Brooklyn’s Luxury Market Inches Upward

Brooklyn’s luxury market is finally looking up.

After several slow weeks, the borough saw 17 homes asking $2 million or more enter contract last week, up from just 11 in the previous period, according to Compass’ weekly report.

Weekly totals have been up from their low point hit earlier this month, but luxury contract signings in Brooklyn still haven’t cracked 20 since July.

The most expensive home to find a buyer was 149 Kane Street in Cobble Hill, with an asking price of $7 million. The five-story townhouse spans 5,000 square feet and has seven bedrooms and three bathrooms.

The 22-foot-wide home also features heated floors, primary suite with a large balcony, 750-square-foot garden and top-floor terrace.

Compass’ Rachel Greenstein had the listing.

Home prices in Cobble Hill soared during the pandemic, with some townhouses in the neighborhood fetching eight-figure deals. A couple traded their 4,000-square-foot townhouse this spring for $11.8 million, up from the $4 million they paid for it in 2015.

The second most expensive home to enter contract was Unit S100 at 130 Furman Street in Brooklyn Heights, with an asking price of $6 million. The 4,000-square-foot condo, built in 2016, has four bedrooms and two bathrooms.

The two-story apartment also has over 1,100 square feet of outdoor space, including a landscaped terrace, and floor-to-ceiling glass windows with city and river views.

Amenities at the 106-unit condo at Brooklyn Bridge Park include a 24-hour attended lobby, concierge services, valet parking and two fitness centers.

R New York’s Stefani Berkin had the listing.

The Pierhouse, developed by Toll Brothers and Starwood Capital, took over Brooklyn’s luxury market in the summer of 2018, when several units at the building scored pricey contracts.

Homes in Brooklyn Heights routinely rank among the priciest to enter contract in the borough’s weekly market reports. Last month, a buyer signed a contract for a renovated townhouse in the neighborhood with a $14 million asking price.

Of the 17 contracts inked, seven were for condos and 10 were for townhouses.

The average asking price for the homes was $3.3 million, which works out to $1,388 per square foot. The typical home received a 2 percent average discount from the initial asking price and spent 113 days on the market.