Brooklyn Luxury Market Sees $59M In Deals Dec. 2020

From left: 292 Hicks Street and 1 Clinton Street in Brooklyn (Photos via StreetEasy and 1 Clinton BK)

In the second to last week of 2020, the number of contracts signed for Brooklyn properties asking $2 million or more remained the same as the past week, while the total sales volume increased slightly.

In all, 18 contracts were signed for a total of $59 million, according to Compass’ weekly report on Brooklyn’s luxury market. Of those, eight were for townhouses and eight were for condos — and in a break with the past couple of weeks, two co-op contracts were also in the mix.

The total figure is much lower than was reported at the beginning of the month, when 26 deals were signed for a combined $88.2 million. But it’s still better than the start of the pandemic, when only a few contracts were being signed per week.

It’s also an improvement over roughly the same week last year, when just nine contracts were signed.

The most expensive property that went into contract was a townhouse at 292 Hicks Street in Brooklyn Heights, which was last listed for $5.995 million, or $1,785 per square foot. The 3,360-square-foot home is in the Brooklyn Heights Historic District, but it was recently renovated to add modern amenities, including smart home features and a landscaped back garden. It has five bedrooms and five bathrooms.

The second-priciest property was a condo at 1 Clinton Street, a rare ground-up new development in Brooklyn Heights. The four-bedroom, three-and-a-half bathroom apartment spans 2,308 square feet, and was last asking $5.338 million (or a whopping $2,313 per square foot). The building was developed by Hudson Companies, and is rising on a site that was once occupied by a branch of the Brooklyn Public Library. (A new library branch is located on the building’s ground floor.)

Another thing that remains unchanged: Townhouses were the better deal for buyers, with an average asking price per square foot of $978. Condos were once again the priciest properties, with a median asking price of $3.34 million and an average price per square foot of $1,726.

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