Resale at 1 Prospect Park West leads Brooklyn luxury market

A mainstay in the Brooklyn luxury market again topped the weekly list of priciest contracts in the borough.

Unit 7C at 1 Prospect Park West was the most expensive listing among 15 contracts signed for properties asking $2 million or more, according to Compass. The deals — for 10 townhouses and five condo units — had a median price of $3.5 million. The same week last year reported 16 signings with a median price of $2.9 million.

The 1 Prospect Park West apartment went into contract with an asking price of $4.7 million. The 1,910-square-foot pad has pine hardwood flooring throughout the apartment. The unit has three beds and two full baths, and the primary bedroom includes a walk-in closet and en-suite bath. 

Elliman’s Jill Ferrari-Rosen had the listing. She said the owners had been renting out the unit since purchasing it in 2022. It had last rented at $15,500 per month, according to StreetEasy.

Sugar Hill Capital Partners finished redeveloping the 10-story building, a former assisted living facility across from Prospect Park, in 2020. It includes steam and sauna rooms and a roof terrace and has frequently appeared on the list of Brooklyn’s top contracts.

This year, Unit 3B went into contract at the end of July with an asking price of $4.9 million and unit 6A signed a deal at the end of May for a unit priced just under $6 million.

The second priciest contract last week went to 1337 East 7th Street, a townhouse off Ocean Parkway in Midwood. The two-family home had an asking price of $4.5 million, nearly $1 million less than when it hit the market in April.

Built in 1993, the eight-bed, seven-bath home spans roughly 6,900 square feet. The home enters into a foyer with black marble flooring and a spiral staircase leading up to a second floor duplex with five bedrooms and three full bathrooms. 

The first floor has a side entrance that leads to a separate three-bed, two-bath apartment. 

Century 21’s Melanie Kishk Team had the listing. 

The luxury contracts signed this week in Brooklyn had a 3 percent discount from their initial asking prices and spent 181 days on the market on average. In the same period last year, they had a 4 percent discount and spent 210 days on the market.