Toll Brothers’ Pierhouse Condo Development in Brooklyn Bridge Park Too Successful?


Sales of Tolls Brothers’ ultra-luxury Pierhouse condos in Brooklyn Bridge Park have been insanely successful, so much so that the developer has raised prices six times since the February launch. They’re now going for an average of $1,800 a square foot, reported the Wall Street Journal. Needless to say, those are record-breaking per-square-foot prices in Brooklyn.

They’ve also been selling very quickly. More than 40 of 108 units are in contract.

This has given opponents of housing in the park, somewhat counterintuitively, grist for claiming further development should be halted. They say the success of the condos shows the park land was undervalued. State Senator Daniel Squadron is one of those calling for an end to housing in the park.

One of the units will set a record for a condo price in Brooklyn if the sale goes through. “Over the weekend, a buyer signed a contract to pay $11,180,000 for a four-bedroom penthouse with more than 5,000 square feet of space, plus a 3,400-square-foot garden and patio,” said the story.

Meanwhile, Mayor de Blasio has no plans to halt development of two more residential towers in the park, said the story. There was no mention of whether the mayor might require affordable housing in the new developments.

The Pierhouse condos are bringing in more revenue for the park than was expected. Do you think the last two buildings should go up, or should the park call it quits?

Brooklyn Park Condos Sizzle [WSJ]
Rendering by Marvel Architects

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