The Real Deal New York

Developers are still hot on the Brooklyn condo market

The number of units submitted in Q2 hit a two-year high
By Eddie Small | August 08, 2017 07:00AM

Rendering of The Greenpoint at 21 India Street (Credit: Ismael Leyva Architects)

UPDATED, 12:40 p.m. August 8: The good people of Brooklyn want condominiums, and developers are giving the people what they want.

In the second quarter, developers in Brooklyn submitted plans for 723 condo units, the strongest showing in two years, according to an analysis of data from the New York State Attorney General’s office by The Real Deal.

Some of the larger projects submitted during the second quarter included Adam America Real Estate’s 184-unit condo plan for 10 Nevins Street in Downtown Brooklyn and a 48-unit project just a few blocks away at 211-215 Schermerhorn Street, developed by GPB Capital Holdings and Oestreicher Properties.

Although the 723 units submitted pales in comparison to Brooklyn’s peak of 2,008 units submitted back in the fourth quarter of 2007, the number of units planned has been steadily rising over the last year. The number of condo units planned for the borough hit their most recent low in the third quarter of 2016, when 358 units were planned. Since then, they’ve spiked to 492 units submitted in the last quarter of 2016, 628 units in the first quarter of this year and 723 in the second.

In fact, submitted condo units have only risen for more than four consecutive quarters once since the beginning of 2007 — between the third quarter of 2012 and the fourth quarter of 2013, when they gradually increased from 163 to 870 units.

The borough’s accepted condo plans for the second quarter totaled 555 units and about $600 million, which are both the highest numbers since the second quarter of 2016. Significant projects included the $50.2 million, 71-unit 2100 Bedford Avenue Condominium at 2100 Bedford Avenue and the $143.6 million 95-unit Greenpoint Condominium at 21 India Street.

In April, an analysis by TRD found that high land prices and reticence from lenders could make it difficult for developers to keep up with condo demand.

To view interactive charts of condo filings in Brooklyn, click here for submitted and here for accepted.

This story was updated to include the latest information about 211-215 Schermerhorn Street’s ownership.