Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: July 13 - 19, 2020

WEEKLY REPORT July 13 – 19, 2020

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT July 13 - 19, 2020

All Properties Listed at $2.25MM and Above

NEW TO MARKET There were 21 new properties priced above $2.25MM put on the market this week. While there is less new inventory this week, average asking price is 18% above last week’s, returning to previous levels at $3.76MM. In addition, PPSF appears to be stabilizing at $1,284, which is a 4% decrease week-over-week.

Total volume is $78.91MM. Of the 11 townhouse resales, top asking price of $5.10MM belongs to the two-family home at 556 3rd Street in Park Slope. Average asking for these resales is up 6% from last week. PPSF is up marginally compared with last week at $1,023PSF. For condos, top asking price of $7.25MM belongs to a resale penthouse unit at 429 Kent Avenue (also known as Oosten) in Williamsburg. Average asking for these condo resales is up 29% from last week, at $3.97MM.

21

Listings

$3,757,500

Average Asking Price

$3,395,000

Median Asking Price

$1,284

Average PPSF

$78,907,500 Total Volume

Four sponsor units are new to market this week. In Carroll Gardens, 50 1st Place, a five-unit brownstone turned boutique condominium building, listed its garden unit for $2.75MM. Average asking and PPSF are both up this week, by 18% and 4% respectively.

The co-op at 160 Henry Street, #9C in Brooklyn Heights is listed for $3.995MM. Comparing with last week’s two co-ops in the neighborhood, this week's co-op is listed for 7% lower on a price per square foot basis. A selection of these notable properties is shown on page 6 of this report.

@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 July 13 - 19, 2020

New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

11

–

Average Asking Price

$3,777,500

–

Median Asking Price

$3,990,000

–

$1,023

–

Total Volume

$41,552,500

– –

CONDOS

Resale

Sponsor

5

4

Average Asking Price

$3,968,000

$3,380,000

Median Asking Price

$3,395,000

$3,025,000

$1,625

$1,563

$19,840,000

$13,520,000

Resale

Sponsor

1

–

Average Asking Price

$3,995,000

–

Median Asking Price

$3,995,000

–

$1,332

–

$3,995,000

–

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 July 13 - 19, 2020

All Properties Listed at $2.25MM and Above

IN CONTRACT Seven deals listed above $2.25MM went into contract this week: three townhouse resales, three condominium resales, and one condominium sponsor unit. Compared with last week, this week's average asking price is down by 22%. However, average PPSF is up by 11% to $1,379PSF. Average days on market is 87 days.

Looking at townhouse resales, the 4-bedroom, 3bathroom two-family home at 526 11th Street in Park Slope entered contract with the top asking price of $2.75MM after 36 days on market. In Bed-Stuy, the $2.499MM home at 366 Greene Avenue had contracts signed after 159 days. For these deals, average asking price is significantly down from last week by 36% to $2.53MM. However, PPSF is up by 22% week-over-week, at $1,189PSF. Of the three condo resales, top asking price of $2.899MM belongs to the 2-bedroom, 2-bathroom home at 1 John Street, #5C in DUMBO. While average asking price is marginally down on the week, PPSF is strongly increasing at $1,587PSF. Average days on market is 114 days.

The sponsor penthouse unit at 8 Saint Marks Place in Boerum Hill had contracts signed with a last ask of $2.495MM after 10 days on market. More information on these deals is shown on page 6 of this report.

7

Deals

$2,545,429

Average Asking Price

$2,499,000

Median Asking Price

$1,379

Average PPSF

1.25%

Average Discount

87

Average Days On Market

$17,818,000 Total Volume

@E VBrownstoneBrooklyn brownstonebrooklyn.evrealestate.com

All materials presented herein are prepared by Brennan Realty Services LLC, (d/b/a Engel & Vรถlkers 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 July 13 - 19, 2020

In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

3

–

Average Asking Price

$2,533,000

–

Median Asking Price

$2,499,000

–

$1,189

–

$7,599,000

–

85

–

Resale

Sponsor

3

1

Average Asking Price

$2,574,667

$2,495,000

Median Asking Price

$2,575,000

$2,495,000

$1,587

$1,331

$2,574,667

$2,495,000

114

10

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 July 13 – 19, 2020

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

429 Kent Ave, #PH3

556 3rd Street

215 Clermont Avenue

WILLIAMSBURG

PARK SLOPE

FORT GREENE

Condominium

Townhouse

Townhouse

5bd,6.5ba – 5,091 sq ft

5bd,4.5ba – 4,300 sq ft

6bd,5ba – 5,000 sq ft

$7,250,000 / $1,424 psf

$5,100,000 / $1,186 psf

$4,995,000 / $999 psf

I n Contract Properties Listed at $2.25MM and Above

1 John Street, #5C

526 11th Street

72 Poplar Street, #2B

DUMBO

PARK SLOPE

BROOKLYN HEIGHTS

Condominium

Townhouse

Condominium

2bd,2ba – 1,492 sq ft

4bd,3ba – 2,442 sq ft

3bd,3ba – 1,598 sq ft

$2,899,000 / $1,943 psf

$2,750,000 / $1,126 psf

$2,575,000 / $1,611 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 July 13 – 19, 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.