$59M in luxury deals inked in Brooklyn last week

For the second week in a row, 18 contracts signed for properties asking $2M or more

From left: 292 Hicks Street and 1 Clinton Street in Brooklyn (Photos via StreetEasy and 1 Clinton BK)
From left: 292 Hicks Street and 1 Clinton Street in Brooklyn (Photos via StreetEasy and 1 Clinton BK)

In the second to last week of 2020, the number of contracts signed for Brooklyn properties asking $2 million or more remained the same as the past week, while the total sales volume increased slightly.

In all, 18 contracts were signed for a total of $59 million, according to Compass’ weekly report on Brooklyn’s luxury market. Of those, eight were for townhouses and eight were for condos — and in a break with the past couple of weeks, two co-op contracts were also in the mix.

The total figure is much lower than was reported at the beginning of the month, when 26 deals were signed for a combined $88.2 million. But it’s still better than the start of the pandemic, when only a few contracts were being signed per week.

It’s also an improvement over roughly the same week last year, when just nine contracts were signed.

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The most expensive property that went into contract was a townhouse at 292 Hicks Street in Brooklyn Heights, which was last listed for $5.995 million, or $1,785 per square foot. The 3,360-square-foot home is in the Brooklyn Heights Historic District, but it was recently renovated to add modern amenities, including smart home features and a landscaped back garden. It has five bedrooms and five bathrooms.

The second-priciest property was a condo at 1 Clinton Street, a rare ground-up new development in Brooklyn Heights. The four-bedroom, three-and-a-half bathroom apartment spans 2,308 square feet, and was last asking $5.338 million (or a whopping $2,313 per square foot). The building was developed by Hudson Companies, and is rising on a site that was once occupied by a branch of the Brooklyn Public Library. (A new library branch is located on the building’s ground floor.)

Another thing that remains unchanged: Townhouses were the better deal for buyers, with an average asking price per square foot of $978. Condos were once again the priciest properties, with a median asking price of $3.34 million and an average price per square foot of $1,726.