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Toll Brothers’ Pierhouse condos in Brooklyn Bridge Park, some of the priciest real estate in Brooklyn of any sort, are more than half sold (in contract, that is) since sales launched in February. Prices are averaging $1,850 per square foot and the developer expects to realize at least $250,000,000 in revenues from the project. It has invested almost $39,000,000 into the development, said executives during an earnings call Wednesday reported by The Real Deal.

The development, designed by Marvel Architects, is still under construction in Brooklyn Bridge Park, and has angered preservationists such as Otis Pearsall and the Brooklyn Heights Association because a three-story rooftop structure housing mechanicals is unexpectedly blocking views of the bridge from the Brooklyn Heights Promenade, as we reported in September.

The units have proved so popular prices have increased six times during the two and a half months of sales, said the story. Of the 106 condos, 60 are in contract. Construction is expected to wrap in summer 2015. Toll Brothers plans to eventually sell the hotel portion of the project, which will be a 1 Hotel from Starwood, for about $100,000,000, said the firm’s chief financial officer.

Toll Brothers’ Pierhouse to See Big Payday [TRD]
Rendering by Marvel Architects


What's Your Take? Leave a Comment

  1. The $39 million refers to the equity they’ve invested in the project, not the total costs of the project. In addition, only $24 million of that equity was for the residential project – the rest went to the partnership with Starwood for the hotel. The entire project was projected to cost ~$280 million to build, including the hotel. I don’t have an estimate for what the residential portion alone will cost, but pushing $200 million wouldn’t be outrageous.

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