The Real Deal New York

The 10 most valuable Brooklyn condo filings accepted in 2016

Kushner’s Austin Nichols House tops the list with a projected sellout of $428M

December 28, 2016 12:17PM
By Miriam Hall

Clockwise from left: Vue Condominium at 1821 Emmons Avenue, Austin Nichols House at 184 Kent Avenue, Hendrik Condominium 509 Pacific Street, The Baltic at 613 Baltic Street, 251 First Street, The Nevins at 319 Schermerhorn Street, and The Standish 171 Columbia Heights

A converted Williamsburg warehouse that was once the base of operations for a prominent bourbon distributor was the priciest condominium filing approved by the New York Attorney General’s Office in 2016.

Kushner Companies is turning the massive Cass Gilbert-designed Austin Nichols House at 184 Kent Avenue into luxury condos, and planning to make a tidy profit while they’re at it. The accepted sellout price of $427.3 million makes it the borough’s most expensive condo filing of 2016, according to analysis by The Real Deal.

Brooklyn is a hive of development activity right now, and sales prices in the borough hit record levels in the third quarter of 2016. The median price of condos reached $812,008 and new development condo prices climbed 27 percent year-over-year to $778,452.

We looked at the condo offering plans accepted by the Attorney General in 2016, and ranked the biggest projected sellouts in the borough:

PropertyDeveloperTypeUnitsSellout
Austin Nichols House
184 Kent Avenue
Kushner Companies, LIVWRK, Rockpoint Group Conversion338$427.3 million
Hendrik Condominium
509 Pacific Avenue
Hope Street Capital and AEW Capital Management New construction33$129.6 million
The Standish
171 Columbia Heights
DDG and Westbrook PartnersConversion50$112.9 million
The Nevins
319 Schermerhorn Street
Adam America Real Estate and Naveh Shuster GroupNew construction 73$91.3 million
The Baltic
613 Baltic Street
JDS Development GroupNew construction44$89.5 million
251 First Street Condominium
251 First Street
Adam America Real Estate and Slate Property Group New construction44$85.9 million
Vue Condominium
1809 Emmons Avenue
Rybak DevelopmentNew construction58$77.2 million
Polhemus Residences Condominium
100 Amity Street
Developer Fortis Property GroupRehabilitation 17$67.4 million
755 Kent Avenue
Rabsky GroupNew construction99$54.4 million
Venetian Condominium
431-447 Avenue P
Time EquitiesConversion33$50.9 million

1. Austin Nichols House
184 Kent Avenue
Developer: Kushner Companies, LIVWRK, Rockpoint Group
Units: 338
Projected Sellout: $427.3 million
Type: Conversion

In 2015, Jared Kushner partnered with LIVWRK and the Rockpoint Group to buy this former manufacturing plant and Wild Turkey distillery on the Williamsburg waterfront for $275 million, paying JMH Development $858,000 per apartment. The developers quickly got to work to convert the 338 rental units at 184 Kent Street into condominiums, tapping Morris Adjmi Architects to lead the overhaul of the interiors. Sales launched in May and Kushner reportedly gave existing tenants the option to buy their units.

The conversion hasn’t entirely been free of hiccups. Earlier this year, there were a handful of fires at the building. Some tenants claimed they were deliberately started by the developers, trying to force them to move out. That accusation was not substantiated, and the developers said they suspected a former tenant was the culprit.

The eight-story building, listed on the National Register of Historic Places, features a 500-square-foot “green wall” in the lobby that can hold 3,500 plants, as well as a jam room for musicians, a screening room, co-working space and communal rooftop.

According to StreetEasy, 20 units in the building have closed, with the average unit selling for about $1.085 million, or $1,429 per square foot. There are also 33 units under contract with an average asking price of $1.03 million.

2. Hendrik Condominium
509 Pacific Avenue
Developers: Hope Street Capital and AEW Capital Management
Units: 33
Projected Sellout: $129.6 million
Type: New construction

Designed by architecture firm Beyer Blinder Belle, this 33-unit development is on the site of a former Walgreens in Boerum Hill.

In 2014, Hope Street Capital and AEW Capital Management paid the Rabsky Group $30 million for the building and to buy out the drugstore chain’s lease. The development at 509 Pacific Avenue, known as the Hendrik, has apartments on sale for between $1.7 million and $4.5 million. In its marketing, the developers tout the use of a green-gray variety of Petersen brick that is only made in Denmark.

Seven apartments at the Hendrik have sold for an average price of $2.8 million, or $1,547 per square foot. Eight apartments are under contract at the building, with an average asking price $2.1 million or $1,573 per square foot, according to StreetEasy.

3. The Standish 
171 Columbia Heights
Developer: DDG and Westbrook Partners
Projected Sellout: $112.9 million
Units: 50
Type: Conversion

Developer DDG is joining forces with Westbrook Partners to convert the former Standish Hotel in Brooklyn Heights from rentals to condos. It’s the first time DDG, led by Joe McMillan, has forayed into Brooklyn.

The companies paid Taurus Investment Holdings $60 million for the building. Taurus had converted the property from a hotel into a 94-unit rental building after buying it from the Jehovah’s Witnesses for $50 million in 2007.

The beaux-arts building will feature a 24-hour doorman and concierge service, a fitness studio, a playroom and a landscaped rooftop terrace with harbor views.

