New townhouses are rising in Cobble Hill with Manhattan pricing

TRD New York /
Feb.February 23, 2012 09:30 AM

Several developers are planning more than a dozen new townhouses throughout Cobble Hill, the New York Post reported. Because of a lack of supply, the properties can command prices of more than $1,000 per square foot.

Developer Donald Brennan just earned Landmarks Preservation Commission approval to begin construction on three new ground-up townhouses on Strong Place off Kane Street that will range from $3.95 million to $5.95 million ($1,018 to $1,208 per square foot). They’re slated to be finished next year.

Five blocks away on Amity and Henry streets, a former Long Island College Hospital buildings is being converted into three new townhouses.

On nearby State Street, Time Equities and Hamlin Ventures are adding nine more $3.5 million townhouses to a block on which they completed 14 townhouses three years ago. Those townhouses sold out with prices ranging from $2.1 million to $2.75 million, and one was already resold for $3.4 million.

Developers know they can charge near-Manhattan prices because there’s so little new construction and even less turnover. In 2011 there were just 12 townhouse sales in Cobble Hilll, according to the Corcoran Group. Buyers are even more attracted to the groud-up townhouses for the opportunity it affords them to customize brownstone Brooklyn. [Post]


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