Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: August 24 - 30, 2020

WEEKLY REPORT August 24 – 30, 2020

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 24 – 30, 2020

All Properties Listed at $2.25MM and Above

NEW TO MARKET Ten properties priced above $2.25MM are new to market this week. Continuing with last week’s reported observations, it appears the weekly decline of new inventory (now by 23%) is perching up average sales price by 5% over the last week to $3.65MM. Average PPSF is hovering around $1,276, which is down from the previous week by 1% but up on the month by 5%. Total volume is $36.52MM. Of the 6 townhouse resales, top asking price of $10.495MM belongs to the single-family home at 15 Willow Street in Brooklyn Heights. A far second pricewise, the 7-bedroom home at 104 Graham Avenue in Williamsburg is listed at $4MM. For this week’s resales, while average asking price of $4.26MM is positively skewed by the top asking, median asking price is $3.05MM, which is 7% down from last week and 5% from last month. Average PPSF is $1,111.

10

Listings

$3,652,400

Average Asking Price

$2,649,500

Median Asking Price

$1,276

Average PPSF

$36,524,000 Total Volume

Looking at the 2 condo resales, top asking price of $2.799MM belongs to the 2-bedroom home at 1 John Street, #9C in DUMBO, which was last listed in May 2019 for $3.125MM. Over in Greenpoint, the 3bedroom duplex at 108 India Street, #2 is listed at $2.40MM, 6.67% above its last asking in January this year. On a price per square foot basis, these two resales are listed for 2% higher WoW and 27% MoM. One sponsor unit at 623 Leonard Street, #2 in Greenpoint is listed this week. Compared with last week’s sponsor unit in Carroll Gardens, this is asking for 32% more on a PPSF basis at $1,597PSF. For co-ops, the 3-bedroom home at 35 Prospect Park West, #14C in Park Slope is listed for $3.25MM. @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 24 – 30, 2020

New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

6

–

Average Asking Price

$4,262,500

–

Median Asking Price

$3,050,000

–

$1,111

–

Total Volume

$25,575,000

– –

CONDOS

Resale

Sponsor

2

1

Average Asking Price

$2,599,500

$2,500,000

Median Asking Price

$2,599,500

$2,500,000

$1,638

$1,597

$5,199,000

$2,500,000

Resale

Sponsor

1

–

Average Asking Price

$3,250,000

–

Median Asking Price

$3,250,000

–

$1,226

–

$3,250,000

–

Listings

Average PPSF

Listings

Average PPSF Total Volume

CO-OPS Listings

Average PPSF Total Volume

@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 24 – 30, 2020

All Properties Listed at $2.25MM and Above

IN CONTRACT Six properties entered contract this week at $2.25MM and above, less than half of the previous week.

Median asking price is $2.82MM, a 2% increase from last week. Average PPSF is 5% above the previous week at $1,293, and more notably by 8% above the previous month. Although there are fewer properties entering contract this week, their average days on market is just over 2 months. A key feature among these properties is access to private outdoor space.

The two-family home at 126 Hancock Street in BedStuy is the only townhouse resale to have contracts signed this week, with a last ask of $3.495MM and 63 days on market. Its PPSF is 20% lower than resales from the previous week at $831PSF. Of the two condo resales, top asking price of $3.295MM belongs to the 2.5-bedroom corner loft at 85 N Third Street, #505 in Williamsburg, listed already in contract. The 3-bedroom loft at 535 Dean Street, #809 entered contract with a last ask of $2.25MM after 67 days on market. Compared with last week, these are 13% less on a PPSF basis.

Two sponsor units this week are both condo conversions. In Park Slope, 184 Lincoln Place, #1 entered contract at $2.895MM after 66 days on market. In Carroll Gardens, 145 Huntington Street, #1 entered contract at $2.75MM after 48 days. Average PPSF is $1,141, which is 32% below last week.

6

Deals

$2,872,500

Average Asking Price

$2,822,500

Median Asking Price

$1,293

Average PPSF

0.31%

Average Discount

66

Average Days On Market

$17,235,000 Total Volume

The 2-bedroom co-op at 8 Old Fulton Street, #1W had contracts signed at $2.55MM after 67 days on market from when it was first listed in January and removed in March. @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 24 – 30, 2020

In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

1

–

Average Asking Price

$3,495,000

–

Median Asking Price

$3,495,000

–

$831

–

$3,495,000

–

63

–

Resale

Sponsor

2

2

Average Asking Price

$2,772,500

$2,822,500

Median Asking Price

$2,772,500

$2,822,500

$1,342

$1,141

$2,772,500

$5,645,000

36

58

Resale

Sponsor

1

–

Average Asking Price

$2,550,000

–

Median Asking Price

$2,550,000

–

$1,962

–

$2,550,000

–

67

–

Deals

Average PPSF Total Volume Average Days on Market

CONDOS Deals

Average PPSF Total Volume Average Days on Market

CO-OPS Deals

Average PPSF Total Volume Average 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 24 – 30, 2020

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

15 Willow Street

35 Prospect Park West, #14C

1 John Street, #9C

BROOKLYN HEIGHTS

PARK SLOPE

DUMBO

Townhouse

Co-Op

Condominium

6bd,5ba – 6,200 sq ft

3bd,3ba – 2,650 sq ft

2bd,2ba – 1,489 sq ft

$10,495,000 / $1,693 psf

$3,250,000 / $1,226 psf

$2,799,000 / $1,880 psf

I n Contract Properties Listed at $2.25MM and Above

126 Hancock Street

85 North 3 r d Street, #505

184 Lincoln Place, #1

BED-STUY

WILLIAMSBURG

PARK SLOPE

Townhouse

Condominium

Condominium

8bd,4ba – 4,205 sq ft

2bd,2.5ba – 2,250 sq ft

3bd,2.5ba – 2,549 sq ft

$3,495,000 / $831 psf

$3,295,000 / $1,464 psf

$2,895,000 / $1,136 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 24 – 30, 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.