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New York

Brooklyn’s luxury market notches another slow week

Just 10 contracts signed for homes asking $2M or more

Brooklyn’s Luxury Market Notches Another Slow Week
From left: 357 Hoyt Street and 58 Saint Marks Place in Brooklyn (Getty, Google Maps)

Buyers for luxury homes in Brooklyn continued to dwindle last week, as the market trudges through a sluggish August. 

The borough saw just 10 contracts signed for homes asking $2 million or more between Aug. 7 and Aug. 13, according to Compass’ weekly report. The total was down from the 14 inked the previous period and marked the second week in a row with zero contracts for homes asking more than $4 million.

The priciest home to find a buyer last week was 357 Hoyt Street in Carroll Gardens, with a last asking price of just under $4 million. The 2,450-square-foot brownstone, built in 1874, has four bedrooms and three bathrooms. 

The single-family home also features a gated forecourt, library with a wood-burning fireplace and backyard with a brick patio. 

Compass’ Brian Babst had the listing.

The second most expensive home to enter contract last week was a penthouse at 58 Saint Marks Place in Boerum Hill, last asking $3.5 million. The condo, built in 2020, spans 1,800 square feet and has three bedrooms and two bathrooms.

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Unit PH1202 also features more than 900 square feet of outdoor space, including a roof terrace, as well as white oak floors and southern and eastern facing views. Amenities in the 100-unit building include a full-time attended lobby, on-site parking and fitness and wellness facilities. 

An in-house team heads sales at the Saint Marks Place building.

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Other units at the Boerum Hill development have topped weekly contract reports, including Unit 516. The 2,300-square-foot duplex entered contract in March with an asking price of $4.7 million.

Of the 10 contracts signed last week, four were for condos, one was for a co-op and five were for townhouses. 

The average asking price for the homes was $2.7 million with an average price per square foot of $1,244. The typical home received a 5 percent discount from the asking price and spent 197 days on the market.

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BrooklynCompassLuxury Real EstateNyc Market Reports