Is Brooklyn Really "Booming"?

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market kicks back for Labor Day with 2022 low​

Signed contracts fell to year low, combined asking to year’s second lowest level​

Brooklyn’s luxury market took the week off ahead of Labor Day weekend.

The week leading up to the holiday saw just 11 properties enter contract — six condos and five townhouses — the lowest single week total this year, according to Compass’ weekly report of homes in the borough asking $2 million or more.
The properties’ combined asking hit $35.2 million, the lowest since the week of January 3. The average home spent 210 days on the market and sold for a price-per-square-foot of $1,325. Homes sold on average at a 3 percent discount, marking eight weeks since homes sold for the full ask.
The most expensive home to enter contract last week was a townhouse at 232 Dean Street in Boerum Hill, with an asking price of $8.5 million.
The 21-foot-wide house built in 1853 has five bedrooms and four full bathrooms. It spans 4,246 square feet and has original parquet floors, pocket doors, decorative marble fireplaces, floor-to-ceiling windows and a sun room extension.

The second most expensive home to enter contract last week was Unit 6G at 1 Prospect Park West in Park Slope, asking $4.5 million.
The unit has three bathrooms and an oversized primary bedroom with views of the Manhattan skyline. The home, which sold in a sponsor sale, was the last four-bedroom apartment available in the condo development by Sugar Hill Capital Partners.
Plans for the 67-apartment building, which has appeared at the top of Brooklyn’s signed luxury contracts in recent years, date back to 2017, when Sugar Hill bought a senior center mired in lawsuits. It has a sellout of just under $200 million and has three units on the market, according to its website.
 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn luxury market can’t kick September slump​

Contracts hit new lows in volume and combined prices​

Brooklyn’s luxury market is stuck in its post-Labor Day slowdown.
Signed contracts in the borough last week saw their slowest of the year for the second week in a row, according to Compass’ weekly report of homes listed for $2 million or more. Seven homes entered contract between Sept. 5 and 11 — a record low — and their combined volume was $21.5 million, also a record low.

Of the six townhouses and one condo, the average price per square foot was $1,096, nine dollars more than the record low set in early August. Homes sat on the market for an average of 189 days and did not receive a discount for the first time in two months.

The most expensive home to enter into contract last week was 105 Cambridge Place in Clinton Hill, with an asking price of $5 million.

The Italianate brownstone is 4,000 square feet and 21 feet wide. It has seven bedrooms and four full bathrooms. Outside, it has a deck and a garden with patio access.
The two-family home has a triplex and a top floor that can serve as a two-bedroom rental apartment, according to Streeteasy.
The second most expensive home to sell last week was 57 Marlborough Road in Flatbush, with an asking price of $3.5 million.
The 4,000-square-foot home has six bedrooms and three full bathrooms. It was recently updated but retains original stained glass windows and pocket doors, as well as a two-room chef’s kitchen. Outside, there’s a landscaped backyard and a new deck.
 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn luxury market can’t shake slump​

Only eight homes went into contract in second-slowest week of year​

Someone wake up the Brooklyn luxury market when September ends.
Summer may have come and passed, but after a small rebound last week, only eight homes — three condos and five houses — asking at least $2 million went into contract last week, according to a Compass report. That’s just one more than the 2022 low reached three weeks ago.
However, agents drenched in pain can take some solace in that the homes’ average asking price per square foot was a healthy $1,372 and their prices totaled $27.5 million, both higher than three weeks ago. Homes spent an average of 119 days on the market and their last asking price represented a 2 percent discount, on average, from the first one.

Unit 21A at Fortis Property Group’s Olympia Dumbo, at 30 Front Street, was the most expensive home to go into contract, with a price tag of $7.9 million.

The condo unit spans almost 3,400 square feet and has five bedrooms and four bathrooms. It has a custom kitchen with maple cabinetry and a primary suite with a private terrace overlooking the Brooklyn Bridge and Manhattan skyline. The unit has over 320 square feet of outdoor space.
Nets’ fallen star Ben Simmons reportedly just agreed to buy a combined unit at 30 Front Street asking $13 million.
Olympia Dumbo could become Brooklyn’s most expensive building ever. However, it’s been several months since an apartment there topped the weekly luxury report, like they did when spring began. Amenities at the building include indoor and outdoor pools, a fitness center and a 24-hour doorman.

