First half of 2018 sees the most Brooklyn condo units filed since the recession
Plans were filed for 547 new condominium units in Brooklyn in June. With that figure, the total number of new residential filings during the first half of 2018 eclipse any full year since the recession.
As was the case in January, March and May, these eye-popping numbers were primarily driven by large-scale condo projects. Two new projects filed with the Attorney General’s office in June each had more than 160 residential units.
The largest was Hope Street Capital’s 165-unit market-rate warehouse conversion at 98 Front Street in Dumbo, joining a cluster of 100-plus-unit condos that had been filed earlier this year near Downtown Brooklyn. The month’s other major condo filing, however, was a bit further away in Crown Heights: a 163-unit project from CIM Group and LIVWRK at 111 Montgomery Street.
Meanwhile, 24 other condo projects — the largest of which was a 32-unit Guy Iber development at 1325 Herkimer Street in Ocean Hill — helped push the total past 500 for the fourth time in six months, something that hasn’t occurred since 2006.
In another post-recession first, the number of new 100-plus-unit condo filings in Brooklyn was tied with that of Manhattan for the second straight quarter.