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From the March issue: Two years ago, the Magic 8-Ball for Williamsburg condo developers would have read, “Try Again Later.” With condo inventory peaking at almost 700 units in February 2009 (according to StreetEasy), developers and brokers in the throes of the recession were grappling with a stock of residential units roughly three times the size of early 2007′s. It wasn’t a good time to open a building. But now some brokers say the dust has settled, and inventory in the neighborhood, once the poster child for the condo glut, is actually tightening. “I’m seeing my listings shrink; I’m seeing my inventory shrink,” said David Maundrell, president of aptsandlofts.com. [more]

From left: City Council member Steven Levin with Douglaston Development chairman Jeff Levine and the Steiner Studio party

The Real Deal swung by Williamsburg last week for the “Hardcore House Party” grand opening at Douglaston Development’s the Edge, where the waterfront building’s shiny new amenities — among them, a pool, spa, basketball court and party lounge — were on display. Also last week, The Real Deal hit the Steiner Studios party in the Flatiron District, where film industry players collided with real estate bigwigs to eat, drink and dance among a plethora of go-go dancers.

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Edge developer Jeffrey Levine

The Williamsburg Community Apartments at 135 Kent Avenue and the corner of North 6th Street have been completed. The new complex, built by Jeffrey Levine, chairman of Levine Builders and Douglas Development, was constructed as part of Edge condominium. The entire development contains 1.7 million square feet of affordable rental housing, in addition to market-rate condos, below-grade parking, public piers, a waterfront walkway and parks. A total of 347 affordable housing units were built, making it the largest affordable inclusionary zoning project — which requires a portion of the units to be reserved as affordable for low- and moderate-income households — to be completed in Brooklyn. TRD

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In what could be perceived as a sign of recovery, new condo developments in Brooklyn have been luring more retail tenants, filling many buildings’ vacant ground floor spaces, according to Crain’s. At the Edge, a 565-unit Williamsburg condo, CVS pharmacy and a wine shop have signed leases, the building’s first, where asking rent was around $55 per square foot. CVS will use 13,000 square feet in its 20-year lease, while the wine shop, whose lease term is not immediately clear, will take up about 1,800 square feet. [more]

From the February issue: During the real estate boom, it was common and even encouraged for brokers to buy units in the new development buildings they were marketing. After all, what endorsement could be better than a six-figure down payment? But now that buyers are scarce, a number of problems with brokers purchasing units have surfaced, from unethical dilemmas with flipping to price inflation to whether brokers can be considered “bona fide” purchasers. These issues often went unnoticed when prices were roaring upward, but can threaten a condo development’s very existence in today’s litigious environment. “In the past, there was absolutely no issue because these buildings were sold out, and who cares what the broker did?” said Anne Salisbury, an attorney in the real estate litigation group at Guzov Ofsink. “Now that you’ve got empty units, it can become an issue.” For years, marketing firms urged their brokers to buy units in the new development buildings they were tasked with selling. “It’s a sort of stamp of approval for the building,” said Jennifer Lee, the director of new business development at aptsandlofts?.com, who noted that the brokerage encourages its agents to purchase property. [more]

From the September issue: The developers of 184 Kent, the high-end rental building about to open in Williamsburg, will be hitting the streets of the Lower East Side in a van, looking to take well-to-do hipsters to the Brooklyn waterfront.

They won’t actually be driving them there. But the idea is to troll for arty, young Lower East Side-type professionals where they live and hang out, parking the van — plastered in ads based on the quirky “WilliamsburgLove” mock dating site — in front of popular clubs.

“We’re looking at the Avalon Bowery project on Chrystie Street in the Lower East Side as comparables,” says Jason Halpern, managing partner of the building’s owner, JMH Development. more [more]