Andrew Barrocas and the edge
Williamsburg’s the Edge sold 167 units with a median sale price of more than $800,000 in 2012, making it the best selling building in New York City, according to data compiled by Property Shark. This is the second consecutive year that the Edge took the top spot on Property Shark’s list. [more]
Williamsburg waterfront residential developments, the Edge and Northside Piers
Brooklyn’s gentrified and gentrifying neighborhoods have experienced price-per-square-foot gains, according to PropertyShark’s blog. Between 2004 to 2012, three neighborhoods in particular — Williamsburg, Prospect Lefferts Gardens and Gowanus — have had the most significant growth on a price-per-square-foot basis. [more]
The Edge
From the November issue: Residential brokerage MNS is livin’ on the Edge. The company will soon open an office at Douglaston Development’s the Edge, the 500-unit new-construction condo in Williamsburg, MNS CEO Andrew Barrocas told The Real Deal.
MNS has secured 3,000 feet of space for a storefront office at 34 North 6th Street, the south tower of the Edge, Barrocas said. The firm will house 40 brokers in the new office, which is slated to open in January 2013. [more]
The Edge (credit: Brooklyn Paper)
Brooklyn new development sales are on the upswing, with the median price per square foot hitting a historic high, according to an MNS report released today. In the third quarter, total sales volume rose 31 percent over the previous quarter, to a total of $307 million from $232 million.
In addition to total sales volume, the median sales price rose 11 percent to $687,318compared to the previous quarter, and the median price per square foot increased 5 percent, to $723 from $690, in the same period. This is the first time the median price per square foot ticked above $700 since MNS began tracking the numbers, the report says. [more]
Northside Piers
A group of residents at the Northside Piers and the Edge are ignoring the city’s mandatory evacuation order and bunking down for the storm, the New York Observer reported. The two luxury condominium towers are located on the Williamsburg waterfront within a primary flood zone, known as Zone A.
Javier Andrede, a Northside Piers resident, told the Observer that after Hurricane Irene, he thinks he’ll be fine staying at home. “There might be a little wind, some flooding, but I’m not worried,” he said. [more]
Brooklyn new development sales prices (source: MNS)
Though a lack of inventory has driven down sales activity for new developments in Brooklyn, it has also kept prices steadily rising, according to a new development market report released today by MNS. New development sales volume fell 38 percent in the first quarter from $141 million during the final three months of 2011, as the number of sales decreased 47 percent during that period and 75 percent on an annual basis. [more]
Douglaston Development President Jeffrey Levine and the Edge
Now that most of the residential units in the Edge have filled up, the retail portion of the massive Williamsburg waterfront condominium is seeing some life, too.
The Wall Street Journal reported that a 15,000-square-foot grocery store called Brooklyn Harvest Market, a contemporary Italian restaurant, espresso bar and bakery called named Fabbrica and a new bike shop called Ride Brooklyn are all set to move in to the building’s retail spaces. [more]
From left: Debra Kavaler, senior vice president at the Corcoran Group, and the interior of the Edge, at 22 N. 6th Street
Condominiums at waterfront building the Edge, by Douglaston Development, topped the list of residential sales by price in Williamsburg last year, Crain’s reported, citing a broker from the Corcoran Group.
Two penthouse units at 22 N. 6th Street, the Edge’s south tower, marked the neighborhood’s priciest sale, at $2.95 million, according to Debra Kavaler, a broker and and senior vice president at Corcoran. The neighborhood’s second largest deal was at the Gretsch, a re-purposed factory building at 60 Broadway, where a 2,400 square-foot penthouse sold for $2.85 million, Kavaler told Crain’s. A $2.7 million sale at Toll Brothers’ 30-story Two Northside Piers was the third largest sale of 2011 in Williamsburg. [more]
With more than 600 stalled construction sites currently blighting the city thanks to the recession, developers have begun renting out their vacant lots, sometimes free of charge, to ventures that can lure foot traffic to the area. According to the New York Times, the developers hope the increased traffic will improve the neighborhood — and sales and leasing figures — in advance of their projects breaking ground.
For example, Alexandria Real Estate Equities has fostered a farm on the stalled site of the second Alexandria Center for Life Science tower. Chef Tom Colicchio’s adjacent restaurant Riverpark uses produce from the farm, a set-up that has attracted interest to what would otherwise be a construction fence…. [more]
Edge developer Douglaston Development has taken the lead on building a nearby site at 3 Northside Piers in Williamsburg and plans to break ground on a $300 million project in March, the Wall Street Journal reported. Douglaston, led by CEO Jeffrey Levine, intends to build a 40-story rental tower where rents range from $55 to $60 per square-foot.
The tower was originally supposed to be part of a three-building complex developed by Toll Brothers, L&M Development Partners and RD Management, but after sales were slow — even after price cuts — in the first two Northside Piers buildings, Toll Brothers backed out of the project. L&M and RD will help on Douglaston’s version of the tower…. [more]
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