Southern Brooklyn

Gravesend Home Earns 2nd Most Expensive Sale In Feb

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2034 East 5th Street in Gravesend. (Photo by Christopher Bride/PropertyShark)

In February, a Gravesend home sold for $5 million, becoming the second most expensive single-family home sold in Brooklyn that month, according to The Real Deal.

The two-story detached home at 2034 East 5th Street between Avenues S and T in Gravesend was built around 1925. With a brick facade, it looks fairly modest on the outside — but with no active real estate listing, we can only dream about the multi-room interior. For the rest of last month’s chart toppers, check out the Real Deal ranking here.

But compared to the rest of the block, the new owners got this place at a steal. Gravesend — a Sephardic enclave — has seen an exploding real estate market for more than a decade. In fact, the most expensive home sale of 2016 was on the very same block at 1993 East 5th Street, which sold for $11 million, reports Curbed.

In 2012, a five-bedroom at 2134 Ocean Parkway carried the borough’s highest price tag at $14 million (but mysteriously dropped down to $10 million a few months later); in 2009, 2111 East 2nd Street sold for $10.26 million. A home around the corner at 450 Avenue S sold in 2011 for $10.25 million, just shy of the $11 million sale of 451 Avenue S across the street in 2005.

Many of the comparable homes around the area today, however, show pre-foreclosure sales that hover around $1 million, according to Zillow listings.

These homes hover around several synagogues and the Sephardic Community Center, perhaps accounting for their prime location — and prime price tag — for the hot market.

(Source: Constantine Valhouli for Medium)

But this boom doesn’t represent the borough at large, according to a 2015 map by Constantine Valhouli. But the enormously expensive homes in the southeast section of Gravesend does make for a dramatic visual.

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