Brooklyn’s luxury contracts rebound from single digits

Brooklyn’s luxury market showed some signs of life last week.

After weeks of luxury contracts in the single-digits, 16 homes in the borough asking $2 million nabbed signed contracts between Jan. 22 and 28, according to Compass’ weekly report. The total was double that of the previous period. 

The most expensive home to enter contract was 603 5th Street in Park Slope, with an asking price of $5.5 million. The nearly 3,000-square-foot-townhouse has four bedrooms and four bathrooms. 

Renovated last year, the home has high ceilings, a chef’s kitchen and a backyard. 

The home snagged a contract just two weeks after listing, according to the listing broker, Leslie J. Garfield’s Matthew Lesser.

It’s one of many Park Slope townhouses to land on top of Brooklyn’s weekly contract reports, including the two that led the market between Jan. 8 and Jan. 14. Those properties were priced at $5 million and $4 million. 

The second priciest home to enter contract was 98 Degraw Street in the Columbia Street Waterfront District, with an asking price of $4 million. The townhouse, built in 2018, spans 3,400 square feet and has four bedrooms and three bathrooms.

It also features a private garage, chef’s kitchen, polished concrete floors and backyard. 

Compass’ Carl Gambino had the listing. 

The townhouse has weathered a series of price cuts since hitting the market in April 2023 with a $6 million asking price.

Of the 16 contracts inked last week, seven were for condos, one was for a co-op and eight were for townhouses.

The average asking price for the contracts was $2.8 million with an average price per square foot of $1,223. The homes spent an average of 150 days on the market and prices had a 4 percent average discount from the listing price.

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