The outside of the 41-story tower rising at 1 North 4th Place on the Williamsburg waterfront looks all done. The rental building from Douglaston Development will have 510 units across 434,000 square feet, according to building permits. Designed by FX Fowle Architects, the glassy behemoth will have a mix of studios, one-, two- and three-bedrooms, Douglaston’s website notes. It will also include parking for 80 cars, a large terrace overlooking the river, and “extensive fitness and recreational amenities.” The developer also claims the building will be “the first highrise rental project on the Williamsburg waterfront.”
The building is close to the two Northside Piers towers and The Edge. Originally it was third Northside Piers tower until Toll Brothers exited the project.
Construction is supposed to wrap next summer. The tower pretty closely matches the construction rendering, pictured after the jump.
$1,500 a foot. Yup, $1,500 a foot. That’s where we are, people, for a high-floor waterfront view in Williamsburg. This two-bedroom on the 25th floor of 2 Northside Piers hit the market last week asking $1,660,000. It’s all very nice and everything but, wow, $1,500 a foot. Amazing.
2 Northside Piers, #25L [Corcoran]
Now is a very good time to sell your condo at 2 Northside Piers! After this $3,200,000 resale earlier this summer, Penthouse #5 just hit public records for $3,600,000. The asking price for the apartment unit: $3,775,000. It last sold in 2011 for $2,545,000. It’s a four-bedroom, four-and-a-half-bathroom duplex with the largest terrace in the building. It lasted just about a month on the market before entering contract, Ralph Modica at Douglas Elliman handled the sale.
Resale at 2 Northside Piers Tops $3 Million [Brownstoner]
Here’s a very nice two-bedroom at 2 Northside Piers on the Williamsburg waterfront. Some of the finishes aren’t exactly what we’d have picked but for someone with modern inclinations they are likely to satisfy. And the two-bedroom layout is very generous with a nice master suite and an open kitchen and living area; the floor to ceiling windows don’t hurt either. This new construction goodness doesn’t come cheap though: The 1,234-square-foot place is asking an even $1,500,000.
Check out the progress on the third and final tower at the Northside Piers site. Douglaston Development, in partnership with RD Management and L&M Development Partners, are building the 40-story, 510-unit rental building. Toll Brothers, the developers of One and Two Northside Piers, are not behind this one. All this construction action comes almost two years after Douglaston announced the project. (At the time, a Toll Brothers exec said the “Williamsburg market is strong, but for most of us developers, it’s not a place where we were making a lot of money.”) According to Douglaston’s website, the new tower will be called “1 North 4th Place.”
Third Northside Piers Tower Going Up [Brownstoner]
The first batch of resales are still trickling in at Two Northside Piers — you may recall prices for the first three units hit public records earlier this year. The most recent sale was the three-bedroom, three-and-a-half-bathroom penthouse unit PH7, which came in at $3,200,000. That works out to be $1,633 per square foot. PH7 first sold in May of 2012 for $2,138,325 — that’s a boost of over $1 million in one year. It was listed for $3,250,000 this April. Unit PH5 will close on June 15. It sold in 2011 for $2,545,000 and was then listed in March for $3,775,000. It will reportedly come in close to ask, although not as close as the PH7 sale. Ralph Modica of Douglas Elliman has handled these past five resales.
The First Three Resales at Two Northside Piers [Brownstoner]
The first three resales at Williamsburg’s 2 Northside Piers are complete, according to CORE broker Ralph Modica, who is responsible for the sales. The three units are 3W, a 640-square-foot alcove studio, 14D, a 603-square-foot alcove studio, and 10B, a 813-square-foot one bedroom with office. Unit 3W was the building’s first ever resale; it sold for $532,500, 20 percent more than the original purchase. Then came 14D, selling at $590,000. Finally, 10B went for $725,000. The unit initially sold for $575,311 in 2010. (The building’s final sponsor sale, Unit 26P, came fourth in line.) Can’t say these numbers are surprising considering how quickly Williamsburg’s luxury market is growing. Above, a photo of unit 3W. See photos of 14D after the jump.
Photos by Rich Caplan
Nicolás Repetto, an Argentinian newscaster, purchased a penthouse unit at Northside Piers, according to public records filed on Friday. Repetto is one half of a Buenos Aires power couple, as his wife, Florencia Raggi, is a well-known actress. Un pied-à-terre en caliente Williamsburg, puede ser? StreetEasy is showing very few active listings at either of the Toll Brothers-developed Northside Piers towers. Repetto paid $2.7 million for the spread.
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]
Today there’s yet another story about residents who claim a new condo’s construction leaves much to be desired, though unlike with 53 Boerum, it doesn’t appear a lawsuit is involved: The Post reports that some owners at Northside Piers allege units in the towers have a bunch of flaws, particularly when it comes to the windows. According to the story: “[T]he biggest issue is the project’s signature feature â€” massive windows, many of which offer spectacular Manhattan skyline views. The grand views, the residents say, came at a steep price. The windows are thin and the seams between the panes allow wind and rain to easily come through, residents say. Some residents have taped around the window panes, but they say rain and air still blows in. A Post reporter noticed a bad draft coming through the windows in two condos even though they were heavily covered in tape.” Developer Toll Brothers says the allegations involve “isolated situations” and the towers’ construction is sound.
Waterfront Residents Complain of ‘Shoddy’ Construction [NY Post]