Brooklyn’s Luxury Market Slogs Through September

Brooklyn’s luxury market is stuck in a sluggish September.

The borough saw 14 signed contracts last week for homes asking $2 million or more, according to Compass’ weekly report. The total is up from just 12 in the previous period, though it’s a far cry from numbers reported earlier this summer. Luxury contract signings in the borough haven’t cracked 20 since July.

The most expensive home to enter contract was 44 Joralemon Street in Brooklyn Heights, with an asking price of $5.7 million. The renovated townhouse spans 1,800 square feet and has four bedrooms and three bathrooms.

The home also features wide-plank white oak flooring and a custom marble fireplace.

Leslie J. Garfield’s Ravi Kantha had the listing.

The second most expensive home to find a buyer was Unit 12B at Fortis’ 30 Front Street in Dumbo, with an asking price of $4.7 million. The 2,000-square-foot condo has three bedrooms and three bathrooms.

The apartment, built in 2021, also has an 845-square-foot terrace, floor-to-ceiling windows and an upper-level primary bedroom with en-suite bathroom. Amenities at the 33-story tower include multiple lap pools, fitness center and tennis court.

Olympia Dumbo has garnered a reputation as one of Brooklyn’s priciest developments. The 76-unit condominium, which launched sales in 2021 and started closings in March, has a projected sellout of $404 million.

Several condos at the sail-shaped building have topped weekly reports on luxury contracts in the borough. One of its crown jewel penthouses entered contract in January with a last asking price of $17.5 million. Last September, Brooklyn Nets player Ben Simmons signed a contract to buy two units for $13 million.

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

The average asking price for the homes was $3 million, which works out to $1,496 per square foot. The typical home received no average discount from the initial asking price and spent 142 days on the market.