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

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

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
2801 Riverton Road in Cinnaminson, NJ (Redfin, Getty)
Mansion listed for $25M sets South Jersey record
Mansion listed for $25M sets South Jersey record
The Blue Man group and Astor Place Theater (Getty, Google Maps)
New Yorkers increasingly living above where they work
New Yorkers increasingly living above where they work
Connecticut Governor Ned Lamont (Registered Citizen, Getty)
Half of Section 8 vouchers have gone unused in Connecticut
Half of Section 8 vouchers have gone unused in Connecticut
Clint Eastwood and The Ranch at Fisher Creek (Getty, Engel & Völkers Vancouver/Sona Visual)
“Unforgiven” ranch listed for $19.2M
“Unforgiven” ranch listed for $19.2M
Denny Hamlin, Dale Earnhardt Jr., and Ricky Stenhouse with 355 Pelham Lane (Getty, Corcoran HM Properties)
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
The NASCAR effect: How racers turned Lake Norman into trophy home heaven
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
arrow_forward_ios

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

Loading...