The second most expensive home to go into contract last week was a townhouse at 294 Park Place in Prospect Heights asking over $4.8 million. It spans 4,500 square feet and has five bedrooms and three bathrooms. It has original parquet floors, restored stained-glass windows and doors and six gas fireplaces.
It also has mahogany windows, a chef’s kitchen, a primary suite with walk-in closets and spa-like bathrooms. The stairs have been reinforced with cables for added stability. It has a large garden with a built-in watering system to ensure every day is a green day.

user-matching
 

David Goldsmith

All Powerful Moderator
Staff member
Luxury Market Faces Falling Prices as ‘Cracks’ Emerge

A limited supply of quality, move-in ready homes will help keep prices stable, according to Serhant​

Across all Brooklyn markets, the median sales price in the borough was at its second-highest level on record in the third quarter.

Brooklyn’s high-end real estate market is beginning to show cracks as volatility on Wall Street and rising closing costs have put buyers on the sidelines.
An influx of Manhattanites fled to the borough as soon as the first pandemic-related lockdowns were over, with high demand pushing up prices. The entry point for luxury homes in the borough—the top 10% of all sales—was $2.35 million in the third quarter, a 6.3% year-over-year jump from last year’s price of $2.2 million, according to a report Wednesday by Serhant. Prime prices were also up more than 30%, from $1.79 million, compared to in the third quarter of 2020.
But that can’t last, according to Garrett Derderian, director of market intelligence at Serhant.

“The price growth we have seen in Brooklyn over the last two years, especially at the high end, is unsustainable,” he said in the report. “While values will continue to climb over time, we may see a slight short-term pullback in the luxury space. Presently, there is too much uncertainty in the market for price growth to continue as it has.”

Across all Brooklyn markets, the median sales price in the borough was at its second-highest level on record in the third quarter—$969,004, according to the report. Only the second quarter of this year saw higher prices.
At the same time, the number of deals dropped 10.9% year over year.

“While sales activity remained comparatively strong in the third quarter, noticeable cracks did begin to appear,” Mr. Derderian said in the report. “Still, in terms of discounting, the average property sold for just 1.8% less than it asked, the tightest list-to-sale price metric we have seen in a decade.”

The condo market, particularly luxury, has been especially active, which has kept negotiations tight, he continued. “The limited supply of properties, especially those turnkey, kept pricing stable. In fact, in Northwest Brooklyn [which includes neighborhoods like Williamsburg], there were virtually no discounts to speak of—a submarket first.”
For Brooklyn new developments, sales increased 7.8% annually, according to a separate report by Serhant, also released Wednesday. Still median prices dropped 9% to $997,000.
“Buying patterns in the Brooklyn new development market are largely returning to pre-covid levels,” Mr. Derderian said in the report. “A greater concentration of studio and 1-bedroom condos traded, and fewer larger apartments, resulting in the price-per-foot increase but decline in pricing overall.”
Meanwhile, sales in Long Island City, Queens, plummeted 51.8% in the third quarter, according to a third report out Wednesday from Serhant. Of a total 132 condo sales, only 49 were priced at $1 million and above, down from 118 last year.

In addition, the median price dropped 6.8% to $881,500, the data showed.
“To put it bluntly, Long Island City did not have a great third quarter,” Mr. Derderian wrote. “The slowdown in sales city wide was felt the worst in this submarket…still, while the sales figures and prices were down, it does not tell the whole story. Over the last year and a half, an outsized number of new development closings occurred, pushing prices to new heights. Absent a strong number of those closings, we are beginning to see a more balanced picture of where the market stands.”
 

David Goldsmith

All Powerful Moderator
Staff member
I wonder where the "a" in 115a King Street comes from?

Is there any possibility that it's to shield from view this transaction
$2,815,914
Sold on 1/17/2018

which would seemingly show that even at full current asking price it would be a money loser when closing costs are accounted for?
 

inonada

Well-known member
It’s a fine hypothesis, but these seem to be two different units. Look at the facade and Google street view: both 115 and 115A exist. As does 113 & 113A, etc.
 

