T
he Brooklyn luxury real estate market showed a promising trend last week, with 15 properties entering contract between August 19th and August 25th, a number that matched the same period last year, according to Compass's weekly report on homes in Brooklyn priced at $2 million or more. These properties consisted of one co-op, eight townhouses, and six condos, with a median asking price of $2.8 million, slightly above the median asking price of $2.7 million recorded in the same period last year.

    However, the days on market for these properties decreased significantly compared to last year, falling to 83 days from 142 days in the same period in 2019. This decline is part of a month-long trend of decreasing days on market for Brooklyn's luxury contracts compared to last year. The drop was particularly pronounced last week, where days on market fell by 34 percent, and the week before, where it fell by 62 percent.

    This surge in demand for Brooklyn's luxury properties is happening at a time when mortgage rates are falling across the city. The top contract of the week was a Prospect Heights townhouse located at 576 Bergen Street, which was last listed for $5.2 million. The 3,600-square-foot brownstone has five bedrooms, four bathrooms, and a rear garden with a deck. The property has recently undergone renovation, which includes herringbone oak floors, a new HVAC system, and new windows. The property was previously sold for $4.9 million in 2022. The home was on the market for 31 days before it was snapped up, thanks in part to its recent renovation and the ability to close quickly.

    The second most expensive contract of the week was for unit 20C at 50 Bridge Park Drive, also known as Quay Tower. This three-bedroom, three-bathroom condo spans 1,786 square feet and had a last asking price of almost $3.6 million. The apartment features floor-to-ceiling windows and a primary bedroom with an en-suite marble bathroom. The building offers a range of amenities, including a 24-hour concierge, fitness center, rooftop lounge, and music room. The building has consistently been one of the top performers in the Brooklyn luxury market, with penthouse 1C going into contract in July for a last asking price of nearly $8 million and another penthouse inking a contract for $10 million in February. The listing for unit 20C was handled by Serhant's Jim Hayes.