Brooklyn luxury contracts surge, marking $119M in deals last week
NATALIE SACHMECHI Reprinted from CRAIN'S New York Business February 07, 2022
Deal volume increased by more than 60% from the previous week
Brooklyn had a banner week last week for luxury homes priced at $2 million or more, the borough saw a surge in contracts, joining Manhattan as the city's real estate market comes out of a not-so- quiet winter season. Here's what the data looks like.
Deal volume - The borough saw 34 signed contracts during the week ending Feb. 6-13 condos and 21 houses. That's a 62% increase from the previous week and double the 17 contracts signed the week before. The deals totaled just over $119 million last week, up from nearly $70 million the previous week.
Prices - The average asking price increased to $3,501,500 from $3,319,043 the week before, but the average discount also increased from 1 % to 3%, signaling continued strength in landlord negotiating power as demand for properties in New York City maintains momentum. The average price per square foot decreased from $1,486 during the week ending Jan. 30 to $1,310 per square foot last week.
Neighborhoods - The top two deals were both located at Fortis Property Group's newly-built 30 Front St. in Dumbo one with a last asking price of $12.9 million, and the other at almost $7.8 million. A third contract was signed there last week for nearly $3 million.
The fully-amenitized building has a garden lounge, a game lounge, a full-size tennis court and lap pool, a gym and a bowling alley.
The second-largest contract signed the week ending Jan. 30 was also at 30 Front St.-a $5.2 million unit.
Nearly a quarter of last week's total deals were located in Park Slope, and other contracts were signed in neighborhoods including Greenpoint, Prospect Heights, Bedford-Stuyvesant and Williamsburg.
