JJ Redick Finds Buyer for Discounted Dumbo Penthouse

Los Angeles Lakers coach JJ Redick has kept his team’s record afloat this year despite injuries to star players like LeBron James and Austin Reaves.

The same can’t be said for the asking price of his Dumbo penthouse. But after dropping the ask to just under $6 million, Reddick found a buyer for the duplex atop 51 Jay Street, according to Compass’ weekly report for contracts signed on homes asking at least $2 million from Jan. 12 to Jan. 18.

Reddick bought the home for nearly $6.1 million in 2017, according to public records. In 2021, he listed the nearly 3,000-square-foot spread for $8.5 million before cutting the price to $7 million in 2022.

He took the home off the market for three years before re-listing it in September at $6.2 million and two months later dropping the price one last time.

Featuring four bedrooms and four full bathrooms, designer Michael Aiduss redesigned the home in 2019 from a pied-à-terre to a full-time residence, according to a feature in Architectural Digest.

The home has a great room with floor-to-ceiling glass windows that leads out to a 2,500-square-foot landscape terrace. The primary suite has its own private terrace, while the upper level has two more bedrooms surrounded by another terrace.

The contract was the priciest deal signed in the borough last week.

Compass’ Rachel Greenstein, Suzanne Koxvold and Toni Nicolo had the listing.

Reddick’s unit is not the only to sell after a series of discounts in the 74-unit building. The last three condos marked as sold on StreetEasy have only traded hands after the seller lowered the asking price to below the price for which they bought the unit.

Part of the problem sellers have had in recouping a profit might stem from a 2020 lawsuit in which the condo board sued the sponsors, Adam America Real Estate and Slate Property Group, for alleged construction defects. That case is still ongoing, according to recent court filings.

The second most expensive contract signed last week was for a Columbia Street Waterfront townhouse at 113A Columbia Street asking $4.4 million.

The seller was Emma Fusco-Straub, best-selling author and owner of popular Brooklyn book store Books Are Magic, which has stores in Cobble Hill and Brooklyn Heights, according to public records. Fusco-Straub bought the home for $4.1 million in 2015.

Spanning 4,000 square feet and featuring five bedrooms and three full bathrooms, the home comes with a multi-car garage with a direct entrance inside. The first three floors have balconies facing the water and the top floor holds a terrace. A private elevator services all floors.

Compass’ Ria Browne had the listing.

The two deals topped an otherwise slow week for the Brooklyn luxury market. The borough scored 10 contracts — six condos and four houses — signed from Jan. 13 to Jan. 19 for a total contract volume of $33 million, according to Compass’ weekly report of contracts for homes asking at least $2 million.

Last week, Brooklyn’s luxury market saw 17 deals signed for an average contract volume of $57 million.

The homes put into contract last week had a median asking price of $2.9 million, spent an average of 181 days on the market and had an average discount of 3 percent.