square foot for the First Street and Third Street limestone row houses was about $1,200.