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New York

Brooklyn’s luxury contracts hit a low point

Just 7 contracts inked last week for homes asking $2M+

Brooklyn’s Luxury Market Hits A Low Point
210 Pacific Street and 590 5th Street (NAVA Partners, Google Maps, Getty)

Brooklyn’s luxury market wrapped up the third quarter on a low note.

The borough saw just seven contracts signed for homes asking $2 million or more between Sep. 25 and and 29, according to Compass’ weekly report. The total was down from 14 inked the previous period and comes as luxury contract signings in the borough haven’t cracked 20 since July.

The priciest home to find a buyer was Unit 5 at 210 Pacific Street in Cobble Hill, with an asking price of $6 million. The 3,100-square-foot condo has four bedrooms and three bathrooms. 

The full-floor unit also features 250 square feet of outdoor space, private elevator access and eat-in chef’s kitchen. Amenities at the eight-unit building include a fitness room, children’s playroom and video intercom security.

Sotheby’s International’s Mara Flash Blum had the listing. 

Nava Partners’ marketed the boutique condo as having “passive house” design principles, which include strict energy efficiency measures. But earlier this year, owners sued the developers for $5 million, alleging they relied on shoddy materials and poor construction to complete the project.  

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The second most expensive home to enter contract was 590 5th Street in Park Slope, with an asking price of $4.3 million. The 4,000-square-foot townhouse has six bedrooms and three bathrooms. 

The 20-foot-wide home also has a formal dining room, media room, garden and deck. 

Corcoran’s Vicki Negron had the listing. 

Park Slope townhouses are regular fixtures atop weekly luxury reports in the borough. In April, A home at 625 2nd Street, last asking $5.4 million, was the priciest Brooklyn home to find a buyer. 

Of the seven contracts inked, three were for condos and four were for townhouses. 

The average asking price for the homes was $3.4 million, which works out to $1,165 per square foot. The typical home received no average discount from the initial asking price and spent 60 days on the market.

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Compass