Brooklyn’s luxury condominium market showed signs of recovery last week, with a notable increase in contract activity. According to Compass’ weekly report on contracts signed for homes asking at least $2 million between September 8 and September 14, there were 19 contracts signed—15 condos and four houses—with a total asking volume of $55 million.
This represents an uptick compared to previous weeks. The prior week saw 15 contracts—10 condos and five houses—for a combined asking volume of $41 million. During the same period last year, only nine luxury contracts were signed in Brooklyn, totaling $27 million.
The highest-priced contract last week was for Unit 4F at 1 Grand Army Plaza in Prospect Heights. The four-bedroom, three-bathroom unit spans 3,200 square feet. It was listed in March for $5.75 million before undergoing a price reduction. Public records show the seller purchased the unit for $2.5 million in 2009.
The property features a large great room that opens onto a balcony overlooking Prospect Park. The primary suite includes a walk-in closet and an en-suite bathroom with spa tub, marble-tiled shower, and radiant heated flooring.
Sotheby’s International Realty’s Karen Heyman and Alan Heyman had the listing, while Todd Lewin of Compass’ Lewin Rubin team represented the buyer.
The building at 1 Grand Army Plaza is designed by Richard Meier and contains 99 units across 15 stories. Amenities include full-service staff, bike storage, parking, a shared roof terrace with outdoor kitchen and grills, billiards room, and residents’ lounge.
Last year, Brooks Brothers CEO Ken Ohashi purchased a penthouse unit in this building for $9.45 million.
The second most expensive deal last week involved a combined condo unit at 360 Furman Street in Brooklyn Heights with an asking price of $4.5 million. The seller acquired Unit 321 in 2012 for $1.2 million and added Unit 320 in 2018 for $1.9 million before combining them into one offering initially listed at $4.75 million this April; the price was reduced to $4.5 million in July.
This home offers four bedrooms across its 2,790 square feet along with three full bathrooms and a private terrace spanning over 900 square feet. Features include living space with 13-foot ceilings and hardwood floors as well as an eat-in kitchen with custom cabinetry extending from floor to ceiling; all bedrooms are situated on the north side of the apartment facing the terrace.
Compass’ Katherine Camp and Eric Schwarzkopf handled this listing.
Known as One Brooklyn Bridge Park, the building at 360 Furman Street is a former warehouse built in 1928 that was converted into condominiums in 2008. Residents have access to amenities such as a doorman available around-the-clock, fitness center measuring approximately 3,000 square feet, yoga studio, parking garage, billiards room, golf simulator and movie theater.
Combining units has become common practice within One Brooklyn Bridge Park: In recent years hedge fund executive Stuart Leaf sold an apartment created by merging two duplexes for $7.9 million after previously combining three other units which he listed for up to $32 million; another seller combined two separate apartments (units 427 and 428) which later sold together for $4.1 million.
For all homes entering contract last week across Brooklyn’s luxury segment, the average price per square foot stood at $1,614 while median asking price reached $2.7 million.
