Brooklyn’s new development market appears to be heating up, bolstered by projects in Boerum Hill and Williamsburg topping the outer boroughs’ most valuable condo filings so far this year.
Avdoo & Partner’s Bergen, Two Trees’ One Domino Square and Miki Naftali’s One Williamsburg Wharf claimed the top spots in The Real Deal’s ranking, bringing a combined 357 units to the borough, which has seen prices and inventory rise over the last few months.
In the third quarter, the median sale price of a new development condo in Brooklyn increased 10 percent year-over-year, while listing inventory expanded 16 percent, according to data from appraisal firm Miller Samuel. However, the number of new construction sales dipped 7 percent during the same period.
But contract signings for sponsor units in Brooklyn have been picking up this fall, which could signal a higher transaction volume at the end of the fourth quarter, according to data from Marketproof. Though Brooklyn logged more activity in November — 96 contracts signed, compared to 53 in the same month last year — demand for new developments dropped in Queens compared to the same period last year for the second month in a row.
Across Brooklyn and Queens, the total projected sellout of the 10 most valuable condo filings was just under $1.4 billion, up from last year’s $1.1 billion target. Four of the filings were for condos in Williamsburg and three were in Long Island City, including the two projects rounding out the five leading developments.
Here’s more on Brooklyn and Queens’ top condo filings by sellout volume so far in 2024.
323 Bergen Street, Boerum Hill | Avdoo & Partners | $269 million
Avdoo & Partners snagged the most valuable filing outside of Manhattan with its 105-unit project in Boerum Hill known as the Bergen. The developer expects the seven-story building to fetch nearly $270 million upon final sellout.
Last December, Avdoo scored a $105 million loan from Valley National Bank to finish construction on the project. The developer’s in-house team is heading sales, which launched in May, according to Streeteasy. Apartments on the market range from studios priced at $750,000 to three-bedroom units asking $5.2 million.
346 Kent Avenue, Williamsburg | Two Trees | $185 million
Two Trees Management took the No. 2 spot with the residential portion of its Williamsburg waterfront megaproject. The development spans two towers, including one with 160 condos and another with 399 rental apartments. The projected sellout for the condo portion, known as One Domino Square, is expected to hit $185 million.
The developer landed the most expensive condo sale in the neighborhood so far this year when a four-bedroom unit at the building, also listed at 8 South Street, snagged a $5.8 million deal in October.
480 Kent Avenue, Williamsburg | Naftali Group | $172 million
One Williamsburg Wharf, one of five buildings in the developer’s planned waterfront spread, is expected to yield $172 million in sales. The 22-story building includes 89 units, with those on the market ranging from studios asking $715,000 to three-bedrooms asking $4.4 million.
Sales launched at the project in September, with Serhant leading the charge on marketing. All together, the sprawling development, described by the developer as an “urban resort,” will include 850 apartments with a projected sellout of $600 million. Naftali bought the two parcels for a combined $285 million between 2019 and 2020.
30-55 Vernon Boulevard, Astoria | Sunlight Development | $166 million
Sunlight Development is planning a 122-unit condo, called NuSun Vernon, with a projected sellout of $166 million. The nine-story building on the Astoria waterfront includes studios to three bedrooms with 9,000 square feet of indoor and outdoor amenities.
The developer paid $25 million for the site, including a warehouse and parking lot, two years ago when it purchased it from Pioneer Property Group and Vernon-Sutton Inc.
24-01 Queens Plaza North, Long Island City | New Empire | $130 million
New Empire’s Long Island City condo project, known as Radiant, includes 117 units expected to glean just under $130 million in sales. Earlier this year, the developer, a family-run firm led by Bentley Zhao, scored a $72 million loan from Naftali Credit Partners and Axos Bank, with construction expected to complete next year.
11-36 45th Road, Long Island City | Century Development Group | $119 million
Century Development Group is building a seven-story mixed use building in Long Island City, including 115 residential units known as Vesta Condominium. Construction on the project, which includes a $119 million projected sellout, began in January.
The developer, led by George Jiapeng Xu, paid $26 million for the site, formerly occupied by the Science of the Soul Study Center, in 2019. Century landed $69 million in construction financing earlier this year.
322, 342, 352 Wallabout Street, Williamsburg | Rabsky Group | $95 million
The New York Attorney General in July approved the Rabsky Group’s plan to build 156 units on the Williamsburg site with a projected sellout of roughly $95 million.
The firm, founded by Simon Dushinsky and Isaac Rabinowitz, made a name for itself building in North Williamsburg before the neighborhood skyrocketed in value. The developer has since set its sights on South Florida with plans to build three towers in Fort Lauderdale.
46-30 21st Street, Long Island City | United Construction and Development Group | $84 million
United Construction and Development Group’s Chris Xu is developing this Long Island City parcel into a 71-unit condo to be called Urban21. Plans for the building, including an $84 million projected sellout, were approved by the Attorney General in June. The development will also include groundfloor commercial space and a 23-vehicle parking garage.
144 Vanderbilt Avenue, Fort Greene | Tankhouse | $77 million
Tankhouse’s latest Brooklyn development is known for its pale pink exterior. Sales launched at the 26-unit project at the corner of Vanderbilt and Myrtle avenues in September with Douglas Elliman’s Doug Bowen & Zia O’Hara Team at the helm. Units on the market range from two-bedrooms asking $2 million to three-bedrooms asking just under $3.5 million.
Read more
Residential
New York
Two Trees’ One Domino Square snags Williamsburg’s top condo sale this year
Residential
New York
Naftali unveils sprawling $600M Williamsburg Wharf “urban resort”
Development
New York
Inside Simon Dushinsky’s Rabsky Group
24 Middleton Street, Williamsburg | Krula Holdings | $70 million
An entity known as Krula Holdings and registered to Abraham Mandel is planning 16 condo units for this Williamsburg site with a sellout totaling $70 million. The state approved the offering plan for the development in January.
Correction: This article has been updated to specify One Williamsburg Wharf’s address at 480 Kent Avenue. Also, an earlier version of this article incorrectly listed the project as including 92 units.