Brooklyn condo sellouts reach highest value since 2007

Developers filed plans for projects worth about $1.2B in first quarter of 2018  

Clockwise from top left: One Clinton Condominium, 2 River Park Condominium and 5 River Park Condominium

  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 this year. One Clinton Condominium, part of the Brooklyn Public Library U.S. Immigration Fund project was one of the top five condo projects from the first quarter of 2018.   By Eddie Small| Research by Derek Smith April 19, 2018 7:00AM   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 this year, according to a data analysis by The Real Deal. This 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. These were the top five condo projects from the first quarter of 2018:   1) One Clinton Condominium, 280 Cadman Plaza West Hudson Companies is planning a 134-unit project with a targeted sellout of about $478 million at the former site of the Brooklyn Heights Library. The company purchased the site in 2015 for $52 million, and condo prices at the 36-story tower will average out to $3.6 million each. Elsewhere in the borough, the firm is also working on projects at 350 Clarkson Avenue in Flatbush, 909 Atlantic Avenue in Bedford-Stuyvesant and 94 North 3rd Street in Williamsburg.   2) 2 River Park Condominium, 91 Pacific Street Fortis Property Group is developing a 103-unit condo in Cobble Hill with a targeted sellout of about $221 million. The tower will stand 440 feet tall, making it the tallest new building in the company’s redevelopment of the Long Island College Hospital. The developer reached an agreement with SUNY to purchase Long Island College Hospital in 2014 for about $240 million to develop its River Park complex, which is one of the priciest condo developments that Brooklyn has ever seen.   3) 5 River Park Condominium, 347 Henry Street Fortis Property Group’s River Park complex took the No. 3 spot as well thanks to the company’s plan for a 25-unit condo with a roughly $78.9 million sellout. The firm is also developing 96 Amity Street and 350 Hicks Street, also both in Cobble Hill.   4) Horizon at Webster Condominium, 264 Webster Avenue Horizon Group is planning one of the largest condo projects that Kensington has ever seen: a 63-unit development at 264 Webster Avenue with a roughly $38.6 million sellout. The project will stand eight stories tall and include 34 parking spots and 28 storage units. Although a large 107-unit condo project was previously planned for the neighborhood at 23 Caton Street, it ended up at a foreclosure auction, and developer Sam Boymelgreen later developed a rental building on the site.   5) 906 Prospect Place Condominium Jeffrey Gershon’s Hope Street Capital rounded out the top five with plans for a $24.8 million project in Crown Heights at 906 Prospect Place. The development would contain 19 condos and stand five stories tall. Hope Street recently completed a 38-unit condo in Boerum Hill called the Hendrik, and the company closed on its $60 million purchase of 74 Adams Street in Dumbo late last year, where it’s planning a 10-story, 165-unit residential building.   Original post: The Real Deal