B
rooklyn's new development market is gaining momentum, driven by high-profile projects in Boerum Hill and Williamsburg. The top three most valuable condo filings in the outer boroughs so far this year are Avdoo & Partner's Bergen, Two Trees' One Domino Square, and Miki Naftali's One Williamsburg Wharf. These developments combined bring 357 units to Brooklyn, which has seen rising prices and inventory over the past few months.
According to data from Miller Samuel, the median sale price of a new development condo in Brooklyn increased by 10% year-over-year in the third quarter, while listing inventory expanded by 16%. However, new construction sales dipped by 7% during the same period. Despite this, contract signings for sponsor units in Brooklyn have been picking up this fall, potentially signaling higher transaction volumes at the end of the fourth quarter.
The top condo filings in Brooklyn and Queens have a combined projected sellout value of nearly $1.4 billion, surpassing last year's target of $1.1 billion. Four of these filings are for condos in Williamsburg, while three are in Long Island City.
Avdoo & Partner's 105-unit project, Bergen at 323 Bergen Street, is expected to fetch nearly $270 million upon final sellout. Two Trees Management's One Domino Square, a residential portion of its Williamsburg waterfront megaproject, has a projected sellout value of $185 million. Miki Naftali's One Williamsburg Wharf, part of his sprawling waterfront development, is expected to yield $172 million in sales.
Other notable developments include Sunlight Development's NuSun Vernon in Astoria, with a projected sellout of $166 million; New Empire's Radiant in Long Island City, with a projected sellout of just under $130 million; and Century Development Group's Vesta Condominium in Long Island City, with a projected sellout of $119 million.
The Rabsky Group is planning to build 156 units on a Williamsburg site with a projected sellout of roughly $95 million. United Construction and Development Group is developing a 71-unit condo in Long Island City, with an $84 million projected sellout. Tankhouse's latest Brooklyn development, known for its pale pink exterior, has launched sales at the corner of Vanderbilt and Myrtle avenues.
Krula Holdings is planning to build 16 condo units on a Williamsburg site with a sellout totaling $70 million.
realestate
Top 10 Most Expensive Condo Sales in Brooklyn & Queens So Far This Year
Brooklyn's development market heats up with high-value condo projects in Boerum Hill and Williamsburg leading the way.
Read More - realestate
realestate
Buyer found for Robin Williams' previous Seacliff residence
Seacliff home of Robin Williams sells after a year on the market
Read More - realestate
realestate
Potential for Development in Far North Side with Broadway Upzoning
Zoning proposal aims to transform Broadway on Chicago's Far North Side
Read More
realestate
Massive Cedar Park development led by Nebraska Furniture Mart
Nebraska Furniture Market affiliate begins infrastructure work on 118-acre CedarView development in Cedar Park