The 10 most valuable Brooklyn condo filings accepted in 2016
A converted Williamsburg warehouse that was once the base of operations for a prominent bourbon distributor was the priciest condominium filing approved by the New York Attorney General’s Office in 2016.
Kushner Companies is turning the massive Cass Gilbert-designed Austin Nichols House at 184 Kent Avenue into luxury condos, and planning to make a tidy profit while they’re at it. The accepted sellout price of $427.3 million makes it the borough’s most expensive condo filing of 2016, according to analysis by The Real Deal.
Brooklyn is a hive of development activity right now, and sales prices in the borough hit record levels in the third quarter of 2016. The median price of condos reached $812,008 and new development condo prices climbed 27 percent year-over-year to $778,452.
We looked at the condo offering plans accepted by the Attorney General in 2016, and ranked the biggest projected sellouts in the borough:
Property Developer Type Units Sellout
Austin Nichols House
184 Kent Avenue Kushner Companies, LIVWRK, Rockpoint Group Conversion 338 $427.3 million
509 Pacific Avenue Hope Street Capital and AEW Capital Management New construction 33 $129.6 million
171 Columbia Heights DDG and Westbrook Partners Conversion 50 $112.9 million
319 Schermerhorn Street Adam America Real Estate and Naveh Shuster Group New construction 73 $91.3 million
613 Baltic Street JDS Development Group New construction 44 $89.5 million
251 First Street Condominium
251 First Street Adam America Real Estate and Slate Property Group New construction 44 $85.9 million
1809 Emmons Avenue Rybak Development New construction 58 $77.2 million
Polhemus Residences Condominium
100 Amity Street Developer Fortis Property Group Rehabilitation 17 $67.4 million
755 Kent Avenue
Rabsky Group New construction 99 $54.4 million
431-447 Avenue P Time Equities Conversion 33 $50.9 million
509 Pacific Avenue
Developers: Hope Street Capital and AEW Capital Management
Projected Sellout: $129.6 million
Type: New construction
Designed by architecture firm Beyer Blinder Belle, this 33-unit development is on the site of a former Walgreens in Boerum Hill.
In 2014, Hope Street Capital and AEW Capital Management paid the Rabsky Group $30 million for the building and to buy out the drugstore chain’s lease. The development at 509 Pacific Avenue, known as the Hendrik, has apartments on sale for between $1.7 million and $4.5 million. In its marketing, the developers tout the use of a green-gray variety of Petersen brick that is only made in Denmark.
Seven apartments at the Hendrik have sold for an average price of $2.8 million, or $1,547 per square foot. Eight apartments are under contract at the building, with an average asking price $2.1 million or $1,573 per square foot, according to StreetEasy.