Park Slope condo building poised to set new price record

Penthouse in contract for $6.5M, or over $2K per square foot

Renderings of 1 Prospect Park West in Brooklyn 
Renderings of One Prospect Park West in Brooklyn

An ambitious Park Slope condo project may break the $2,000 per square foot barrier, a number previously only attained in Brooklyn by luxury homes with harbor views and close to Manhattan.

One Prospect Park West’s developer, Sugar Hill Capital Partners, says that 14 of the building’s 63 units are in contract for at or above that price point, according to Bloomberg News.

A penthouse is reportedly in contract for $6.5 million, and another deal was inked for $5.925 million. Those units haven’t closed yet, but if they do, the prices would set a record for Park Slope, a neighborhood primarily known for its brownstones.

“Over $2,000 a square foot is what they’re doing for really good, high-quality buildings” on the Upper East Side, luxury realtor Donna Olshan told the publication.

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The most expensive condo in Park Slope sold for $4.5 million, or $1,125 per square foot, in 2016. That unit occupied an entire floor of the historic Montauk Club building.

Available units at One Prospect Park West, which is being converted from a decrepit nursing and retirement home the developers bought in 2016, are listed from $2.5 million to $5.975 million, according to the project’s website.

In Brooklyn overall, the average price per square foot for a condo in the fourth quarter of 2020 was less than half that. In Manhattan, the average price per square foot for luxury real estate was $2,654, according to brokerage Douglas Elliman.

The developers of One Prospect Park West said prospective buyers have been from New York City, rather than foreign buyers, who have all but disappeared during the pandemic. Brooklyn is luring at least some of those who have left New York City in search of more outside space to live and work while offices remain largely empty.

[Bloomberg News] — Georgia Kromrei

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