Manhattan’s luxury market is on the decline, but things are looking up in Brooklyn. At least that’s what NYDN data whiz Ari Harkov says, reporting that Brooklyn’s luxury market is “very robust” and “potentially even on the upswing” compared to its borough neighbor. It’s important to note that there’s a disparity in what defines the luxury market in Manhattan ($10 million-plus) and Brooklyn ($2 million-plus).
Harkov says that in October alone, 43 contracts were signed for condos, co-ops, and townhouses in Brooklyn priced at or over $2 million. Brooklyn sales prices have let up since their peak last year, but what’s interesting about October was that the sales market was dominated by brownstones. Their price per square foot typically falls below that of new condo construction, at about $1,200/square foot.
No surprise here: the stretch of brownstone Brooklyn from Brooklyn Heights to Cobble Hill were the borough’s highest achievers in October. Brooklyn Heights led the pack with an average asking price of $3.8 million, and $26.6 million in total sales. (In comparison to Manhattan, the total sales price is more equivalent to the price of one Upper East Side townhouse.)
Cobble Hill followed with $18.6 million in sales, dominated by the gas station-replacing development on the corner of Henry Street and Atlantic Avenue. Six of the eight apartments at 325 Henry Street are now off the market. Apartments in the boutique building net $1,800/square foot on average, significantly lower than the neighborhood average of $2,773/square foot.
The two priciest sales in the borough last month were a $7.95 million brownstone on Grace Court in Brooklyn Heights, and a $7.5 million townhouse on First Place in Carroll Gardens.