The Real Deal New York

Buyers snap up Sanba Partners’ Red Hook townhouses

Developer sells 12 of 22 homes within a week of launching sales

October 01, 2015 03:30PM
By E.B. Solomont


From left: King and Sullivan townhouses and Patty LaRocco

Buyers are signing on the dotted line for Sanba Partners’ new construction townhouses in Red Hook, where 12 out of 22 homes have sold within a week of the project launching sales.

Sales director Patty LaRocco of Douglas Elliman told The Real Deal that the blended average price is $2.7 million.

Designed by architecture firm AA Studio, the townhouse project — known as King and Sullivan — is located at 109-125 King Street and 72-78 Sullivan Street. The four-bedroom houses feature five facades, including corten, arches, steel, brick and terra cotta. Construction, which started in July, is set to wrap up by the end of 2016.

According to LaRocco, the developer offered the townhouses to friends and family 10 days ago, and launched the project officially at a broker event on Sept. 24.

Other new construction townhouses in Brooklyn have generated comparable interest, including Adam America’s State + Bond, which is comprised of five townhouses starting at $4.49 million. Last year, Hamlin Ventures and Time Equities completed 23 row houses on State Street in Boerum Hill.

At King and Sullivan, the townhouses are located at the site of what was once a 40,000-square-foot warehouse. “To be able to do 22 townhouses is a very unusual thing,” said LaRocco. “The people [who are] buying are coming from neighborhoods nearby.”

Those buyers, she said, want to plant roots in Red Hook, where other developers have also shown an interest.

U.K.- and Los Angeles-based Est4te Four – the developer behind 160 Imlay, a 70-unit conversion also marketed by LaRocco – has proposed a $400 million, mixed-use project that would be built on 12 acres and would be called Red Hook Innovation District.

LaRocco said she tells developers not to think of Red Hook as similar to Williamsburg, but rather like Soho in the 1970s or 1980s. “It has that mix of industry and low density and artists and its super chill,” she said.