Brooklyn Sees $7.5M Townhouse Lead in $3M Avg Luxury Market

Key Takeaway

• Brooklyn's luxury market saw 26 homes, priced $2 million and above, enter contract last week, with a new construction townhouse at 390 Degraw Street topping the list at $7.5 million.
• The average asking price among these luxury properties was $3 million, averaging $1,451 per square foot and spending an average of 120 days on the market.
• Notable sales included a historic carriage house at 253 Hicks Street for $5.5 million and potential for a record sale with Glossier founder Emily Weiss eyeing a $22 million property.

Brooklyn's Luxury Market: A Tale of Tradition and Modernity

Last week, Brooklyn's luxury real estate market showcased its diversity and resilience, with a blend of historic charm and modern elegance leading the sales. According to Compass' latest weekly report, the borough saw significant activity with 26 homes, each asking $2 million or more, entering contracts. This level of activity mirrors the previous period, indicating a steady demand in the high-end market segment. The spotlight was on a newly constructed townhouse and a historic carriage house, which were the crown jewels of last week's market, fetching the highest prices among the listings.

High-End Highlights: From Carroll Gardens to Brooklyn Heights

The most coveted property of the week was a sprawling townhouse at 390 Degraw Street in Carroll Gardens, boasting an asking price of $7.5 million. This 3,200-square-foot residence is not just about its size; it offers five bedrooms, four bathrooms, a finished basement, an elevator, a yard, and a roof deck, encapsulating luxury living in Brooklyn. Following closely was a piece of Brooklyn's history, a two-story carriage house at 253 Hicks Street in Brooklyn Heights, with an asking price of $5.5 million. This property, designed by the renowned architect William Tubby in the late 1800s, features five bedrooms, two bathrooms, a landscaped roof deck, and a 25-foot-wide great room with a wood-burning fireplace, showcasing the architectural heritage and luxury that Brooklyn Heights is known for.

The Dynamics of Brooklyn's Luxury Real Estate

The luxury market in Brooklyn is not just about the high price tags but also about the rich history and modern amenities that these properties offer. The average asking price among the 26 contracts was $3 million, translating to approximately $1,451 per square foot. These homes spent an average of 120 days on the market, with a modest average discount of 2 percent from the listing price, indicating a relatively balanced market where luxury homes continue to attract buyers willing to invest in unique and high-quality properties.

A Market of Diversity and Desirability

Brooklyn's luxury real estate market is a testament to the borough's appeal, combining historical significance with contemporary luxury. The diversity in the types of properties, from townhouses to condos, and the range of architectural styles, from new constructions to historic homes, reflect the varied tastes and preferences of high-end buyers. This market dynamic not only underscores Brooklyn's status as a desirable location for luxury living but also highlights the borough's ability to cater to a wide spectrum of luxury buyers, from those seeking modern amenities to those charmed by historical allure.