The Real Deal New York

A king’s ransom: Brooklyn’s priciest new developments by total sellout

Combined, the top 10 condos in the borough have a projected sellout of $2.5B

December 07, 2015 08:00AM
By Kathryn Brenzel

Video created by Alistair Gardiner.

It’s been a giddy five years for Brooklyn’s luxury condominium developers.

Of the 10 priciest new condos in the borough — by total projected sellout — most are more than 50 percent sold or in contract, according to an analysis by The Real Deal. Offering plans submitted to the New York State Attorney General since 2010 show that six out of the 10 largest projects have sold more than 50 percent of their available stock. Combined, the projects have a total projected sellout of $2.5 billion — and yes, we’re still talking Brooklyn. 

The largest new project, with a total projected sellout of $413.8 million, is the Austin Nichols Condominium, where 338 units are planned for 184 Kent Avenue — once home to a Wild Turkey distributor. Kushner Cos., along with Asher Abehsera’s LIVWRK and the Rockpoint Group, are behind the project. Offering plans, submitted in May, have not yet been approved by the attorney general’s office.

Brooklyn’s top residential projects by total sellout

Project NameTotal Offering PriceAddressDeveloperUnits
Austin Nichols$413,794,000184 Kent AvenueKushner Companies, LIVWRK, Rockpoint Ground338
Pierhouse$396,470,00090 & 130 Furman StreetToll Brothers, Starwood Capital Group122
550 Vanderbilt$393,713,950550 Vanderbilt AvenueGreenland Forest City Partners278
37-43 Bridge Street*$385,050,00037 & 43 Bridge StreetBaruch Singer45
Oosten*$380,699,000429 Kent AvenueXinyuan Real Estate216
The Boerum*$277,350,000265 State StreetFlank, Carlyle Group128
51 Jay Street*$195,907,00051 Jay StreetSlate Property Group, Adam America Real Estate74
1 John Street*$183,537,9231 John StreetAlloy Development, Monadnock Development42
The New York Dock Building*$156,575,865160 Imlay StreetEst4te Four70
169 Columbia Heights$111,806,000169 Columbia HeightsWestbrook Partners95

Ranking is based on offering plans submitted to the New York State Attorney General since 2010. * indicates that at least 50 percent of building condominiums have sold or are in contract.

Toll Brothers’ and Starwood Capital Group’s are projecting a total sellout of $396.5 million for their Pierhouse project on Furman Street. But since the offering plan was accepted in February 2014, it’s been a bumpy ride for the project. In May, a New York State Supreme Court judge temporarily halted construction due to concerns over the development’s proposed height. The project still faces strong opposition from groups that argue that it will block views of the Brooklyn Bridge.

Greenland Forest City Patners’ 550 Vanderbilt launched sales in June. The developer topped off the 17-story, 278-unit building earlier this week. The Pacific Park development is expected to be completed in 2017.

Slate Property Group and Adam America Real Estate’s 51 Jay Street was among the projects in the list that have crossed the 50 percent sold mark, though sales just launched in January.  The projected total sellout for the project is $195.9 million.

Kirkman Lofts was the top project among those that have sold a majority of their residential units. Sales in the condominium — previously a Dumbo soap factory — began in 2011. The building’s total projected sellout is $385 million.

Will Parker contributed reporting.