Recently Completed ODA-designed Luxury Condo Sets New Local Sales Record with Recent Closing of $2100 PSF; Becomes First New Development in Brooklyn to Receive Approval by Fannie Mae/National Lenders
Hope Street Capital recently announced that 98 Front Street, DUMBO’s newest ground up condominium, is welcoming its first residents with over 50 closings occurring by the end of 2020 following the completion the luxury building earlier this month.
In addition, the minimalist concrete-sculptured development is pleased to share it has surpassed the highly coveted 50 percent sold milestone, received its full TCO and set a new local sales record with a recent closing of $2100 PSF. Buyers continue to seek out fully completed, successful developments offering environmentally friendly, wellness-centered and design-forward attributes, amenities and prime location.
Achieving the 50 percent sold mark has become an increasingly important milestone for new developments—and is especially important for buyers looking to obtain favorable financing as banks are tightening lending standards amid the pandemic. 98 Front is also the first new development in Brooklyn to obtain Fannie Mae approval. This enables any lender nationwide to offer the most attractive interest rates and up to 95 percent financing. No other new condominium in Brooklyn or Manhattan has had such strong sales velocity that has enabled the coveted approval.
“Today more than ever, achieving 50 percent sold and a Fannie Mae Approval is critical— especially as banks tighten their lending standards. It helps buyers secure attractive financing options from any lender in order to benefit from historically low rates and up to 95 percent financing, minimizing their down payment,” said Sha Dinour, partner of Hopestreet. “98 Front has successfully met buyers’ expectations by delivering finished condominiums on time, avoiding potential financing risks that are surfacing for purchasers at other new developments. 98 Front is the only new development in the area to have sold this number of units in such a short period of time, despite the pandemic.”
Located in the heart of DUMBO and designed by the award-winning architecture firm ODA NEW YORK, 98 Front combines sophisticated, innovative architecture with superior craftsmanship. Throughout construction, Hopestreet prioritized the completion of the building’s amenity spaces to ensure that 98 Front Street’s first residents will be able to enjoy all the luxury condominium offers.
“Residents are likely going to be spending more time at home over the next year, so completing the amenities and landscaping quickly became our top priority—residents will be able to enjoy the building’s many amenities starting on day one,” said Dinour. “We look forward to unveiling 98 Front’s Penthouse Collection and Modern Garden Residences with separate guest houses.
The 10-story luxury condominium comprises 165, studio, one-, two-, three- and four-bedroom residences ranging in size from 400 to over 2,000 square feet. Asking prices for the carefully crafted homes that remain available range from approximately $650,000 to $4,000,000, offering an attractive option for first-time buyers and professionals looking to move to New York City’s most sought-after neighborhoods.
“There is a simplicity in 98 Front Street’s design in the materiality and process that accentuates the building’s jewel box facade,” said ODA founder Eran Chen. “To provide residents with the best living experience we played with the geometry and layouts to create open floor plans that allow for flexible programming for living, working and entertaining at home, while maximizing the available light, air and outdoor spaces of each residence. Each of our nearly 50 residential buildings across New York City has its own unique geometry and personality and we’re excited to see 98 Front join the ranks.”
Spanning indoors and out, 98 Front’s extensive selection of wellness-centered amenities further increase its appeal to a broad pool of potential residents. Located on the ground floor, residents looking to relax and rejuvenate will enjoy the indoor saltwater pool, steam room and spa, while those itching to work up a sweat will take advantage of the building’s fitness center — or a secondary outdoor fitness outpost located on the condominium’s 7,000-square-foot communal rooftop.
In addition to its robust wellness component, the condominium’s amenity program has also been designed to provide unparalleled social and entertainment experiences. Within the building residents will have access to a Residents Lounge and coworking space. Crowning the new development, with the Manhattan skyline as its backdrop, is a massive 7,000-square-foot communal rooftop terrace artfully designed and sectioned off for various activities. The immense space will feature BBQ stations and three separate outdoor kitchens, an outdoor screening area, as well as breathtaking City and river views.
A full-service building,98 Front includes a 24-hour doorman and live-in resident, manager to assist residents with their every need. Full-service concierge services will be provided to residents virtually by Urbn Playground, ensuring residents needs are met, while pre-installed Latch smart access keyless locks and a Butterfly MX smart intercom will provide an even more seamless living experience. Bike storage, on-site parking and resident storage units will also be available for a fee.
In recent years DUMBO has emerged as one of New York City’s most desirable living destinations. Once known for its abundance of warehouses, the neighborhood is now the borough’s artistic and creative office hub, attracting name-brand tenants like e-commerce website Etsy, Rent the Runway as well as several Fortune 500 Companies. Its proximity to Downtown Manhattan and an influx of residential development have further assisted in transitioning it into a 24/7 live, work and play destination.
Situated just a short walk from the iconic Brooklyn Bridge Park and some of the most exciting new neighborhood developments, including the 1 Hotel and nearly 500,000-square-foot Empire Stores, which features The DUMBO House and the Time Out Market, 98 Front offers residents a home nestled amongst some of the City’s most notable landmarks and attractions.