The 34-story plus penthouse modern luxury building will be developed as an approximately 240,000 gross square foot multi-unit condominium building, with subterranean parking at the base. The unit mix will accommodate the growing demand for larger floor plan housing in the market, and it will boast large uninterrupted spaces.

“Over generations, the area that is today Brooklyn Bridge Park has been a site of bustling commerce, a transportation terminal, an entry point for immigrants, an artistic and activist center, and finally, a world-class park visited by millions of tourists and New Yorkers every year... Brooklyn Bridge Park’s lush lawns, young trees and beautiful flowers have created a robust landscape and brought nature to this former industrial site. Public access to the long, narrow site was enabled by “urban junctions,” neighborhood parks at key entry points that transition between the park and adjacent residential communities. These entry parks host programs such as dog runs, civic lawns and playgrounds, which foster community stewardship and the safety that comes with constant occupation.”

—www.BrooklynBridgePark.org

Residential Real Estate

Average Sales Price

Residential real estate markets in Brooklyn have shown strong growth in the last 12 quarters. "Condominium Average Sales" price has grown 43.5% from 3Q 2011, and 61.4% from the low over the same period. The "Luxury Average Sales" price increased 55.8% since 3Q 2011 and an amazing 84.1% from the lowe in the period.⁵

Average Gross Sales Price, Brooklyn vs Manhattan

Even with recent gains, there is still the potential for continued growth in the Brooklyn market. The average residential real estate transaction in the Brooklyn market has averaged less than 50% of gross sales price than those in Manhattan.⁶

Time on Market

Listings have closed in increasingly faster time frames. Closings taking place 30% faster in 2Q 2014 than 3Q 2011, and nearly 45% faster than the high during that same period.⁷

State Street, Brooklyn Heights, NY

These seven neo-Georgian-style townhouses under construction are being built amidst Boerum Hill’s mid-19th century brick row houses. Construction is said to wrap in the third quarter of 2014.

321-325 Pacific Street

Five elegant single-family brick townhouses with cornices, carriage- house style garage doors, and setback penthouses. This development is projected to total over 16,000 square feet.

The Digital Deal Book can support custom Excel based pro formas or models from Argus and Estatemaster