Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: August 17 - 23, 2020

WEEKLY REPORT August 17 – 23, 2020

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

All Properties Listed at $2.25MM and Above

NEW TO MARKET Thirteen properties priced above $2.25MM hit the market this week. While this marks the third consecutive week of decreasing new listings, average asking price just above last week at $3.47MM. Median asking price is $2.75MM, which is down by 2% week-over-week. Average PPSF is $1,284 across these property types. Total volume is $45.07MM. Of the 9 townhouse resales, top asking price of $6MM belongs to the 6-bedroom, two-family home at 226 Lincoln Place in Park Slope. For these resales, average asking price is down 2% on the week, and furthermore by 21% on the month. However, the increase of higher asking prices show up in the median asking price, which is up by 1% on the week and by 3% on the month. Average PPSF is $1,186, which is 8% above the previous week.

13

Listings

$3,467,077

Average Asking Price

$2,750,000

Median Asking Price

$1,284

Average PPSF

$45,072,000 Total Volume

Looking at the 3 condo resales, top asking price of $4.75MM belongs to one of two 5-bedroom homes at 265 State Street (also known as The Boerum) in Boerum Hill. Average asking price is $3.35MM, an increase of 31% compared to the week before.

Average PPSF is level with the prior week at $1,604.

Only one sponsor unit is new this week. In Carroll Gardens, the garden unit at 314 Degraw Street is listed for $2.50MM. Compared with the two sponsors in Williamsburg last week, this is asking for 19% less on a price per square foot basis.

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & VĂślkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

9

–

Average Asking Price

$3,613,667

–

Median Asking Price

$3,295,000

–

$1,186

–

Total Volume

$32,523,000

– –

CONDOS

Resale

Sponsor

3

1

Average Asking Price

$3,349,667

$2,500,000

Median Asking Price

$2,750,000

$2,500,000

$1,604

$1,212

$10,049,000

$2,500,000

Resale

Sponsor

Listings

–

–

Average Asking Price

–

–

Median Asking Price

–

–

Average PPSF

–

–

Total Volume

–

–

Listings

Average PPSF

Listings

Average PPSF Total Volume

CO-OPS

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

All Properties Listed at $2.25MM and Above

IN CONTRACT Fourteen properties entered contract this week at $2.25MM and above, ten more than the previous week. Although having over $55 million worth of luxury residential property under contract in our tracked neighborhoods is certainly impressive, half of these were first listed pre-Covid and some spent upwards of 300 days on market to be pending sale. Average asking price is $3.96MM, which is up week-overweek by 43%. However, accounting for the positive skew, median asking of $2.77MM shows this week’s prices are just 1% above last week’s.

Of the 9 townhouse resales, the three-family home at 52 Remsen Street in Brooklyn Heights entered contract with the top asking price of $12.695MM after 259 days on market. While this had no price adjustments, other properties above $3.5MM lowered ask by around 4%. A far second price-wise, the 6bedroom home at 559 1st Street in Park Slope entered contract at $4.745MM after 191 days.

Average PPSF is $1,033, which is level with the previous week but down on the month.

Of the four condo resales, top asking price of $7.15MM belongs to the triplex penthouse unit at 90 Furman Street, #N1010 (also known as Pierhouse) in Brooklyn Heights. The second priciest resale is the garden triplex at 443 Bergen Street, #1 in Park Slope, entering contract at $2.595MM after only 28 days on market. For these, while average asking price is up 35% WoW at $3.66MM, PPSF is level at $1,547.

14

Deals

$3,959,286

Average Asking Price

$2,772,500

Median Asking Price

$1,226

Average PPSF

-1.66%

Average Discount

93

Average Days On Market

$55,430,000 Total Volume

The sponsor unit at 423 3rd Street, #3 in Park Slope had contracts signed with a last ask of $2.25MM after 101 days on market. @E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

9

–

Average Asking Price

$4,284,444

–

Median Asking Price

$3,195,000

–

$1,033

–

$38,560,000

–

107

–

Resale

Sponsor

4

1

Average Asking Price

$3,655,000

$2,250,000

Median Asking Price

$2,545,000

$2,250,000

$1,547

$1,682

$3,655,000

$2,250,000

59

101

Resale

Sponsor

Deals

–

–

Average Asking Price

–

–

Median Asking Price

–

–

Average PPSF

–

–

Total Volume

–

–

Average Days on Market

–

–

Deals

Average PPSF Total Volume Average Days on Market

CONDOS Deals

Average PPSF Total Volume Average Days on Market

CO-OPS

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

NOTABLE PROPERTIES New To Market Properties Listed at $2.25MM and Above

226 Lincoln Place

292 Hicks Street

265 State Street, #1801

PARK SLOPE

BROOKLYN HEIGHTS

BOERUM HILL

Townhouse

Townhouse

Condominium

6bd,5ba – 5,000 sq ft

5bd,4ba – 3,360 sq ft

5bd,4.5ba – 2,821 sq ft

$6,000,000 / $1,200 psf

$5,995,000 / $1,784 psf

$4,750,000 / $1,684 psf

I n Contract Properties Listed at $2.25MM and Above

52 Remsen Street

90 Furman Street, #N1010

559 1st Street

BROOKLYN HEIGHTS

BROOKLYN HEIGHTS

PARK SLOPE

Townhouse

Condominium

Townhouse

8bd,6ba – 7,675 sq ft

4bd,3.5ba – 3,190 sq ft

6bd,3ba – 5,045 sq ft

$12,695,000 / $1,654 psf

$7,150,000 / $2,241 psf

$4,745,000 / $941 psf

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Völkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 17 – 23, 2020

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & VĂślkers Brownstone Brooklyn) and are intended for informational purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawal without notice. Property information was gathered through PerchwellTM, PropertySharkTM, NYC.gov, and other sources deemed reliable. Methodology subject to change.