Dunham Place, a 160-unit Williamsburg rental, reached the 50 percent leased mark in just about a month, the Corcoran Group said in a statement today. Marketed by Corcoran’s Christine Blackburn and Lior Barak, the waterfront property at 15 Dunham Place hit the market in late October — and thanks to the 50 percent lease mark, the building now has its certificate of occupancy. [more]
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Much of the Williamsburg development activity that stalled as a result of the recession is being revived, the New York Post reported, and most of it will be delivered in the form of rentals.
“There are a lot of buildings in Williamsburg that have gone rental,” said Christine Blackburn of the Corcoran Group. “It has to do with financing. The financing that is available is available for rentals and not for condos. The banks see . . . things leasing for $50 a foot now, and it’s enough for them to lend on.”
Among new rental properties hitting the market are 170 North Fifth Street, a 16-unit development that was initially imagined as condos, which Blackburn is marketing, and the Driggs at 205 North Ninth Street, where 21 of 113 units are already leased, according to the Post. … [more]
All 69 units at Williamsburg’s Wythe Confectionary at 390 Wythe Avenue have been rented after just four months on the market and tenants have moved in, the Corcoran Group, which marketed the property, announced today. The loft-style units rented for an average of $48 per square foot.
According to data from Streeteasy.com, a 451-square-foot studio unit in the former candy factory rented for $1,850 per month while a 923-square-foot, two-bedroom penthouse was rented for $4,700 a month.
It was the quality of the restoration by developer Caro Enterprises that sealed the deal for many prospective renters, said Christine Blackburn, a senior vice president at Corcoran who marketed the property with fellow agent Lior Barak. – Katherine Clarke … [more]
A stalled Williamsburg condominium that was reincarnated through a loan-to-own deal last year is back on track for completion and preparing to hit the market this summer. Unlike many of its back-from-the-dead peers, 170 North 5th Street is not going rental.
Instead, its new owners have decided to stick with the original developers’ plans, tapping the Corcoran Group’s Lior Barak and Christine Blackburn, of the high-grossing Barak/Blackburn Group, to sell off the 16 units as condos.
Sales are slated to launch in late June or early July, Blackburn said, and the building should be ready for occupancy by October.
The 17,000-square-foot building, two blocks from the L train’s Bedford Avenue stop and designed by RKT&B Architecture and Urban Design, was built — mostly — by Lucky Boy Development, which purchased the site for $2.6 million in 2005. … [more]
The six-person Barak/Blackburn Group has moved from Prudential Douglas Elliman to the Corcoran Group. The group, led by Lior Barak and Christine Blackburn, has focused mostly on Brooklyn and will operate out of Corcoran’s 241 Bedford Avenue office in Williamsburg. Since they partnered in 2006, Barak and Blackburn have made more than $400 million … [more]
From left: Christine Blackburn of Prudential Douglas Elliman, the Edge, Highlyann Krasnow of the Developers Group, Northside Piers
For all the flack it gets, Williamsburg is still a hot place to live — at the right price. But even developers and brokers, perennial optimists even during real estate’s darkest hours, seemed a bit surprised by a recent spike in activity at some new buildings.
Northside Piers, the 450-unit waterfront project that has consistently been a top seller citywide since broadcasting aggressive price cuts early last year, just logged its best month since opening during the boom year of 2007, said Scott Avram, senior project manager for Northside Piers developer Toll Brothers City Living.
Forty contracts were signed in the past four weeks. Avram wondered “if everyone was having the same experience.”
So, The Real Deal made some calls around the neighborhood. While nobody quite scored 40 buyers in one month, it does seem like sales and leasing activity has been strong at projects with some combination of the following three winning characteristics: “location, price and the finishes,” as broker Christine Blackburn of Prudential Douglas Elliman put it. … [more]
Dolly Lenz, the Bracha Group and the Barak/Blackburn Group won top awards at Prudential Douglas Elliman’s annual awards ceremony held at Cipriani tonight (see full awards list after the jump). Lenz received the individual award based on transactions and gross commission income, while the Bracha Group, led by Ilan Bracha, won the award for the top team by GCI. Bracha himself also received the 2009 award for the most sales exclusives in Manhattan. Other top groups by GCI were the Leonard Steinberg Team (number 2), the Jacky Teplitzky Team (number 3), the Tamir Shemesh Group (number 5) and the DeNiro Group (number 8). The Kotler Group, which secured the 7th spot, was also acknowledged for closing the most rental transactions in Manhattan. The top team in terms of transactions was Barak/Blackburn Group, led by Christine Blackburn and Lior Barak. Groups who won based on sales transactions included the Doron Zwickel Team (number 2), the Bracha Group (number 3), the Jacky Teplitzky Team (number 4) and the Tamir Shemesh Group (number 7). On the commercial side, Faith Hope Consolo won the top retail and commercial award by highest GCI. TRD … [more]