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