Developers are still hot on the Brooklyn condo market

The number of units submitted in Q2 hit a two-year high

TRD New York /
Aug.August 08, 2017 07:00 AM

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

 

 

here for accepted.

 
 
 
 

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock)

Real estate stocks end week mixed as virus fears rise and markets fall

Real estate stocks end week mixed as virus fears rise and markets fall
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
Planet Hollywood in Times Square and Vornado CEO Steven Roth (Photos via Getty; VNO)

Vornado sues Planet Hollywood for $6M in missed rent

Vornado sues Planet Hollywood for $6M in missed rent
Marisa Hochberg (Getty)

Montauk squatting dispute ties influencer to Cuomo

Montauk squatting dispute ties influencer to Cuomo
Redfin CEO Glenn Kelman (Photos via Redfin; Getty)

Redfin accused of redlining in lawsuit

Redfin accused of redlining in lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...