Brooklyn’s Luxury Contracts Top $100M in Four-Month High

After a slow summer turned into a slow fall, Brooklyn’s luxury market bounced back last week to a four-month high. 

The borough notched 25 contracts signed for properties asking at least $2 million from Oct 12 to Oct. 18, according to Compass’ weekly report. The total contract volume was over $100 million. It marked the first time the borough has topped the nine-figure mark for contract volume in a week since June. 

Homes entering contract last week spent an average of 49 days on the market and had no discounts, on average. 

The priciest deal was for a renovated single-family home at 487 Henry Street in Cobble Hill, which also closed last week for $12.3 million. Its last asking price was $14.3 million. 

Developed by boutique specialist Eckstrom NYC, the property has five bedrooms and four bathrooms across 6,200 square feet. It comes with a private back garden, landscaped roof decks and amenities including a fitness studio, sauna and cold plunge. 

The property made headlines after actor Chris Pine sued Eckstrom’s Carlos Saavedra over a rental agreement gone south, claiming the developer did not return $100,000 in fees and deposits despite the lease never being executed. Saavedra told The Real Deal last week that the suit was on track to be settled shortly after the closing. 

Saavedra, with Park Property Advisors, and Carl Gambino of the Gambino Group at Compass had the listing. Charney Brokerage’s Frank Giordano represented the buyer.

The second most expensive contract signed was for a Park Slope townhouse at 870 President Street, asking $8 million. 

The 30-foot-wide brownstone has six bedrooms and three bathrooms and is heavy on original details from its 1888 roots, including tile floors with mosaic borders, a fireplace and a central staircase with a hand-carved banister. The parlor-level kitchen opens to a small deck that leads down to the back garden. 

The second floor has an eat-in kitchen that leads out to the roof terrace and pergola. 

Compass’ Amy Mendizabal and Leslie Wolfowitz had the listing.

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