Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: August 10 - 16, 2020

WEEKLY REPORT August 10 – 16, 2020

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

BROWNSTONE BROOKLYN LUXURY MARKET REPORT

WEEKLY REPORT August 10 – 16, 2020

All Properties Listed at $2.25MM and Above

NEW TO MARKET There were 15 new properties priced above $2.25MM put on the market this week. While average asking price is 3% above the prior week’s, median asking is 11% lower. In addition, PPSF is $1,215, which is a 13% decrease week-over-week and 5% decrease month-over-month. Total volume is $51.46MM.

15

Listings

$3,430,600

Average Asking Price

$2,795,000

Of the 11 townhouse resales, top asking price of $5.80MM belongs to the two-family home at 277 Greene Avenue in Clinton Hill. The property is also listed as two rental units available for $15,000 and $4,500 per month. Average asking for these resales is up 8% from last week. PPSF is down by 2% on the week, but up by 7% on the month at $1,097PSF.

Median Asking Price

For the two condo resales, top asking price of $2.699MM belongs to the two-bedroom home at 2 Northside Pier, #30P in Williamsburg. Compared with last week, these two in Williamsburg are asking for 10% less on a price per square foot basis at $1,583PSF.

$51,459,000

$1,215

Average PPSF

Total Volume

The two sponsor units new to market this week are also in Williamsburg. Top asking price of $3.05MM belongs to the penthouse unit at 76 North 6th Street.

Average PPSF is $1,498, which is 15% below last week’s levels but only 4% below last month’s. 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 August 10 – 16, 2020

New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

11

–

Average Asking Price

$3,701,364

–

Median Asking Price

$3,250,000

–

$1,097

–

Total Volume

$40,715,000

– –

CONDOS

Resale

Sponsor

2

2

Average Asking Price

$2,549,500

$2,822,500

Median Asking Price

$2,549,500

$2,822,500

$1,583

$1,498

$5,099,000

$5,645,000

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 10 – 16, 2020

All Properties Listed at $2.25MM and Above

IN CONTRACT Only four deals listed above $2.25MM went into contract this week. Compared with last week, this week's average asking price is down 20%. However, compared with last month, it is up 9%. Average PPSF is up by 7% over the prior week, and more notably, by 17% over the prior month. Average days on market is 87 days.

Looking at the sole townhouse resale, the 5-bedroom, 3.5-bathroom two-family home at 446A Classon Avenue in Clinton Hill entered contract at $2.75MM after 27 days on market. The PPSF of $1,023 is 14% below levels from the prior week.

Of the two condo resales, top asking price of $2.75MM belongs to the 3-bedroom penthouse unit at 440 Atlantic Avenue, #PH2 in Boerum Hill. The 1,687 square foot condo entered contract after a price drop of 6.78% and 46 days on market. Average asking price for these resales is down by 22% week-overweek, but up by 5% month-over-month. PPSF is down on both periods by 6% and 3%, respectively, to $1,544PSF. Average days on market is 41 days.

The sole sponsor unit under contract this week is a 3bedroom penthouse unit at 98 Front Street, #PH3E in DUMBO. The property spent 235 days on market before entering contract with a last ask of $2.95MM. On a price per square foot basis, this unit is asking for 75% above levels sponsor units were trading at the prior month. More information on these deals is shown on page 6 of this report.

4

Deals

$2,775,000

Average Asking Price

$2,750,000

Median Asking Price

$1,608

Average PPSF

-1.70%

Average Discount

87

Average Days On Market

$11,100,000 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 10 – 16, 2020

In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

1

–

Average Asking Price

$2,750,000

–

Median Asking Price

$2,750,000

–

$1,023

–

$2,750,000

–

30

–

Resale

Sponsor

2

1

Average Asking Price

$2,700,000

$2,950,000

Median Asking Price

$2,700,000

$2,950,000

$1,544

$2,323

$2,700,000

$2,950,000

41

235

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 10 – 16, 2020

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

277 Greene Avenue

58 Tompkins Place

76 North 6 t h Street, #PH

CLINTON HILL

COBBLE HILL

WILLIAMSBURG

Townhouse

Townhouse

Condominium

6bd,6.5ba – 5,850 sq ft

4bd,3ba – 2,295 sq ft

3bd,3ba – 1,896 sq ft

$5,800,000 / $991 psf

$5,300,000 / $2,309 psf

$3,050,000 / $1,609 psf

I n Contract Properties Listed at $2.25MM and Above

98 Front Street, #PH3E

446A Classon Avenue

440 Atlantic Avenue, #PH2

DUMBO

CLINTON HILL

BOERUM HILL

Condominium

Townhouse

Condominium

3bd,2ba – 1,270 sq ft

5bd,3.5ba – 2,688 sq ft

3bd,2ba – 1,708 sq ft

$2,950,000 / $2,323 psf

$2,750,000 / $1,023 psf

$2,750,000 / $1,610 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 10 – 16, 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.