Burg Bombshell: Edge Developer Planning Huge Rental


Big news this morning in the Wall Street Journal: Edge builder Douglaston Development intends to construct a 500-unit rental on the Williamsburg waterfront parcel where Three Northside Piers was supposed to rise. According to the story, Douglaston plans to break ground in March for the 40-story building. Toll Brothers is walking away from plans to develop a third Northside Piers building on the site because, according to senior VP David Von Spreckelsen, the “Williamsburg market is strong, but for most of us developers, it’s not a place where we were making a lot of money.” Douglaston’s plans for a third Edge condo—on the land where Smorgasburg and the Brooklyn Flea are held—are currently on ice, but the firm’s principal Jeff Levine says there’s a great deal of demand for rentals in the neighborhood and he expects to rent apartments in the building for $55 to $60 a foot, or around $3,000 for a one-bedroom. The Journal notes that the $300 million development could be “Brooklyn’s most ambitious new residential project since the recession.” Douglaston still needs to work out nitty-gritty financing details before the tower is a go. The tower, rendered above at right, will be 10 floors taller than the Two Northside Piers, which goes to 30 stories.
Williamsburg Slated For New Rental Tower [WSJ]

25 Comment

  • Nice view blocker.
    Should help the L train overcrowding problem too.

  • “$3,000 for a one-bedroom.”

    There’s a sucker born every day.

  • What exactly is the appeal of the W’burg waterfront? Of Williamsburg in general? If I wanted to pay that much for a 1 bedroom, I’d move to Manhattan.

  • Amazing that the “prime” parcel is going to be rentals. Owners of the existing building knew another tower would eventually be built there so no harm to them. If they can achieve those prices it will help increase rental values of the existing prices for investors and owners who want to rent.

  • Amazing that the “prime” parcel is going to be rentals. Owners of the existing building knew another tower would eventually be built there so no harm to them. If they can achieve those prices it will help increase rental values of the existing prices for investors and owners who want to rent.

  • “The appeal is that its not Manhattan ”

    Yet you pay Manhattan rents for none of the amenities and services.

    ROTFLMMFAO

  • DIBS is right. Williamsburg is sorely lacking in amenities. No place to eat or drink or shop. Sad really.

    One great thing about the Brooklyn waterfront is that you get to enjoy Manhattan at its optimal viewing distance.

  • Regarding the L train overcrowding, this sounds like a job creation opportunity waiting to happen. In Tokyo, subway pushers are apparently called “passenger arrangement staff.” They wear nice uniforms with peaked caps and white gloves. An exciting, potentially dangerous (knowing New Yorkers and their personal space issues) new career with fab perks.

  • “Williamsburg market is strong, but for most of us developers, it’s not a place where we were making a lot of money.” – Toll Brothers

    Behind close doors (cracking the oxymoron code above), “We gotta pump our existing listings, but guys, we aint stupid enough to fall for this [jumpstarted] Ponzi again with another phase!”

    ***Bid half off peak comps***

  • I am no fan of Manhattan either, but if it’s a choice between the L-train commute and walking…

    And yes, I did used to walk from Williamsburg to my job, several miles uphill through the snow, but it was a slog.

    Oh, Williamsburg, you’re like Tribeca now. Inexplicable and sad.

  • Williamsburg just so much reminds me of the saying “Put some lipstick on this pig.”

    • Yesterday afternoon I walked from N1st and Wythe to N11th and driggs. I was coming back from taking my dog to his local vet, a women who supports animal rescue in the greater new york area. During the walk I passed some large new developments, some ugly some interesting. I passed some old townhouses. I passed some warehouses that have been converted to lofts. I passed restaurants, shoe stores, art galleries, coffee shops, book stores. Each block looked a little different then the next, as some were being redeveloped and some maintained the old industrial look. I saw some creative solutions to using space. I saw students, professionals, kids, and hipsters. I saw grocery stores and small independent organic food grocers. I saw trees, new and old. I saw churches, a huge park, football practice and soccer games. It was a more interesting and diverse 10 block walk than I have ever taken in the UES, UWS, or even the modern village. Thats just my opinion.

  • Just reading this makes me realize I am so freakin glad that I moved to the Navy Yard area years ago when the burg started getting super crowded and obnoxious. I haven’t been over that way in over 6 months…it’s just so packed and fake feeling. The restaurants here in the Clinton Hill/Fort Greene area are just as good, way cheaper and there are transportation options. Don’t miss the L train one little bit…

  • Well since no one has commented on it yet, allow me to state the obvious: the building in the rendering is B-A-N-A-L. I use to think those developers were trying to recreate Miami on the Williamsburg waterfront, but I think this one has Houston written all over it. It looks like the corporate headquarters of one of those large oil companies. Couldn’t their architects try being architects just a little? This 30-story tower will be a pitiful addition to the neighborhood.

    • Yes, because most of Williamsburg is so architecturally magnificent. The rendering looks better than at least 95% of what is currently there.

    • The goal in that location, and the most valuable decision, is to maximize the exterior views. From the outside it may look terrible, but from the inside the views are incredible.

      As to the L, they are adding trains but its still a total f-show. The ferry is a great alternative though, especially if you work downtown. The ferry has been doing very well developing a critical mass of riders and with this and domino coming online my money is on the ferry adding more boats in a few years.

  • Toll Brothers stock is down 60% from when Northside hit the market.

  • “Yesterday afternoon I walked from N1st and Wythe to N11th and driggs. I was coming back from taking my dog to his local vet, a women who supports animal rescue in the greater new york area.”

    Gosh, someone in Williamsburg who supports animal recuse in the greater new york area? And you passed cafes? And stores? Wow, how totally amazing and wonderful for you. You’re right, Williamsburg is a unique and special snowflake, and no other neighborhoods have any of these things!

    Your insuffrable conceit is not helping your cause.

    Also, see the picture of my dog? Your vet would recognize him. :)

  • anyone know the legal story? I looked at a NSP’s offering plan before and it said Tower 3 would be a condo. I guess rentals actually help their value (by decreasing availability) but I assume an argument could be made that they were misled

  • anyone know the legal story? I looked at a NSP’s offering plan before and it said Tower 3 would be a condo. I guess rentals actually help their value (by decreasing availability) but I assume an argument could be made that they were misled