The Real Deal New York

The 10 most valuable Brooklyn condo filings accepted in 2017

Greenpoint condo tops the list with a projected sellout of $165M
By Chava Gourarie | December 29, 2017 01:45PM

Condominium development in Brooklyn slowed to a more modest pace in 2017, according to a ranking of offering plans accepted by the New York state Attorney General’s office this year.

Of the 10 biggest projects ranked by targeted sellout on acceptance, just one development was aiming for a price point above $100 million, compared to three last year. The 10 developments are all new construction and scattered throughout the borough, from Greenpoint to Sheepshead Bay.

At the top of the list was the 40-story Greenpoint, a mixed rental-and-condo building and Greenpoint’s tallest tower-to-be, with a projected $165 million pot of gold for 95 apartments. The most expensive by price-per-unit was a seven-story building in Carroll Gardens, where developers Avery Hall and Aria Development are hoping for a $53 million sellout for 17 apartments.

Here is the full list of the most valuable condo offering plans accepted by the AG in 2017:

The 10 most valuable Brooklyn condo filings accepted in 2017
RankPropertyDeveloperSelloutUnitsType
1The Greenpoint, 21 India StreetMack Real Estate Group. Palin Enterprises and Urban Development Partners$143.6 million95New Construction
2Cascade A, B, C at 134, 114 and 104 Stockton StreetIsaac Deutsch’s Empire State Management, Abraham Brach and Nachman Leibowitz$111.4 million97New Construction
31 Brooklyn Bay, 1524 Sheepshead Bay Road (Aka 1501 Voorhies)AvalonBay Development$67.5 million56New Construction
4141-147 President StreetAvery Hall Investments, Aria Development Group$52.2 million17New Construction
52100 Bedford AvenueMetropolitan Homes$50.2 million71New Construction
6Element 88, 88 Withers StreetRybak Development$48 million33New Construction
72128 Ocean AvenueBentley Zhao’s New Empire Real Estate Development$43 million56New Construction
8Stanton On Sixth, 695 6th AvenueShiraz Sanjana$40 million34New Construction
9868 Lorimer StreetChatham Development Company$35.4 million14New Construction
10555 4th AvenueBrookland Capital$30.1 million36New Construction
Source: TRData analysis of NYS Attorney General data. The sellout price is the price on acceptance.

The Greenpoint

The Greenpoint
Developers: Mack Real Estate Group, Palin Enterprises and Urban Development Partners
Sellout: $143,585,000
Units: 95
Neighborhood: Greenpoint

Greenpoint’s tallest residential building is a mixed condo-and-rental project with a $165 million projected sellout. The 40-story building at 21 India Street will have 95 condos starting at the 28th floor, according to the condo offering plan filed with the AG’s office.

The development team, composed of Mack Real Estate Group, Palin Enterprises and Urban Development Partners, submitted the offering plan in June 2016 and it was accepted a year later with a projected sellout of $143.6 million. Sales at the waterfront building launched in June with prices ranging from $1.5 million for a two-bedroom to $2.2 million for a three-bedroom.

2. Cascade (first phase)
Developers: Empire State Management, Abraham Brach and Nachman Leibowitz
Sellout: $111,300,000
Units: 97
Neighborhood: Bedford-Stuyvesant

A trio of condo buildings at a seven-building residential complex in Bed-Stuy are aiming for a combined sellout of $111.3 million. Isaac Deutsch’s Empire State Management, Abraham Brach and Nachman Leibowitz are developing the 400,000-square-foot project at the old Cascade Linen factory site.

The developers’ plans for the first three buildings were accepted by the AG’s office in May, at the $111.3 million price for 97 apartments. At an average $1.2 million per unit, the apartments will be among the priciest in the neighborhood.

The three buildings, to be designed by Samuel Wieder Associates, include 104 Stockton Street, with 33 units and a $37.2 million projected sellout; 114 Stockton Street with 32 units and a $37.6 million sellout; and 134 Stockton with 32 units and a $36.5 million sellout.

1 Brooklyn Bay

3. 1 Brooklyn Bay
Developers: Muss Development and AvalonBay Development
Sellout: $67,500,000
Units: 56
Neighborhood: Sheepshead Bay

The tallest building in Sheepshead Bay is targeting a $74.1 million sellout for 56 condos. Muss Development and AvalonBay Development are co-developing the 28-story project, which will have a mix of condos and rentals.