David Goldsmith

All Powerful Moderator
Staff member
If been saying for years than usually the last areas to boom on the way up are the first to wane on the way down. I've pointed to the East Village, Lower East Side, Hell's Kitchen, Inwood/Washington Heights as potentially on the bubble.

Brownstone Brooklyn siphoning demand from Manhattan, Williamsburg​

StreetEasy names Lower East Side, Hell’s Kitchen, Yorkville among city’s top buyer’s markets

There comes a time in every younger brother or sister’s life when they finally pull one over on their older sibling. That moment may have arrived for Brooklyn’s real estate market.
Demand for homes in the borough — long viewed as Manhattan’s cheaper alternative — has grown so strong that it’s created a buyer’s market in several neighborhoods across the East River, a report from StreetEasy indicates.

The Lower East Side and Hell’s Kitchen are among the city’s 10 best buyer’s markets, according to the listings site, in part due to high mortgage rates harming demand, but also thanks to wealthy buyers shifting their attention to Brownstone Brooklyn.
“This shift opens up a major opportunity for would-be buyers to secure a deal in traditionally sought-after Manhattan neighborhoods,” states the report, which examined neighborhoods with at least 90 listings in at least 30 buildings.

More than a quarter of all listings on the Lower East Side, 28 percent, dropped their asking prices during the fourth quarter of last year, according to StreetEasy’s analysis. That’s an increase of 10 percentage points over the fourth quarter of 2021.

Listings in Yorkville lowered their asks at an even greater rate, 31 percent, up 11 percentage points from a year earlier, and 23 percent of Hell’s Kitchen listings saw cuts, a 7 point increase.

Within Brooklyn, Williamsburg also appears to be facing stiffer competition. More than a fifth of all listings there, or 21 percent, reduced their asks last quarter. StreetEasy’s analysis found that aggressive pandemic pricing in the area “went too far,” prompting buyers to look elsewhere.

The report notes that “a spike in new development listings” in Dumbo, Downtown Brooklyn, Crown Heights and nearby Greenpoint has siphoned demand from Williamsburg just as it has from Manhattan.

StreetEasy anticipates that the market may become even more favorable for buyers as the year progresses.

“Mortgage rates will remain volatile this year, but as rates stabilize below last year’s record highs, more inventory will be unlocked for buyers,” the report predicted.
 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn investment sales cratered in first quarter​

Deals nearly slashed in half year-over-year: TerraCRG

Brooklyn came off a banner year for investment sales, but there was some concern that this year would see a decline in activity
The dollar volume of investment sales in the borough fell 49 percent year-over-year in the first quarter, according to data from TerraCRG reported by the Commercial Observer. The total is also a 47 percent drop from the previous quarter.

The borough counted $2.07 billion in deals in the first quarter of 2022, setting the course for a $9 billion year. One year later, elevated interest rates and inflation dragged that total down to $1.05 billion in deals.
Multifamily transactions suffered some of the biggest losses. There was $490 million in first quarter investment sales, down 43 percent year-over-year and 73 percent from the previous quarter. There were more than 100 fewer total sales in the sector year-over-year.

Industrial transactions also fell significantly as leasing in the sector slowed. The dollar volume of sales declined 65 percent year-over-year, dropping to about $81 million.
Investment sales for retail buildings declined by 43 percent (approximately $80 million) year-over-year, while development site sales declined by 8 percent, or $25 million. Office sales actually increased from the fourth quarter — the only sector to see a gain — but fell by 85 percent year-over-year.

The quarter’s largest investment sale occurred in Brooklyn Heights, where an affiliate of Rockrose Development purchased a campus at 180 Remsen Street from St. Francis College for $160 million. It was the only deal to clear the $100 million threshold in the first quarter — it was also the only deal to clear the $50 million threshold.
Sales are likely to be hampered again in the second quarter, as the Federal Reserve raised interest rates again this week. While the Fed signaled interest rate hikes could be coming to an end soon, TerraCRG CEO Ofer Cohen doesn’t see sales suddenly surging when that happens.

“A pause is a pause. A pause is not a drop,” Cohen told the Observer. “We could be in a year of pausing before anything happens, which means that the volume is going to continue to be depressed.”
 

