Brooklyn Condos Being Bought By...Brooklynites

Contrary to what many people assumed, current Brooklyn residents, rather than their brethren across the East River, are driving the sales of new condominiums in their own borough. According to the Daily News, Brooklynites have been the biggest buyers in some of the most high-profile conversions and new developments in recent months. At 110 Livingston, for example, where 90 percent of the units are sold, almost 60% of the buyers were from Brooklyn. At One Hanson Place, which is 55 percent sold, 48 percent of buyers have been from Brooklyn, compared to only 34 percent from Manhattan. Even at Richard Meier's OPP, Brooklyn rezzies have held their own against Manhattanites (40 percent each). And at One Brooklyn Bridge Park, 56 percent of prospective buyers have been from Brooklyn. One exception to this trend has been Northside Piers in Williamsburg, where just 21 percent of buyers have been from Brooklyn. As Highlyann Krasnow of The Developers Group points out, though, the figures may be slightly misleading. She hypotheizes that many of the new condo buyers lived in Manhattan until very recently, perhaps renting a place for a year or two in Brooklyn to test the waters before committing to ownership. Seems like a reasonable theory to us.
Condo Sales Stunner [NY Daily News]
Photo by jschinn

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yeah i know a few people who are buying into these places...recent manhattan transplants who either rented for a while or more typically bought a few years ago and are "trading up"

Posted by: yeah at July 10, 2007 9:49 AM

I love hearing this news! I worked on the 23rd floor of One Hanson for years and fell in love with this building the first time that I walked through the lobby a lifetime ago...
It's nice to know that Brooklyn residents, who can appreciate the history of the building, are taking up residence there.

Posted by: bren at July 10, 2007 9:51 AM

Even if they're our fairly new neighbors, they obviously love the area enough to put down roots here, and that's good news.

Posted by: bren at July 10, 2007 10:01 AM

Speaking of Brooklyn condos - can anyone shed any light on the change of brokers at One Hanson? Used to be Corcoran and now has switched to Stribling? Why?

Posted by: Anonymous at July 10, 2007 10:23 AM

I was just thinking yesterday about all this new building. Who is going to fill all the buildings? There seem to be many affordable buildings going up. So, are these first time buyers? If so, what happens when that many people move out of the rental market? Are many former multi-unit brownstones being converted back to single family buildings? There aren't that many luxury buildings going up so does this mean that the brownstones will become exclusively the homes of the monied brooklynites? What are the projected population increases for Brooklyn. Are they over-building? Will this be the pop of the Brooklyn market?

Posted by: 101 at July 10, 2007 10:23 AM

Stribling probably offered a better commission break...pulled down their pants for the listings. Corcoran has done an excellent job so far (55% sold in a building that partially overlooks Atlantic Yards). Developers change teams all the time. Follow the money...

Posted by: Anonymous at July 10, 2007 10:27 AM

please, who cares. 'recent manhattan transplants' are almost always (with Mr. B an exception) transplants from somewhere else anyway. As are a good % of Brownstone Brooklyn buyers also.
And no problem with that.

Posted by: Anonymous at July 10, 2007 10:34 AM

Could be that Stribling offer a better deal, but my guess is that the developers weren't happy with Corcoran's numbers--especially in light of the fact that 110 Livingston (which has more units) is more than 90% sold, while One Hanson Place is at 55%...

Posted by: Anonymous at July 10, 2007 10:37 AM

101 -- so you consider $600K 1-bd, and $850K small 2-bd affordable? The only things affordable with all the new developments iare the 10% downpayments (comared with 20%+ for coops) the real estate tax rebate that makes the monthly cost lower.

Posted by: Anonymous at July 10, 2007 10:41 AM

I didn't mean this building. I think of this as a luxury building. I was speaking generally of all the new building." Affordable" being the buildings that this site refers to as Fedders- the boxy ones. There seem to be many of them going up. I think of One Hanson, the Richard Meier building and the other one by BAM as "luxury".

Posted by: 101 at July 10, 2007 10:52 AM

I should say though that these days I don't know where to draw the line. My friend just bought a two story house in East New York for $650,000. I generally think of him as a guy that is trying to make ends meet and I generally think of $650,000 as a lot of money.

Posted by: 101 at July 10, 2007 10:57 AM

how does a guy trying to make ends meet afford a $650K mortgage? if you know, please let me know! most people who seem middle class and afford such mortgages are usually getting help from family.

Posted by: Anonymous at July 10, 2007 11:15 AM

Even the trashiest fedders building is marketed as a 'luxury condo' My husband and I laugh whenever we see one of those ugly boxes with the inevitable 'luxury condo' sign out front.

Posted by: Anonymous at July 10, 2007 12:14 PM

Count me as a Manhattan transfer. Just bought at One Hanson after 10 years renting in Manhattan. Can't wait to move to Brooklyn!

Posted by: Anonymous at July 10, 2007 12:28 PM

Oh I think that you're going to just love One Hanson! Welcome to Brooklyn!

Posted by: bren at July 10, 2007 12:47 PM

I don't think anyone moves to Brooklyn to "test the waters" that's an idiotic statement. It just so happens that people already here in Brooklyn are buying at these new developments.

Posted by: Anonymous at July 10, 2007 1:35 PM

I Love Brooklyn!

Posted by: Anonymous at August 8, 2007 11:59 PM

New Brooklyn Residents enjoy and take advantage of the diversity and culture our borough has to offer. It is like no other!

Posted by: Anonymous at August 9, 2007 12:00 AM

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July 10, 2007

Brooklyn Condos Being Bought By...Brooklynites

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