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New York

BK condo unit filings up 38% over last year

Between January and April, developers submitted plans for 60 projects totaling 797 units

Clockwise from left: Renderings of 62 Box Street, 953 Pacific Street and 850 Metropolitan Avenue
Clockwise from left: Renderings of 62 Box Street, 953 Pacific Street and 850 Metropolitan Avenue

Brooklyn developers submitted just 60 condominium projects to the New York State Attorney General’s Office during the first four months of 2017, but they’re shooting for higher unit counts than were sought a year ago.

In all, developers filed plans seeking a total of 797 residential units, according to a review of submitted filings by The Real Deal. That’s about 13 apartments per project. During the same time last year, developers filed plans for 73 condos with just 577 units — an average of eight apartments per project.

While condos were planned all over the Brooklyn map, developers showed the most interest in Greenpoint and a trio of neighborhoods along the Q line in southern Brooklyn.

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The three neighborhoods with the most new residential units were Borough Park, Midwood, Sheepshead Bay, which accounted for close to half of all new condo units submitted in 2017. On the whole, these were larger projects, with three developments planned for Midwood and Sheepshead Bay each, averaging 35 and 36 units, respectively.

Northwest Brooklyn, however, continues to be the liveliest condo market in Kings County. Greenpoint, in particular, saw the largest increase in smaller projects, with 91 new units planned across 11 developments. These include a six story new development at 62 Box Street with six full-floor units, and a 32-unit warehouse conversion at 850 Metropolitan Avenue from Brookland Properties.

In April, the two largest condo offerings filed were a 48-unit new development in Downtown Brooklyn and a 45-unit mixed-use building in Bensonhurst. Arthur Bocchi’s GPB Realty Capital filed plans with the city’s Department of Buildings for the 14-story DoBro building at 211-215 Schermerhorn in February 2016, designed by Morris Admi. In Bensonhurst, a group of Flushing-based developers filed plans for a seven-story building at 8616 21st Avenue that would house a day-care center, retail space and 45 residential units.

The uptick in condo offerings could mean that the Brooklyn condo pipeline, which had tightened in 2016, is responding to robust demand in the market.

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Brooklyn CondosDevelopment