Olympia Dumbo Nabs First Resale for $10M

Fortis Property Group’s Olympia Dumbo snagged its first resale at a peak price for Brooklyn.

A four-bedroom apartment at 30 Front Street is in contract for just under $10 million, The Real Deal has learned. If it closes for that amount, the sale would work out to roughly $3,300 per square foot, marking the highest price per square foot achieved by a condo in the borough.

The pending off-market deal would unseat the current record holder, a penthouse at CIM Group and LIVWRK’s 115 York Street which closed for $2,900 per square foot, according to a TRD analysis. The apartment at the building known as Front & York, also in Dumbo, sold for $8.9 million in 2022.

Unit 27A sold to an anonymous LLC in July 2023 for $8 million. Five months later, the owners listed the apartment for rent asking $35,000 a month. The price dropped multiple times before finding a tenant in June at $29,000 a month.

The apartment spans 3,000 square feet and has three bathrooms. It also features a 400-square-foot terrace with views of the East River and the Statue of Liberty.

Compass’ Alexandra Hedaya, who’s representing the buyer, declined to share her client’s identity and said the deal would be all-cash under the current terms.

Hedaya said the buyer fell in love with units in the building’s A-line, which were among the first to sell out at the waterfront tower. She said she reached out to every owner until one said they would consider offloading their apartment for the right price.

But their offer came with a catch — the sellers had already rented the apartment.

“I had to make this deal happen without any sign showing me that it would happen,” Hedaya said and referred to the contract as a “huge win.” She said the tenant added a complication to the transaction, but that they were able to negotiate with them to move out.

The Agency’s Josh Heyer, who’s representing the sellers, did not respond to a request for comment.

Sales at Olympia Dumbo have been slow since launching in 2021, with just over half of its 76 units finding buyers. Forty apartments have landed in public records since closing began in March 2023.

Sotheby’s International’s Karen and Casey Heyman have led sales at the building over the last four years, though the developer has cycled through three sales teams at Douglas Elliman. The Eklund-Gomes Team left the project in October 2023 and were replaced by Maggie Marshall and Lindsay Barton Barrett before the two split last January. Now Eklund-Gomes is back and working with the Jessica Peters Team’s Jessica Peters and Carl Ekroth.

Fortis’ sail-shaped tower has attracted big names, including Brooklyn Nets player Ben Simmons, who signed a contract in 2022 for two condos asking $13 million. Other units have topped weekly contract reports in the borough, including a penthouse asking $17.5 million landed a buyer a year later, though it hasn’t closed.

Last month, the building’s crown jewel penthouse hit the market asking $19.5 million. The 32nd-floor apartment spans 5,000 square feet and has five bedrooms and a terrace.