David Goldsmith

All Powerful Moderator
Staff member


Brooklyn’s luxury market starts August on a low note​

Just 14 contracts signed for homes asking $2M+, none above $4M

Brooklyn’s luxury market logged another lackluster week of contract signings, following a slight uptick at the end of last month.
The borough saw just 14 homes asking $2 million or more find buyers between July 31 and Aug. 6, down from the 18 reported in the previous period, according to Compass’ weekly report. All of the contracts inked last week were for homes priced under $4 million.

The most expensive home to enter contract was 31 Sterling Place in Park Slope, with an asking price of $3.95 million. The four-story townhouse, built in 1872, spans 3,600 square feet and has six bedrooms and three bathrooms.
The 20-foot-wide home also has floor-to-ceiling windows, original entry doors, full cellar and rear garden.
Townsley & Gay’s Elaine Gay had the listing.
The second most expensive home to enter contract was Unit 833/832 at 360 Furman Street in Brooklyn Heights, with an asking price of $3.8 million. The 2,300-square-foot loft condo has three bedrooms and three bathrooms.

The unit also features wall-to-wall west-facing windows, open kitchen, quartz countertops and primary bedroom with walk-in closet. Amenities in the building, built in 1928 and converted by Robert Levine in 2008, include concierge services, fitness center and parking garage.
Corcoran’s Phyllis Elliott had the listing.

The building, dubbed One Brooklyn Bridge Park, once housed the priciest listing in the borough. Hedge fund Stuart Leaf and his wife listed the 11,000-square-foot condo — a combination of nine units on the 10th, 11th and 12th floors — for $32 million in April 2015.
Of the 14 contracts signed, five were for condos, and nine were for townhouses.
The average asking price for the homes was $2.9 million with an average price per square foot of $1,058. The typical home received a 4 percent discount from the asking price and spent 181 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market starts August on a low note​

Just 14 contracts signed for homes asking $2M+, none above $4M

Brooklyn’s luxury market logged another lackluster week of contract signings, following a slight uptick at the end of last month.
The borough saw just 14 homes asking $2 million or more find buyers between July 31 and Aug. 6, down from the 18 reported in the previous period, according to Compass’ weekly report. All of the contracts inked last week were for homes priced under $4 million.

The most expensive home to enter contract was 31 Sterling Place in Park Slope, with an asking price of $3.95 million. The four-story townhouse, built in 1872, spans 3,600 square feet and has six bedrooms and three bathrooms.
The 20-foot-wide home also has floor-to-ceiling windows, original entry doors, full cellar and rear garden.
Townsley & Gay’s Elaine Gay had the listing.
The second most expensive home to enter contract was Unit 833/832 at 360 Furman Street in Brooklyn Heights, with an asking price of $3.8 million. The 2,300-square-foot loft condo has three bedrooms and three bathrooms.

The unit also features wall-to-wall west-facing windows, open kitchen, quartz countertops and primary bedroom with walk-in closet. Amenities in the building, built in 1928 and converted by Robert Levine in 2008, include concierge services, fitness center and parking garage.
Corcoran’s Phyllis Elliott had the listing.

The building, dubbed One Brooklyn Bridge Park, once housed the priciest listing in the borough. Hedge fund Stuart Leaf and his wife listed the 11,000-square-foot condo — a combination of nine units on the 10th, 11th and 12th floors — for $32 million in April 2015.
Of the 14 contracts signed, five were for condos, and nine were for townhouses.
The average asking price for the homes was $2.9 million with an average price per square foot of $1,058. The typical home received a 4 percent discount from the asking price and spent 181 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market slogs past Labor Day​

Borough saw nine contracts inked for homes asking $2M+

Brooklyn’s luxury market logged a dismal week of contract signings as New Yorkers headed out of the city for Labor Day weekend.
The borough saw just nine homes asking $2 million or more enter contract between Sept. 4 and Sept. 9, according to Compass’ weekly report.

The period was short a business day, but the total wasn’t out of line with that of previous weeks. The end of summer has proved slow for the borough, where only 10 contracts were inked in the previous week for homes asking $2 million or more.
The priciest property to find a buyer was Unit 3 at 415 Degraw Street in Boerum Hill, with an asking price of $4.5 million. The full-floor condo conversion spans 2,200 square feet and has four bedrooms and three bathrooms.