The AG’s office accepted the offering plan for the 232-unit building at 1501 Voorhies Avenue in May with an initial projected sellout of $67.5 million. Muss bought the site, which has an alternate address of 1524-1600 Sheepshead Bay Road, for $14 million in 2014.

4. 145 President Street
Developers: Avery Hall Investments and Aria Development Group
Sellout: $52,170,000
Units: 17
Neighborhood: Carroll Gardens

Avery Hall Investments and Aria Development are attempting a $53.4 million sellout for just 17 apartments in Carroll Gardens. The developers’ seven-story development at 145 President Street will have mostly three- and four-bedroom apartments.

The condo plan was accepted with a $52.2 million price tag in July, and upped slightly in the interim, to an average price of $3.1 million per residence. Sales launched in September with prices starting at $2.3 million.

5. 2100 Bedford Avenue
Developer: Metropolitan Homes
Sellout: $50,193,000
Units: 71
Neighborhood: Prospect-Lefferts Gardens

Metropolitan Homes is targeting a $50.5 million sellout at a Karl Fischer-designed building in Prospect-Lefferts Gardens. The eight-story building at 2100 Bedford Avenue will have 71 apartments.

Metropolitan spent under $1 million for the site in 2014 and demolished three single-family homes to make way for the new development. The AG accepted the condo offering plan in April, at the slightly lower price of $50.2 million. Sales launched that same month with prices ranging from $435,000 to $1.2 million for the building’s mix of studios to three-bedrooms.

6. Element 88
Developer: Rybak Development
Sellout: $48,046,235
Units: 33
Neighborhood: Williamsburg

Sergey Rybak’s Rybak Development is bringing 33 condos to Williamsburg with a total asking price of $48 million, or about $1.5 million per apartment on average. The nine-story building at 88 Withers Street, named Element 88, includes a 5,000-square-foot retail component. Zproekt Architecture is behind the building’s unusual design.

See more 2017 year end reviews here

7. Onyx Square
Developer: New Empire Real Estate Development
Sellout: $42,956,543
Units: 56
Neighborhood: Sheepshead Bay

Bentley Zhao’s New Empire Real Estate Development is shooting for a $45 million sellout at its Sheepshead Bay condo project. Zhao’s 56-unit project at 2128 Ocean Avenue has been named the Onyx Square Condominium.

Plans for the project were accepted by the AG’s office in March with an initial price of $43 million. Zhao bought the lot from Yu Xi-Liu last June for $3.9 million.

Stanton On Sixth

8. Stanton On Sixth
Developer: Shiraz Sanjana
Sellout: $40,030,000
Units: 34
Neighborhood: Greenwood Heights

Shiraz Sanjana, once banned by the AG from selling condos in New York City, has a new development coming to market with a $41 million projected sellout. The developer’s three-story condo building at 695 Sixth Avenue in Greenwood Heights will have 34 residences. The AG accepted the plan with an initial price offer of $40 million in February.

Sanjana was banned from selling condos for 16 months in 2014 after the AG investigated the developer and his partner over shoddy construction, fraudulent paperwork and other misdeeds at their Harlem condo project.

9. 868 Lorimer
Developer: Chatham Development Company
Sellout: $35,420,000
Units: 14
Neighborhood: Greenpoint

The developers behind a boutique condo building in Greenpoint are asking $35.4 million for 14 apartments, or an average of $2.5 million per unit. Chatham Development Company is behind the six-story building at 868 Lorimer Street across from McCarren Park.

The Long Island-based firm is also behind Chatham 44, a 58-unit condo building in Hell’s Kitchen.

10. 554 Fourth Avenue
Developer: Brookland Capital
Sellout: $30,136,000
Units: 36
Neighborhood: Gowanus

Boaz Gilad’s Brookland Capital is targeting a $36 million sellout at a 36-unit condo in Gowanus. Sales at the 11-story building at 554 Fourth Avenue have launched, with move-ins expected in 2018.

The AG accepted the condo offering plan in September with an initial projected sellout of $30.1 million. Gilad recently took full control of Brookland’s parent company, months after buying out his partner.