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s Brooklyn's fall foliage reaches its peak, luxury buyers are flocking to townhouses nestled behind the city's iconic oak and maple trees. For the fourth consecutive week, townhouses dominated the top contracts in Brooklyn, with prices exceeding $2 million, according to Compass' latest report.
This surge has propelled Brooklyn's luxury market to nearly double its volume from last year, with a total of $218 million in contracts signed over the first three weeks of October this year, compared to $117 million last year. Last week alone saw 24 contracts signed, including 15 townhouses, eight condos, and one co-op, with a median asking price of $2.8 million.
In contrast to last year's numbers, which saw only 11 contracts signed for $31 million, this year's deals came with a 1% discount rate and spent an average of 103 days on the market, down from 204 days last year. The most expensive contract was 69 Orange Street in Brooklyn Heights, a 2,750-square-foot Federal-style townhouse built in 1829 and owned by Sarah Gracie's family at one point.
The property, which has never been listed before, features original handrails, woodworking, and moldings, as well as four bedrooms, two full bathrooms, a library, and a backyard. Douglas Elliman's Monica Luque had the listing. The second priciest contract was 355 Henry Street in Cobble Hill, a 22-foot-wide townhouse with four bedrooms, three full bathrooms, and a roof deck.
Renovated into a townhome in 2012, this property originally served as a student nurses' home for Long Island College Hospital after it was built in 1902 by William C. Hough. The property last traded in 2020 for $4.7 million, with Elliman's Aran Scott, Anthony Robles, and Peter Perez handling the listing.
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