Brooklyn Luxury Contracts Sped Up in August

Brooklyn’s luxury market this past week may have looked similar to last year at first glance.

The borough saw 15 properties enter contract from Aug. 19 to Aug. 25, the same number as this week last year, according to Compass’ weekly report of homes in Brooklyn asking $2 million or more. The contracts — consisting of one co-op, eight townhouses and six condos – had a median asking price of $2.8 million, a tick above the median asking price last year of $2.7 million.

But days on market fell to 83 from 142 year-over-year, continuing this month’s streak of declining days on market for Brooklyn luxury contracts compared to last year. Last week, days on market fell 34 percent, and the week prior it fell 62 percent.

The borough’s fast-moving luxury inventory comes at a time when demand has surged across the city in response to falling mortgage rates.

The top contract of the week went to a Prospect Heights townhouse at 576 Bergen Street last asking $5.2 million. The 3,600-square-foot brownstone has five bedrooms, four bathrooms and a rear garden with a deck. The home was recently renovated and features herringbone oak floors, an HVAC and new windows.

The property last sold for $4.9 million in 2022.

The home was on the market for 31 days, and listing agent Matt Lesser of Leslie J. Garfield credited the fast turnaround to a strong market for well-renovated townhouses and the ability to secure an immediate closing date.

The second priciest contract of the week belonged to unit 20C at 50 Bridge Park Drive, also known Quay Tower. The three-bedroom, three-bathroom condo spans 1,786 square feet and had a last asking price of almost $3.6 million. The apartment also features floor-to-ceiling windows and a primary bedroom with an en-suite marble bathroom.

The 125-unit Brooklyn Heights development has a 24-hour concierge, fitness center, rooftop lounge and music room.

The building has frequently topped the list of top luxury contracts in the borough as well. In July, penthouse 1C went into contract with a last asking price of nearly $8 million and in February another penthouse inked a contract for $10 million.

Serhant’s Jim Hayes had the listing.