It pays to be ethical.
The Brooklyn Society for Ethical Culture has set a Park Slope sale record.
The group sold the mansion at 53 Prospect Park West for $13.5 million in an off-market deal to an undisclosed buyer. In addition to setting a neighborhood record for townhouse sales, it is the first sale of the property type over $12 million in six years.
Compass’ Jim St. André and Marc Solomon had the listing.
Cameron LeCates, a broker with townhouse specialty firm Leslie Garfield, called the Park Slope sale a “bright spot” in a resilient but softening brownstone market.
Townhouses saw their valuations rise to record highs in 2022, as the post-pandemic boom fueled a real estate bonanza across the city.
“The type of customer buying in Park Slope and the money they’re spending has gone up dramatically since Covid started pushing people to come to Brooklyn,” LeCates said.
The niche was more resistant to headwinds than condos and co-ops because the high price point attracts buyers insulated from interest rate hikes. But volume eventually fell as a result of few properties being listed. Prices, which had been held in check by rising interest rates, have only recently begun to increase again.
“We’re starting to slowly see pricing follow volume because inventory is so low,” said Sophie Smadbeck, also at Leslie Garfield. “It seems to be holding up a little better.”
The record-setting Prospect Park West property may not be a titleholder for long. LeCates said several townhouses that are “being quietly shopped” could fetch another record price.
“I think Park Slope is in for a number of high-profile sales over the next year,” he said.
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