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New York

Brooklyn’s luxury market starts August on a low note

Just 14 contracts signed for homes asking $2M+, none above $4M

Brooklyn’s Luxury Market Starts August On A Low Note
31 Sterling Place and Robert Levine with 360 Furman Street (Google Maps, RAL Companies)

Brooklyn’s luxury market logged another lackluster week of contract signings, following a slight uptick at the end of last month. 

The borough saw just 14 homes asking $2 million or more find buyers between July 31 and Aug. 6, down from the 18 reported in the previous period, according to Compass’ weekly report. All of the contracts inked last week were for homes priced under $4 million. 

The most expensive home to enter contract was 31 Sterling Place in Park Slope, with an asking price of $3.95 million. The four-story townhouse, built in 1872, spans 3,600 square feet and has six bedrooms and three bathrooms. 

The 20-foot-wide home also has floor-to-ceiling windows, original entry doors, full cellar and rear garden.

Townsley & Gay’s Elaine Gay had the listing. 

The second most expensive home to enter contract was Unit 833/832 at 360 Furman Street in Brooklyn Heights, with an asking price of $3.8 million. The 2,300-square-foot loft condo has three bedrooms and three bathrooms. 

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The unit also features wall-to-wall west-facing windows, open kitchen, quartz countertops and primary bedroom with walk-in closet. Amenities in the building, built in 1928 and converted by Robert Levine in 2008, include concierge services, fitness center and parking garage. 

Corcoran’s Phyllis Elliott had the listing. 

The building, dubbed One Brooklyn Bridge Park, once housed the priciest listing in the borough. Hedge fund Stuart Leaf and his wife listed the 11,000-square-foot condo — a combination of nine units on the 10th, 11th and 12th floors — for $32 million in April 2015.

Of the 14 contracts signed, five were for condos, and nine were for townhouses.

The average asking price for the homes was $2.9 million with an average price per square foot of $1,058. The typical home received a 4 percent discount from the asking price and spent 181 days on the market.

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Companies and People
CompassCorcoran Group