Top-Selling Developments All From Brooklyn
Property Shark compiled a list of the highest number of apartment units sold in New York during the first three quarters of this year, and four Brooklyn developments topped the list. Crain’s reports that Toren (above) was the top seller in a nine-month period, with 99 units selling for an average of $513,712. One BBP…
Property Shark compiled a list of the highest number of apartment units sold in New York during the first three quarters of this year, and four Brooklyn developments topped the list. Crain’s reports that Toren (above) was the top seller in a nine-month period, with 99 units selling for an average of $513,712. One BBP was second in line, selling 88 units at an impressive average price of $1.1 million. Even developments with troubled pasts, like Warehouse 11 and The Forte, were part of the top four. Price cuts were the main reason developments had such large sales number. Toren, for example, expected to bring in $750 per square foot in 2008, now units go for an average of $680 per square foot. Says broker Adam Pacelli about the rapid sell-out at The Forte after some pretty hefty price cuts, “We priced it at where things sold, and it gave a perception of value, and in the end everyone is happy.”
4 Brooklyn Towers Top List of City’s Best Sellers [Crain’s]
Here is what this market snapshot tells us: At $500-515/square foot (Forte), you sell out in six weeks. At $600 (Warehouse 11), you move most of the units over three quarters. At $690 (Toren), well, you just keep pluggin’ away, one sale at a time.
I thought that Toren really had bad layouts and there too many studio apartments, where they should have combined them and made bigger apartments.
I also saw Forte condo, changed name, to whatever, anyway the pictures show where the furnitre was placed, terrible….
It seems that 600 psf is currently the magic number in Northside W’burg.
I would think be@Schermerhorn will beat them all out soon.
Livin’ la vida Toren!
Good news, but it really shows how weak real estate development is in Manhattan that Brooklyn now has more high rise residentials.