While the accepted filing shows 50 units with a projected sellout of $112.9 million, a DDG representative told The Real Deal the developer has filed an amendment, which is currently before AG’s office and is yet to be reviewed. DDG said it anticipates the development will have 33 residences with a projected sellout of $116 million.

There are five active listings at the building, according to StreetEasy, with an average asking price of $2.9 million, or $1,841 per square foot.

4. The Nevins
319 Schermerhorn Street
Developer: Adam America Real Estate and Naveh Shuster Group
Projected Sellout: $91.3 million
Units: 73
Type: New construction

Prolific Brooklyn developer Adam America bought the site at 319 Schermerhorn Street for $33 million from SC Nevins last year.

Designed by architects Isaac and Stern, the 21-story building is slated for completion in 2017. Building amenities include a fitness center, a children’s playroom and a residents lounge and kitchen. The company has released a number of renderings, most recently in March.

According to StreetEasy, there are 34 apartments in contract, with an average price of $976,931, or $1,310 per square foot. Six apartments in the building have sold for an average price of $1 million, or $1,181 per square foot.

5. The Baltic
613 Baltic Street
Developer: JDS Development Group
Projected Sellout: $89.5 million
Units: 44
Type: New construction

JDS Development Group bought the land on the corner of Baltic and Fourth Avenue in Park Slope for $6 million in 2014. The company  filed plans for the 11-story building a little later that year.

The building, due to be completed next year, will include a covered resident drop-off, a roof terrace with outdoor cinema, a resident’s lounge, and 24-hour attended lobby.

According to StreetEasy, there are six apartments at the Baltic in contract for an average price of $2.1 million or $1,546 per square foot. There have been eight sales at the Baltic for an average price of $1.7 million, or $1,517 per square foot.

6. 251 First Street Condominium
251 First Street
Developer: Adam America Real Estate and Slate Property Group
Projected Sellout: $85.9 million
Units: 44
Type: New construction

Adam America and Slate Property Group were originally planning to construct a rental building on this Park Slope site, but scrapped those plans in favor of a 44-unit condo development.

The companies paid $14.8 million for the site, then home to a McDonald’s, in 2013. The building, now known as 251 First Street, has a bike room, courtyard and roof deck.

There have been four closed sales logged at the building with an average price of $2.59 million, or $1,582 per square foot, according to StreetEasy. There are 26 apartments under contract with an average price of $1.72 million, or $1,362 per square foot.

7. Vue Condominium
1809 Emmons Avenue
Developer: Rybak Development
Projected Sellout: $77.2 million
Units: 58
Type: New construction

Rybak Development bought this Sheepshead Bay development site in 2014 for $13 million. The projected sellout of $77.2 million would make it the most expensive condo development ever in the neighborhood, though there is another large-scale development in the works nearby.

The 58-unit Vue features a rooftop deck with a 45-foot saltwater pool, as well as a 82-car parking garage. According to StreetEasy, there are 39 apartments in contract for an average asking price of $970,846, or $730 per square foot. With its waterfront project, Rybak is looking to capitalize on cheap land prices in the outer boroughs and the strong demand for properties priced under $2 million.

8. Polhemus Residences Condominium
100 Amity Street
Developer Fortis Property Group
Projected Sellout: $67.4 million
Units: 17
Type: Rehabilitation

This conversion of the landmarked Polhemus Building in Cobble Hill, part of Fortis Property Group’s larger vision for the controversial Long Island College Hospital complex, received the green light from the AG’s office earlier this month.

The latest plans for the condo building show unit prices ranging from $1.6 million to $6.5 million. Fortis is also developing eight townhouses as part of the complex, with asking prices expected at between $6 million and $8.5 million.

Fortis, led by Jonathan Landau, announced last month that it would not include affordable housing at the 529,000-square-foot redevelopment of the hospital site, a considerable blow to Bill de Blasio’s affordable housing initiative. The developer had considered a rezoning that could have paved the way for 900,000 square feet of market rate housing, as well as 225,000 square feet of affordable housing.

The development will include a 24-hour concierge, a fitness duplex, a “yoga atelier,” a resident’s lounge and a rear-view rooftop park.

9. 755 Kent Avenue
Developer: Rabsky Group
Projected Sellout: $54.4 million
Units: 99
Type: New construction

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group, one of the Brooklyn’s most prolific but press-shy developers, is behind this ground-up condo project in South Williamsburg.

Also known as 82-88 Wallabout Street, the units are being marketed to Orthodox Jewish families and will feature four bedrooms each, sources told The Real Deal last year. Rabsky paid $11.5 million to acquire the site in 2012.

The Williamsburg-based development firm is seeking a rezoning of a former Pfizer site at the nearby 249 – 344 Wallabout Street for residential use so they can build 1 million square feet of apartments.

10. Venetian Condominium
431-447 Avenue P
Developer: Time Equities
Projected Sellout: $50.9 million
Units: 33
Type: Conversion

Time Equities, led by Francis Greenburger, bought this six-story building in Brooklyn’s Midwood neighborhood for $27 million back in 2014.
The seller, Sitt Asset Management, had developed the Venetian as a condo site before the market downturn.

Six months after closing, Time Equities filed its offering plan to convert the rentals into condominiums.

The building — which features a fitness center, a yoga room, resident’s lounge, a private courtyard and indoor parking — has four active listings with an average asking price of $1.2 million, or $751 per square foot, according to StreetEasy.

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