Brooklyn Luxury Market Bottoms Out in Last Week of August

The Brooklyn luxury ground to a halt last week. 

The borough recorded just seven contracts for homes asking at least $2 million from Aug. 24 to Aug. 30, according to Compass’ weekly report on Brooklyn’s luxury market. Signed contracts included four condos and three single-family homes for a total contract volume of $18 million. 

The previous week saw 18 contracts signed for $67 million. 

Homes entering contract last week had a median asking price of $2.4 million, spent an average of 75 days on the market and had an average price per square foot of $1,538. 

A condop at 1 City Point had a last asking price of $3.5 million. 

One of the last handful of sponsor units left to sell at the 458-unit tower in Downtown Brooklyn, the home comes with concessions, including a $20,000 closing credit and four years of covered carrying costs. 

The project, which has a 25-year tax abatement, has its residential units structured as a cooperative which forms a singular condo unit, and is Extell founder Gary Barnett’s first in the borough. 

Unit 66D is one of the priciest homes in the tower. Spanning 1,500 square feet, the corner residence has three bedrooms and three bathrooms. The home has floor-to-ceiling windows, an in-home washer and dryer and wide plank stained oak floors. 

The primary bedroom has a walk-in closet and an en-suite bathroom with a floating double vanity, a walk-in rain shower and radiant heated floors. 

Amenities at the project include a pet spa, screening room and indoor swimming pool to rock climbing, a basketball court and what a StreetEasy listing claims is the highest residential infinity pool in the western hemisphere. 

The second priciest contract signed last week was for a Crown Heights townhouse at 991 Bergen Street asking $2.9 million. 

Spanning 3,000 square feet, the gut-renovated home has four bedrooms and three-and-a-half bathrooms.  

The four-story home has been outfitted with exposed brick, oversized windows and hardwood floors. The garden-level living and dining area leads on to the landscaped bluestone patio and private garden. The parlor-level primary suite has a walk-in dressing room, ensuite bathroom and access to a private terrace. 

The home also comes with a finished basement. 

Compass’ Josh Doyle had the listing.

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