In the final stretch of 2020, Brooklyn’s luxury market is soaring — and condos are fetching top dollar.
Last week, 26 deals were signed for a combined value of $88.2 million, nearly reaching the previous high point set during the pandemic, according to Compass’ weekly report on contracts for properties asking $2 million or more.
In late October, Brooklyn’s luxury market had its best week since March with 27 contracts valued at $89 million signed.
Last week’s haul was unique not only because of the unusually high sales volume, but also because, for the first time in weeks, condos displaced townhouses as the priciest deals.
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The most expensive signed contract was for a four-bedroom condo at One Prospect Park West. The nearly 3,200-square-foot unit was on the market for nine days before going into contract at $5.99 million. The 55-unit building was developed by Sugar Hill Capital Partners and completed this year. There is a communal roof deck with an outdoor kitchen and a fitness center.
The second-priciest deal was a condo at the Standish in Brooklyn Heights, known for is celebrity residents including Matt Damon and John Krasinski. The four-bedroom duplex has a 75-foot-long private terrace and spans 4,434 square feet. It was last asking $5.5 million. The 28-residence building was developed by DDG and Westbrook Properties.
Townhouses still dominated when it comes to the number of contracts signed: Of last week’s 26 deals, 19 were houses, while just six were condos and one was a co-op unit. Larger homes continue to offer more space at a lower price; the average size of the townhouses that went into contract last week was 3,125 square feet with an average ask of $1,063 per square foot.
In contrast, the average size of the condos that went into contract last week was 2,860 square feet, which works out to about $1,586 per square foot.