From the February issue:
Thirty years ago, the notion that the largely industrial area at the foot of the Manhattan and Brooklyn bridges would one day command some of the highest prices in Brooklyn real estate might have seemed about as plausible as an elephant taking wing. Nowadays, of course, Dumbo is well established as one of Brooklyn’s most sought-after neighborhoods. So much so that it has weathered the real estate downturn better than Brooklyn as a whole — a reality that the few developers planning projects in Dumbo hope continues. In December, the publicly traded luxury home builder Toll Brothers closed on a parcel of land at 205 Water Street where the firm intends to develop a condo with approximately 70 units. Toll paid $8.6 million for the land and hopes to start building by the end of the year. “Dumbo is fairly unique within the Brooklyn market,” said David Von Spreckelsen, a senior vice president with Toll Brothers. “It’s really been holding value better than the other neighborhoods in Brooklyn, and if you look at [condo] resales they’re at really strong numbers.”  [more]

One Brooklyn Bridge Park is back on top in the race for the priciest condo in the borough. A 9,486-square-foot triplex in the 438-unit Brooklyn Heights building was recently snatched up for $8.495 million by the founder of an investment management firm, who purchased the unit through a limited-liability corporation to veil his identity. The spacious loft actually comprises six units of the original development’s plan: the buyer combined three two-bedrooms, a one-bedroom and two studios to create the space. A previous buyer, who walked away from a $600,000-plus deposit after the Lehman Brothers collapse in 2008, had already merged three of those units. One Brooklyn Bridge Park is roughly 30 percent sold. The most expensive Brooklyn condo in 2008 was a $7 million loft in David Walentas’ the Clock Tower Building, which is now back on the market for $8.5 million. But neither loft will have a fighting chance for the priciest prize if Walentas manages to sell the Clock Tower’s crown jewel this year, a triplex penthouse listed for $25 million. The unit, which features a four-sided glass-faced clock and birds-eye views of the Statue of Liberty and the Empire State Building, was recently eyed by the likes of Jay-Z and Ralph Lauren. [NYT]

Jay-Z and Ralph Lauren each recently checked out the crown jewel of Brooklyn apartments — a $25 million triplex penthouse at developer David Walentas’ 1 Main Street in Dumbo, the ClockTower Building. The four-bedroom, three-and-a-half-bathroom condo — featured in “Bamboozled” by Spike Lee — is located on the building’s 16th through 19th floors and the listing price is more than twice the highest amount ever paid for a Brooklyn home. The record purchase price thus far was an $11 million home in Gravesend. Through four giant glass-faced clocks, the apartment’s residents can enjoy bird’s-eye views of the Statue of Liberty and the Empire State Building. On the roof, there is a 400-square-foot “crow’s nest” deck. Raphael De Niro of Prudential Douglas Elliman has the listing. [Post]

With Russian billionaire Mikhail Prokhorov reportedly in talks to purchase the New Jersey Nets — and subsequently help finance Bruce Ratner’s massive Atlantic Yards development — the owners of high-end Brooklyn condos are vying for his attention. The managers of two properties, one the famous $25 million Clock Tower penthouse at One Main Street in Dumbo and the other a $7.5 million Brooklyn Heights penthouse at One Brooklyn Bridge Park, got in touch with Prokhorov’s representatives this week to pitch units to him for purchase, the New York Post reported. The developers of both properties referenced the Russian oligarch’s love of parties as a main selling point for their respective penthouses. “You don’t get any better than a 1,000-square-foot roof deck … to hold parties,” Ian Levine, COO of RAL Companies, which manages the 4,638-square-foot One Brooklyn Bridge Park spot, said. But David Walentas, developer for the Clock Tower spot, said that his place is unrivaled in its party appeal. “The second I heard Prokhorov was buying the Nets, I knew this space was made for him because he’s known for throwing some incredible parties,” Walentas said. There is no word yet on whether Prokhorov has picked a favorite, or if he’s even planning to move to Brooklyn.

From the October issue: Brooklyn’s official motto may be “Fuggedaboutit,” but the borough’s
real estate industry is not having an easy time shaking thoughts of
double-digit price drops and troubled residential projects. Overall,
the median closed sales price in Brooklyn has already fallen back to
2005 levels, dropping 19 percent over the past two years, according to
StreetEasy. Rental listing prices dropped 12 percent over the past
year, not including all of the concessions landlords are throwing in
these days. Meanwhile, a city tally early last month found that
Brooklyn had more stalled construction sites than any other borough
with 214 — a stunning 47 percent of all 448 projects citywide. What’s worse, most experts agree that the market has yet to reach bottom.