It also features a private-keyed elevator, white oak flooring and private outdoor space. The building’s amenities include deeded parking and storage for purchase.
Carlos Saavedra of Park Property Advisors had the listing.
The second most expensive home to enter contract was Unit 7D at 1 Main Street in Dumbo, with an asking price of $4 million. The 2,500-square-foot apartment, built in 1916, has three bedrooms and two bathrooms.

The loft-like condo also features a primary bedroom with office space, high ceilings and en-suite bathroom with an enclosed shower and Jacuzzi tub. Among the building’s amenities are a 24-hour doorman, gym and roof deck.

Brown Harris Stevens’ Kenneth Mandelbaum had the listing.
The historic waterfront building, known as The Clock Tower, holds the record for the priciest sale in the neighborhood. In 2017, its 6,800-square-foot penthouse sold for $15.7 million, or $2,242 per square foot, to Colombian art dealer, collector and gallery owner Lio Malca.
Of the nine contracts signed last week, seven were for condos and two were for townhouses.
The average asking price for the homes was $3 million with an average price per square foot of $1,621. The typical home received a 2 percent discount from the asking price and spent 186 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market slogs through September​

Borough saw 14 homes asking $2M+ enter contract
Brooklyn’s luxury market is stuck in a sluggish September.

The borough saw 14 signed contracts last week for homes asking $2 million or more, according to Compass’ weekly report. The total is up from just 12 in the previous period, though it’s a far cry from numbers reported earlier this summer. Luxury contract signings in the borough haven’t cracked 20 since July.
The most expensive home to enter contract was 44 Joralemon Street in Brooklyn Heights, with an asking price of $5.7 million. The renovated townhouse spans 1,800 square feet and has four bedrooms and three bathrooms.
The home also features wide-plank white oak flooring and a custom marble fireplace.
Leslie J. Garfield’s Ravi Kantha had the listing.
The second most expensive home to find a buyer was Unit 12B at Fortis’ 30 Front Street in Dumbo, with an asking price of $4.7 million. The 2,000-square-foot condo has three bedrooms and three bathrooms.

The apartment, built in 2021, also has an 845-square-foot terrace, floor-to-ceiling windows and an upper-level primary bedroom with en-suite bathroom. Amenities at the 33-story tower include multiple lap pools, fitness center and tennis court.

Olympia Dumbo has garnered a reputation as one of Brooklyn’s priciest developments. The 76-unit condominium, which launched sales in 2021 and started closings in March, has a projected sellout of $404 million.
Several condos at the sail-shaped building have topped weekly reports on luxury contracts in the borough. One of its crown jewel penthouses entered contract in January with a last asking price of $17.5 million. Last September, Brooklyn Nets player Ben Simmons signed a contract to buy two units for $13 million.
Of the 14 contracts inked, nine were for condos and five were for townhouses.
The average asking price for the homes was $3 million, which works out to $1,496 per square foot. The typical home received no average discount from the initial asking price and spent 142 days on the market.

 

David Goldsmith

All Powerful Moderator
Staff member

Has Brooklyn lost its mojo? Home sales fall 30%​

Agents blame “ripple effect” as borough loses momentum

Buyers just aren’t flocking to Brooklyn like they used to.
Home sales in the borough fell by nearly a third last quarter compared to the same point a year ago, despite mortgage rates staying more or less the same, according to market reports by Serhant and Brown Harris Stevens.

“When you stop seeing deals happen it has a very negative ripple effect,” said Coldwell Banker Warburg’s Gerard Splendore. “The momentum, for whatever reason, has just stalled.”
Agents noted that despite the slowdown, prices haven’t fallen, because of a lack of for-sale inventory, unmotivated buyers and unrealistic sellers. Serhant found the third-quarter median sale price in the borough rose nearly 8 percent from a year earlier, though BHS reported a slight decline in co-op closing prices. Co-ops have been out of favor with buyers.
Brooklyn’s market was buoyed during the pandemic as Manhattanites fled for more square footage and outdoor space, and to avoid the shared elevator rides that come with life in a high-rise. No longer.
“That’s over,” said Compass agent Raquel Lomonico. “It’s so over and done.”
Lomonico has noticed a natural progression of the trend — though on a smaller scale — that’s now pushing residents out of Brooklyn. For the first time, she has buyers interested in moving to Maspeth, Queens, in addition to the more traditional option of Ridgewood.
“Back in the day, people just wanted to live in Brooklyn,” she said. “Now they say Queens isn’t so bad.”

