This penthouse in Brooklyn Heights looks poised to set a price record

Unit at DDG, Westbrook's Standish Hotel conversion was last asking $16.645M

TRD New York /
Aug.August 28, 2017 04:52 PM

DDG’s Joe McMillan and the Standish at 171 Columbia Heights (Credit: CityRealty)

Maybe it’s a money tree that grows in Brooklyn. The penthouse at the Standish at 171 Columbia Heights looks a good bet to break Brooklyn’s price record of $15.5 million.

The six-bedroom condominium — last asking $16.645 million — was scooped up last year, filings with the New York Attorney General’s office show. At 6,218 square feet, the asking price works out to $2,677 per square foot.

The pad, which also features a 3,366-square-foot terrace, is on the 12th floor of DDG and Westbrook Partners’ conversion of the former Standish Hotel in Brooklyn Heights, a 33-unit condo with a total projected sellout of $120 million.

DDG and Westbrook teamed up to buy the former hotel for $60 million in 2014. The prior owner, Boston-based Taurus Investment Holdings, turned the hotel into 94 rental apartments after buying the building from the Jehovah’s Witnesses in 2007. DDG and Westbrook initially planned 50 condos at the Standish, but they ultimately went with 33 larger apartments, AG filings show.

The penthouse is actually a combination of three smaller units (units 11A, PHA and PHB originally were asking $2.7 million, $12.975 million and $7 million, respectively). Last year, the developers filed an amendment to the condo offering plan combining those apartments into a larger spread asking $16.445 million. The price was subsequently raised to $16.645 million.

Brooklyn’s current sales record — $15.5 million — is held by a townhouse at 177 Pacific Street in Cobble Hill. Photographer Jay Maisel scooped it up in 2015 after selling 190 Bowery to Aby Rosen.

This year, several deals came within striking distance of the Brooklyn price record, including a triplex penthouse at the Clock Tower in Dumbo that closed for $15 million in March, and Kushner Companies’ townhouse at 27 Monroe Place that sold for $12.9 million in May.

Brooklyn’s residential market has had several back-to-back quarters of record-breaking price jumps.  The borough’s median sales price hit a record $795,000 during the second quarter, up 20.6 percent year-over-year, according to the Douglas Elliman/Miller Samuel report. The median price for a new development condo was even higher at $990,000. And in northwest Brooklyn, the median sales price hit $1.15 million.


Related Articles

arrow_forward_ios
Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

arrow_forward_ios