W
illiamsburg's waterfront transformation is driving up prices in the neighborhood. A penthouse at One Williamsburg Wharf, part of Miki Naftali's "urban resort," has secured a $7.2 million contract, potentially making it the most expensive sale in the area. This deal would surpass another waterfront development, Two Trees' One Domino Square, which held the top spot with a $5.8 million sale earlier this year.

    The pending sale at One Williamsburg Wharf also challenges Toll Brothers' 2 Northside Piers record holder, a five-bedroom resale that sold for $8.3 million in 2021. The contract for Penthouse A, a three-bedroom apartment with a terrace, comes after other deals were inked at the 89-unit building.

    One Williamsburg Wharf is part of Naftali's larger East River development, which will add over 1,000 condos to the neighborhood. Ryan Serhant describes the project as "a new neighborhood in Williamsburg," catering to renters who are ready to buy after years in the area. The project has scored the No.3 spot among the borough's most valuable condo filings this year.

    Prices in Williamsburg have increased over the past year, with a 9% year-over-year growth in median sale price to $1.3 million in the third quarter. According to Property Shark, Williamsburg ranks among the 20 most expensive neighborhoods in New York City.