Buyers can get an entire house in Maspeth for $950,000 and still feel close to prime Brooklyn neighborhoods, she said.

Splendore said where he’s based in Bay Ridge, sellers still haven’t accepted what buyers now consider the value of their homes.
“They’ve been here for 25 years, they think the property is great and they’re entitled to a very high price,” he said.
He’s encouraged sellers to give buyers concessions, like paying for the first year of maintenance.
“You have to be clever and you have to be reasonable and you have to be negotiable,” he said. “You really have to be willing to compromise.”
Splendore and Lomonico are both pessimistic about the borough’s market this fall, pointing to mortgage rates, which have been flirting with 8 percent. Splendore pointed to next year’s presidential election — which creates uncertainty that deters buyers — and Lomonico to a final expected interest rate hike as evidence for their prognostications of a soft market.
“I had super high hopes for the fall,” said Lomonico. “I think we had a better summer than we’re going to have a fall.”

 

David Goldsmith

All Powerful Moderator
Staff member
Off market in Brooklyn skyrocketed in the past 7 days by 229%. Normally that's something I would expect to happen after Thanksgiving, but it's a little early this year.
 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market pops, led by $5.5M Fort Greene townhouse​

Borough notches 21 signed contracts for homes asking $2M+

Brooklyn’s luxury market kicked off November with a bang.
Buyers in the borough signed contracts for 21 homes asking $2 million or more, according to Compass’ weekly report. The total — up from 18 in the previous period — cracked 20 for the first time since early July.

The most expensive home to find a buyer was 96 Fort Greene Place, with an asking price of $5.5 million. The townhouse, built in 1852, spans 3,600 square feet and has five bedrooms and five bathrooms.
The four-story home also features herringbone wood flooring, original working fireplaces, patio and turf yard.

Compass’ Toni Nicolo had the listing.
The second priciest property to enter contract was Unit 19A at 50 Bridge Park Drive, with an asking price of $5.3 million. The Quay Tower condo unit spans 2,500 square feet and has four bedrooms and three bathrooms.
It also has private elevator access, floor-to-ceiling windows and a “chef-inspired” kitchen. Amenities at the 126-unit building in Brooklyn Heights include a rooftop lounge, fitness center, children’s center and 24-hour concierge service.

Serhant’s Jim Hayes had the listing.

Quay Tower is no stranger to hefty price tags. Penthouses at the building scored the borough’s priciest deals of 2020 and 2021, selling for $20.3 million and $10.7 million, respectively.
The tower also topped Brooklyn’s luxury market one week in late February when a four-bedroom penthouse asking $10 million went into contract.
Of the 21 luxury contracts signed last week, seven were for condos, 13 were for townhouses and one was for a co-op.
The average asking price was $3.4 million with a price per square foot of $1,352. On average, the homes spent 130 days on the market and were priced at 2 percent less than their original listing price.

 

David Goldsmith

All Powerful Moderator
Staff member

Park Slope mansion sets neighborhood sales record​

53 Prospect Park West is first townhouse sale north of $12M since 2017

It pays to be ethical.
The Brooklyn Society for Ethical Culture has set a Park Slope sale record.

The group sold the mansion at 53 Prospect Park West for $13.5 million in an off-market deal to an undisclosed buyer. In addition to setting a neighborhood record for townhouse sales, it is the first sale of the property type over $12 million in six years.
Compass’ Jim St. André and Marc Solomon had the listing.

Cameron LeCates, a broker with townhouse specialty firm Leslie Garfield, called the Park Slope sale a “bright spot” in a resilient but softening brownstone market.
Townhouses saw their valuations rise to record highs in 2022, as the post-pandemic boom fueled a real estate bonanza across the city.

“The type of customer buying in Park Slope and the money they’re spending has gone up dramatically since Covid started pushing people to come to Brooklyn,” LeCates said.
The niche was more resistant to headwinds than condos and co-ops because the high price point attracts buyers insulated from interest rate hikes. But volume eventually fell as a result of few properties being listed. Prices, which had been held in check by rising interest rates, have only recently begun to increase again.

