03 May Brooklyn Market Report, a look at the biggest trends
Brooklyn condo sellouts hit 10-year high
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 the year, according to a data analysis by The Real Deal. The 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. The leading project is Hudson Companies’ One Clinton at 280 Cadman Plaza West, the former site of the Brooklyn Heights Library. The 134-unit condo has a targeted sellout of about $478 million. That’s followed by Fortis Property Group’s 103-unit condo 2 River Park in Cobble Hill with a targeted sellout of about $221 million. The tower will rise 440 feet, making it the tallest new building in the company’s redevelopment of Long Island College Hospital.