Brooklyn condo sellouts reach highest value since 2007

Developers filed plans for projects worth about $1.2B in first quarter of 2018

New York /
Apr.April 19, 2018 07:00 AM
Clockwise from top left: One Clinton Condominium, 2 River Park Condominium and 5 River Park Condominium

Clockwise from top left: One Clinton Condominium, 2 River Park Condominium and 5 River Park Condominium

Brooklyn condo sellouts have hit their highest value in more than a decade.

Developers filed plans for 62 projects with 1,089 units worth a total of about $1.18 billion during the first quarter of this year, according to a data analysis by The Real Deal. This combined sellout value was the highest since the second quarter of 2007, when developers filed plans for 95 projects with 1,274 units worth a total of about $1.22 billion.

It was also the fifth highest combined sellout for the Brooklyn condo market dating back to 2000, the 11th highest number of residential units and the 17th highest number of projects.

These were the top five condo projects from the first quarter of 2018:

1) One Clinton Condominium, 280 Cadman Plaza West
Hudson Companies is planning a 134-unit project with a targeted sellout of about $478 million at the former site of the Brooklyn Heights Library. The company purchased the site in 2015 for $52 million, and condo prices at the 36-story tower will average out to $3.6 million each. Elsewhere in the borough, the firm is also working on projects at 350 Clarkson Avenue in Flatbush, 909 Atlantic Avenue in Bedford-Stuyvesant and 94 North 3rd Street in Williamsburg.

2) 2 River Park Condominium, 91 Pacific Street
Fortis Property Group is developing a 103-unit condo in Cobble Hill with a targeted sellout of about $221 million. The tower will stand 440 feet tall, making it the tallest new building in the company’s redevelopment of the Long Island College Hospital. The developer reached an agreement with SUNY to purchase Long Island College Hospital in 2014 for about $240 million to develop its River Park complex, which is one of the priciest condo developments that Brooklyn has ever seen.

3) 5 River Park Condominium, 347 Henry Street
Fortis Property Group’s River Park complex took the No. 3 spot as well thanks to the company’s plan for a 25-unit condo with a roughly $78.9 million sellout. The firm is also developing 96 Amity Street and 350 Hicks Street, also both in Cobble Hill.

4) Horizon at Webster Condominium, 264 Webster Avenue
Horizon Group is planning one of the largest condo projects that Kensington has ever seen: a 63-unit development at 264 Webster Avenue with a roughly $38.6 million sellout. The project will stand eight stories tall and include 34 parking spots and 28 storage units. Although a large 107-unit condo project was previously planned for the neighborhood at 23 Caton Street, it ended up at a foreclosure auction, and developer Sam Boymelgreen later developed a rental building on the site.

5) 906 Prospect Place Condominium
Jeffrey Gershon’s Hope Street Capital rounded out the top five with plans for a $24.8 million project in Crown Heights at 906 Prospect Place. The development would contain 19 condos and stand five stories tall. Hope Street recently completed a 38-unit condo in Boerum Hill called the Hendrik, and the company closed on its $60 million purchase of 74 Adams Street in Dumbo late last year, where it’s planning a 10-story, 165-unit residential building.


Related Articles

arrow_forward_ios
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
A photo illustration of a crystal ball predicting future home prices (iStock)
Home sales, building to slow: Fannie Mae
Home sales, building to slow: Fannie Mae
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
L-R: Douglas Elliman CEO Scott Durkin, Serhant CEO Ryan Serhant, Brown Harris Stevens CEO Bess Freedman, The Real Deal's Hiten Samtani (Photos by Paul Dilakian)
Top resi execs talk brand building, tech and politics at TRD NYC event
Top resi execs talk brand building, tech and politics at TRD NYC event
Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Southampton Village allows owners to collect summer’s rent upfront
Southampton Village allows owners to collect summer’s rent upfront
Zillow economist Nicole Bichaud (Zillow, iStock)
Where have home values grown more, suburbs or cities? The answer may surprise you
Where have home values grown more, suburbs or cities? The answer may surprise you
Clockwise from top left: Eric and Bridget Elkin, Diane Mollica, Liz and Lisa Gillooly and Sarah Frigo (Compass)
Compass aims to grow its North Fork agent count fivefold
Compass aims to grow its North Fork agent count fivefold
Related CEO Jeff Blau and 455 Tenth Avenue (Chris Martin, Google Maps, iStock)
Related launches lodging for executives’ hybrid work
Related launches lodging for executives’ hybrid work
arrow_forward_ios

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

Loading...