“We’re starting to slowly see pricing follow volume because inventory is so low,” said Sophie Smadbeck, also at Leslie Garfield. “It seems to be holding up a little better.”
The record-setting Prospect Park West property may not be a titleholder for long. LeCates said several townhouses that are “being quietly shopped” could fetch another record price.
“I think Park Slope is in for a number of high-profile sales over the next year,” he said.

 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market rebounds from Thanksgiving dip​

Buyers signed contracts for 20 homes asking $2M+


Brooklyn’s luxury market is back in full swing after a Thanksgiving week slump.
Twenty contracts were signed for homes in the borough asking $2 million last week, after just 7 found buyers in the previous period, according to Compass’ weekly report.

A townhouse in Carroll Gardens was the priciest home to find a buyer, with an asking price of $7 million. The renovated property at 566 Henry Street spans 3,500 square feet and has six bedrooms and five bathrooms.
The 20-foot-wide brick home also features white oak flooring, gas fireplace, four private outdoor spaces and metal roof deck with views of the city and harbor.

Nest Seekers’ John Bataille had the listing.
Homes in Carroll Gardens are often among the most expensive recorded in the brokerage’s weekly reports. A townhouse at 355 President Street, last asking $5.3 million, was the second priciest home to find a buyer in the borough in the first week of March.
Carroll Gardens has also been considered one of the most expensive neighborhoods in the borough, according to previous analyses by The Real Deal. The neighborhood ranked third in sales volume in quarter three of last year with $164.3 million across 63 transactions.

Unit 26B at Fortis’ Olympia Dumbo, last asking $6.5 million, was the second most expensive home to enter contract. The 2,700-square-foot condo, built in 2021, has three bedrooms and three bathrooms.

The apartment also features harbor and city views and a primary suite with walk-in closets and an en-suite bathroom.
The 76-unit previously appeared at the top of the report just last month, when Unit 22B at the 33-story tower on 30 Front Street entered contract with an asking price of $5.4 million.
Sotheby’s International’s Karen and Casey Heyman head sales at the building along with Douglas Elliman’s Lindsay Barton Barrett and Maggie Leigh Marshall.
Of the 20 contracts signed, nine were for condos and 11 were for townhouses.
The average asking price was $3.3 million, or $1,365 per square foot. On average, the homes spent 162 days on the market and were priced at 6 percent less than their original listing price.

 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn Heights, Clinton Hill townhouses top Brooklyn’s luxury market​

Contract signings for homes asking $2M+ held steady last week with 20 total

Historic townhouses once again dominated Brooklyn’s luxury market.
Homes in Brooklyn Heights and Clinton Hill were the priciest to find buyers in the borough last week, according to Compass’ weekly report.

A total of 20 contracts were signed for Brooklyn homes asking $2 million or more between Dec. 11 and Dec. 17, up from 18 inked in the previous period.
The most expensive property to enter contract was 150 Henry Street, with an asking price just under $8 million. The renovated townhouse, built in 1830, spans 5,500 square feet and has seven bedrooms and three bathrooms.

The 24-foot-wide brownstone also features original decorative moldings, as well as a deck and garden.
Compass’ Barbara Wilding had the listing.
Brooklyn Heights homes are a staple in the borough’s luxury market. Penthouses and townhouses in the neighborhood regularly rank among the priciest Brooklyn homes to find buyers. A three-bedroom apartment at 360 Furman Street, last asking $6.5 million, was the most expensive to enter contract in mid-November.

The second priciest home to find a buyer last week was 329 Vanderbilt Ave., last asking $7.5 million. The townhouse, built in the 1870s, spans 3,000 square feet and has three bedrooms and three bathrooms.

The former carriage house also features a landscaped roof terrace and rear garden.
Compass’ Nick Gavin and Allison Fraza had the listing.
Homes in Clinton Hill seldom rank among the priciest to enter contract in the borough, though the townhouse marks the second in a row at the top of Compass’ weekly report. Last week, a renovated brownstone at 298 Dekalb Avenue, last asking $6 million, was the most expensive home in Brooklyn to find a buyer.
Of the 20 contracts inked, 13 were for townhouses and 7 were for condos.
The average asking price was $3.5 million with an average price per square foot of $1,258. The homes spent an average of 150 days on the market and had an average discount of 2 percent from their original listing price.

 
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