Brooklyn, LIC luxury residential markets on the mend

Brooklyn’s luxury residential market is slowly regaining its health.

There were 22 contracts signed last week in the sector—a jump from the prior week, which saw 15 luxury deals. Contracts were split between 15 condos, five houses and two co-ops, according to the latest report from Compass.

In Long Island City, six condo contracts were signed last week.

The median asking price for luxury homes in Brooklyn last week was about $2.9 million, and the total sales volume was slightly more than $70 million. The units spent 111 days on the market on average, and they sold at an average discount of 1%, the report said.


→ Continue reading at Crain's New York Business

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