For all the new condominium developments that have risen in Williamsburg in the last decade, brokers expect just one such project to hit the market this year. Crain’s reported that Williamsburg’s lone new condo of 2012 had its grand opening yesterday. Apartments in the 10-unit property, at 29 Montrose Avenue, began trickling on the market this week under marketers Aptsandlofts.com.
Most other residential developers are chasing the rapidly rising rents in with their Williamsburg projects, brokers said. Rents are up 10 percent over the last year in Brooklyn, according to MNS, and rents in Williamsburg are greater than every neighborhood in the borough except Dumbo.
But developer Montrose 29 LLC is convinced it has timed the launch of sales, delayed by more than two years thanks to market conditions and financing difficulties, perfectly, according to Aptsandlofts.com President David Maundrell. “There is very little to purchase in the area,” he said.
Five units are on the market as of now, ranging from a 582-square-foot one-bedroom asking $375,000 to a 1,061-square-foot two-bedroom asking $659,000. According to Crain’s the blended average price per square-foot is $717. [Crain’s]