Two Trees’ Williamsburg megadevelopment notched the priciest condo sale in the Brooklyn neighborhood so far this year.
The four-bedroom unit at 8 South 4th Street sold for $5.8 million, or $2,200 per square foot, The Real Deal has learned. The sale is part of the first wave of closings at the waterfront development.
The deal is the most expensive condo sale in the neighborhood since last October, when a penthouse at the former Gretsch musical instrument factory closed for $7.3 million. But the holder of the Williamsburg record is still a five-bedroom apartment at 2 Northside Piers, which closed for $8.3 million and has held onto the top spot since it claimed it in 2021.
The project, also listed at 346 Kent Avenue, includes two towers, one for condos and another for 399 rental apartments. It’s part of Two Trees’ massive development site including and surrounding the former Domino Sugar refinery.
Since sales launched in the spring, 24 of the 160 units in the condo portion of One Domino Square have found buyers, according to data from Marketproof. Aaron Goed, who heads the developer’s in-house sales team, said the building was about 20 percent sold.
Recent contract signings at the building have been topping weekly reports on the borough’s luxury markets, including last week when it snagged the first, third and fourth most expensive inked deals.
But most of the project’s units have yet to hit the market, including its collection of penthouses. Goed said the team is still nailing down prices, though he expects to list them “relatively soon.”
Marketproof data shows 120 units remain unpriced and unlisted. Of those on the market, prices range from $1.3 million to $5.8 million with an average asking price of $2,031 per square foot.
The developer started construction on the project, known as Site D within the larger development, around the summer of 2022 and later scored $364 million in loans from JP Morgan Chase. Two Trees also has another 1,000 apartments in the works on the site.
Home prices in Williamsburg hit a median of $1.3 million in the second quarter, marking a 22 percent year-over-year increase, according to data from Property Shark. However, the price per square foot held relatively steady at just under $1,500, just a 1 percent uptick since 2023. The neighborhood logged 131 deals in the same three-month period, up 13 percent annually.
Read more
Residential
New York
$14M new townhouse dev on Clinton Street one of top Brooklyn contracts this year
Residential
New York
Brooklyn Nets player rents Red Hook townhouse for $40K
Residential
New York
Brooklyn luxury contracts ride Williamsburg wave
To the north in Greenpoint, another waterfront development known as The Huron nabbed the highest price per square foot for a sponsor sale condo in August when unit 7C-W closed for $4.2 million, or $2,700 per square foot. Quadrum Global’s project, which launched sales in 2022, is about 80 percent sold, according to a spokesperson for the building.
Across Brooklyn, contract activity has been picking up since April — outpacing homes that are hitting the market, according to Miller Samuel’s monthly report for Douglas Elliman. New signed contracts rose 84 percent year-over-year in September, while new listings expanded by 27 percent. New signed contracts over the $1 million nearly doubled last month across co-ops, condos and one- to three-family homes.