When it comes to co-ops, it’s not about the number of deals, it’s about the value of them.
A $3.8 million Park Slope co-op was one of the most expensive homes that went into contract in Brooklyn last week, according to Compass’ weekly report.
A total of 33 contracts worth $2 million or more were signed in Brooklyn from June 14-20. Nineteen of those were townhouses, 11 were condominiums and three were co-ops.
Though there were few co-op deals, its median asking price was the highest of the three groups.
There’s a reason why so few co-ops are sold: Buyers must be approved by a board to purchase a share of the building and may face restrictions on things such as subletting.
Condos, on the other hand, typically outsell co-ops thanks to the flexibility they give buyers.
The median price for a co-op was nearly $3 million. The median cost was $2.7 million for a townhouse and $2.5 million for a condo.
The four-bedroom, three-bathroom co-op at 9 Prospect Park West features a large eat-in kitchen with banquette seating and an en-suite bathroom with heated marble floors.
Its price was second only to a condo in Williamsburg at 2 Northside Piers that cost $8.3 million, or $1,825 per square foot. At 4,522 square feet, it has five bedrooms, five bathrooms, two half bathrooms and 1,104 square feet of private outdoor space across three balconies.
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The total value of luxury contracts signed in Brooklyn last week was about $95 million, down from the previous week’s $115 million. The median asking price of properties signed also fell to $2.7 million from $2.8 million the week before.
Homes spent an average of 153 days on the market and received an average discount of 1 percent. The average price per square foot was $1,211.