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New York

Brooklyn’s luxury market trudges through January

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

Brooklyn’s Luxury Market Trudges Through January
Quay Tower, Sotheby’s International’s Rachel Altschuler; 168 Plymouth Street (Getty, Google Maps, Sotheby’s International, 168plymouth)

Brooklyn’s luxury market is slogging through the start of the new year.

Just eight homes in the borough asking $2 million or more found buyers last week, down from 10 in the previous period, according to Compass’ weekly report. Contract signings in Brooklyn haven’t recovered from a dip in activity that began during the holiday season. 

A Quay Tower condo, asking $4.5 million, was the priciest home to enter contract in the borough. 

Unit 11B has three bedrooms and two bathrooms. The 2,000-square-foot home in Brooklyn Heights first sold in 2020 for $4.3 million. 

Amenities in the 125-residence tower, built in 2019, include a fitness center, full-time concierge and lounge with cabanas.

Sotheby’s International’s Rachel Altschuler had the listing. 

Condos at 50 Bridge Park Drive are fixtures at the top of weekly contract reports for the borough. In the last week of 2023, a buyer signed a contract for one of its penthouses with an asking price just under $10 million. 

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The second most expensive home to enter contract was Townhouse C at 168 Plymouth Street in Dumbo, with an asking price of $3.5 million. The condo, built in 2019, spans 2,500 square feet and has two bedrooms, two bathrooms and a private entrance.

Amenities at the 46-unit building include a 24-hour doorman, lobby lounge, gym and roof deck. 

Alloy Advisory’s Tara Mrowka had the listing. 

The Alloy Development condo was once considered one of the priciest buildings in the borough. The building was the third most expensive in Brooklyn in 2021, with an average asking price of nearly $1,800 per square foot. 

Of the eight contracts inked last week, five were for condos, one was for a co-op and two were for townhouses.

The average asking price for the contracts was $3 million with an average price per square foot of $1,456. The homes spent an average of 318 days on the market and prices had no average discount from the listing price.

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Compass