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. 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:
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.
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.
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.
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.
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.
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