The two priciest contracts signed in Brooklyn last week showed that a judicial history does not preclude a prosperous future.
Those deals topped a list of 19 total contracts — 12 condos and seven townhouses — signed for properties asking $2 million or more from July 22 to July 28, up from 18 in the same period last year, according to Compass’ weekly report.
The top contract in the borough belonged to 413 Degraw Street, which inked a deal for $5.5 million, a nearly $2 million discount from its initial asking price of $7.4 million. The seller, Joseph Petillo, was a “longtime” associate of the Colombo crime family, and in 2012 was convicted of illegally collecting loans. Petillo’s home at 413 Degraw, along with a Staten Island property, were used to secure a $1.5 million bond during his trial, according to court documents.
The 1892 carriage house in Boerum Hill still has many of its original beams, according to Compass listing agent Louis Esposito. The nearly 5,000-square-foot home has four bedrooms and five full bathrooms, with a finished basement, private garden and two private en-suite decks.
The second priciest contract belonged to a unit 3B at 1 Prospect Park West, with an asking price of $4.9 million. The seller purchased the condo for $3.6 million in 2021.
The 2,144-square-foot apartment has three beds and three full baths, with views of Prospect Park to the Southeast.
The nine-story building was built in 1920, but was converted from a senior facility into 67 condos by Sugar Hill Capital Partners, who bought the distressed property in 2016 for $84 million.
The previous owner, Haysha Deitsch, left the property with a trail of allegations, including serving rotten food, cutting off air conditioning and illegally evicting tenants. Deitsch paid $3.4 million to settle the eviction claims.
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Years removed from its litigious past, the building now features high-end amenities like a full-time doorman and fitness center. The condo building has pushed the Prospect Park-adjacent area into new pricing territory, closing multiple deals at or above the $6 million threshold, including a penthouse for $7.9 million in 2022, according to property records.
Compass’ Todd Lewin and Michael Rubin of the Lewin Rubin Team had the listing.
The 19 contracts last week signed had a median asking price of $2.7 million, up slightly year-over-year from $2.6 million. The properties spent 163 days on the market, up from 140 days last year.