Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: June 22 - 28, 2020

WEEKLY REPORT June 22 – 28, 2020

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT June 22 - 28, 2020

All Properties Listed at $2.25MM and Above

NEW TO MARKET There were 23 new properties priced above $2.25MM put on the market this week. With hopes for pent-up demand at the high end of the property market incited

by Phase 3 reopening, average asking price is 11% above last week’s average asking price, at $3.75MM. Furthermore, median asking is up 22% week-overweek, at $3.50MM. Average price per square foot (PPSF) is $1,345, which is a 4% increase from last week's average PPSF. Total volume is $86.26MM. Of the 14 townhouse resales, top asking price of $6.45MM belongs to the single-family home at 178 8th Avenue in Park Slope. Average asking price for these resales is up 8% from last week. In addition, PPSF is up 12% week-over-week at $1,182PSF. On the condominium side of the market, top asking price of $6.20MM belongs to a resale penthouse unit at 1 John Street in DUMBO. Average asking price for these condo resales is up 16% from last week, however, PPSF is down slightly by 8%.

23

Listings

$3,750,609

Average Asking Price

$3,500,000

Median Asking Price

$1,345

Average PPSF

$86,264,000 Total Volume

The sole sponsor unit put on the market this week is the 3-bedroom, 2-bathroom duplex unit at 220 Park Place, #4E (also known as Twine on Park) in Prospect Heights. Compared with last week's two sponsor units, average asking price is 10% higher and PPSF is 43% above last week's asking at $1,825PSF. 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 & 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 June 22 - 28, 2020

New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

14

–

Average Asking Price

$3,901,786

–

Median Asking Price

$3,822,500

–

$1,182

–

Total Volume

$54,625,000

–

CONDOS

Resale

Sponsor

8

1

Average Asking Price

$3,517,375

$3,500,000

Median Asking Price

$2,695,000

$3,500,000

$1,571

$1,825

$28,139,000

$3,500,000

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 June 22 - 28, 2020

All Properties Listed at $2.25MM and Above

IN CONTRACT Three deals listed above $2.25MM went into contract this week: two townhouse resales and one condominium sponsor unit. Compared with last week, this week's average asking price is down by 19%.

Additionally, average PPSF is down by 28% to $1,051PSF. Average days on market is 171 days.

3

Deals

$2,548,000

Average Asking Price

$2,499,000

Looking at townhouse resales, the 6-bedroom, 5bathroom two-family home at 511 Macon Street in Bedford-Stuyvesant entered contract with the top asking price of $2.75MM after 153 days on market. In Park Slope, the $2.499MM single-family home at 356A Prospect Avenue entered contract in 191 days.

For these deals, average asking price and PPSF are both lower than last week, notably PPSF by 34% to $908PSF.

Median Asking Price

The sponsor penthouse unit at 148 West Street in Greenpoint had contracts signed with a last ask of $2.395MM, which is impressively 6.44% above its original ask. However, compared with last week's sponsor unit in Brooklyn Heights, this asking price is lower by 28% and PPSF by 21%. More information on these deals is shown on page 6 of this report.

Average Discount

$1,051

Average PPSF

-0.05% 171

Average Days On Market

$7,644,000 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 June 22 - 28, 2020

In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

2

–

Average Asking Price

$2,624,500

–

Median Asking Price

$2,624,500

–

$908

–

$5,249,000

–

172

–

Resale

Sponsor

Deals

–

1

Average Asking Price

–

$2,395,000

Median Asking Price

–

$2,395,000

Average PPSF

–

$1,336

Total Volume

–

$2,395,000

Average Days on Market

–

169

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

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 June 22 – 28, 2020

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

178 8 t h Avenue

1 John Street, #PHD

179 Bergen Street

PARK SLOPE

DUMBO

BOERUM HILL

Townhouse

Condominium

Townhouse

5bd,3.5ba – 6,053 sq ft

4bd,3.5ba – 2,539 sq ft

5bd,3ba – 3,104 sq ft

$6,450,000 / $1,066 psf

$6,200,000 / $2,441 psf

$5,400,000 / $1,740 psf

I n Contract Properties Listed at $2.25MM and Above

511 Macon Street

356A Prospect Avenue

148 West Street, #PH

COBBLE HILL

COBBLE HILL

COBBLE HILL

Townhouse

Townhouse

Condominium

6bd,5.5ba – 3,550 sq ft

3bd,2.5ba – 2,400 sq ft

3bd,2ba – 1,792 sq ft

$2,750,000 / $775 psf

$2,499,000 / $1,041 psf

$2,395,000 / $1,336 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 June 22 – 28, 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.