Brooklyn Luxury Markets End March With a Thud

Brooklyn’s luxury market ended March on a down note.

The borough saw 13 deals signed for homes — four condos and nine single-family properties — asking at least $2 million for a total contract volume of $38.5 million, according to Compass’ weekly report from March 23 to March 29. The contract numbers are the lowest in the borough’s luxury market since the second week of January.

The median asking price for deals signed last week was $3 million. The average asking price per square foot was $1,621, while the average days homes spent on the market was 90.

The top deal was for Unit 20B at Fortis Property Group’s Olympia Dumbo. The condo had a last asking price of almost $5.1 million, down from when it was listed for $5.3 million in 2024.

Spanning 2,190 square feet, the home has three bedrooms and two full bathrooms. It also has a fourth room that can be used as a den or small bedroom.

The building has indoor and outdoor swimming pools and a fitness center with a boxing gym and spin studio.

The property, known as Brooklyn’s priciest condo building, has moved a number of expensive units this year, including a penthouse that closed for $16.25 million in February, setting a record for a sponsor sale in Brooklyn on a price per square foot basis.

Along with Douglas Elliman Development Marketing, Elliman’s Jessica Peters and Carl Ekroth of the Jessica Peters Team, Karen Heyman and Casey Heyman of Sotheby’s International Realty, and Elliman’s Fredrik Eklund and John Gomes of the Eklund Gomes Team are leading sales.

The second priciest deal signed last week was for Unit 4D at 127 Kent Avenue in Williamsburg, asking almost $4 million. Spanning over 1,700 square feet, the corner unit has three bedrooms, three bathrooms and a private wraparound terrace.

The BKSK-designed building, dubbed the Sixth, launched sales in January. The property has already sold over half of its 43 units including its two most expensive penthouses, 2F and 2C, which were asking $6.75 million and $6.25 million, respectively.

A Corcoran Group led by Deborah Rieders launched sales in January at the project, dubbed the Sixth. Joyland Group and Prospect Developers bought the property for $43 million in 2024.

Every unit in the building has private outdoor space and amenities include a part-time attended lobby and virtual doorman, fitness center and playroom.