Earlier this year, the data website PropertyShark.com compiled a list of the 10 top-selling developments of 2011. The outer boroughs dominated, with condo buildings in Brooklyn and Queens taking the first four spots.
In Manhattan, properties in two booming neighborhoods – the Financial District and Midtown West – made the list. “Two years ago Manhattan was dominating this list, in 2011, six out of the Top 10 Buildings with Most Units Sold were located in Brooklyn,” according to Property Shark’s blog.
Here, Brokers Weekly provides an overview of each development, along with Property Shark’s sales data.
1. The Edge
A total of 272 units were sold at the glass-curtain towers at 22 North 6th Street and 34 North 7th Street, for a median price of $672.286. In November of 2011, the 565-unit development reached the 75% sold mark.
“Our sales and marketing campaign has been extremely effective at The Edge,” Andrew Barrocas, CEO of MNS, which has been involved with the project since its initial stages, said in a statement when the milestone was reached. “We’ve closed 200 units since the beginning of .”
The building, which sought to attract buyers at one point with an edgy ad campaign featuring pinup girls, offers 40,000 s/f of amenities, including a swimming pool, sauna, indoor basketball and volleyball court, virtual golf and video game lounges. In addition, residents have access to an on-site Zipcar service and Williamsburg’s East River Ferry.
2. Northside Piers
In a further testament to the growing strength of Williamsburg’s luxury market, Northside Piers, a 30-story waterfront tower several blocks from the Edge, ranked number two. In 2011, according to PropertyShark, 143 units were sold at the development, for a median price of $676.191.
According to Streeteasy, 26 units were sold over the past quarter. At the end of the fourth quarter, the brokerage firm MNS reported that Williamsburg dominated new development sales for units of all size.
In a report on fourth quarter sales activity, the brokerage firm MNS found that Williamsburg dominated new development sales for units of all size.
For the last couple of years, Downtown Brooklyn’s new development market – along with its retail and restaurant scene – has been going strong.
At Be@Schermerhorn, the 246-unit condo building between Smith and Hoyt Street with a landscaped roof deck, courtyard and greenhouse, 118 units were sold for a median price of $439.375.
The neighborhood is continuing to attract developers: in February, Douglas Steiner announced plans to build a 52-story rental tower, the Hub, just down the street from Be@Schermerhorn at the corner of Schermerhorn Street and Flatbush Avenue.
As for the neighborhood’s condo towers, “with so many developments selling out, many neighborhoods are left with little supply,” according to MNS’ 2011 fourth quarter report. “Downtown Brooklyn, which in the first quarter of 2011 had 20% of the new development inventory, closed the year with just 8%,” the report continued. “Brooklyn could easily absorb what is has on the market in about 3-6 months, putting serious pressure on pricing and housing options.”
4. 269 Grand Central Parkway
The Glen Oaks section of Queens, where this 120-unit condo development is located, isn’t exactly a hub for trendy young professionals like Williamsburg or Downtown Brooklyn.
Nonetheless, the co-op building ranked high on the list PropertyShark compiled. 120 units were snapped up there last year, with a median price of $334.000. A stone’s throw from Nassau County in far eastern Queens, the neighborhood is near the Long Island Jewish Hospital.
Following extensive renovations, this condo conversion ranked fifth in number of sales for the past year, with buyers closing on 112 units with a median price of $1.519 million.
The building offers studio to four bedroom units ranging from 571 to 3,417 s/f, and features the Sky Club, a recently completed amenities space with lounges, a whimsically-decorated children’s play room, a roof deck with barbeque grills, and a yoga studio.
In September, the Marketing Directors, the building’s exclusive marketing team, launched penthouse sales on the building’s 56th and 57th floors.
“The Sheffield continues to receive an overwhelmingly positive response to the newly designed homes and these penthouses are the epitome of the level of luxury The Sheffield homes have to offer,” Jacqueline Urgo of the Marketing Directors said in a statement.
6. One Brooklyn Bridge Park
95 units sold at this waterfront development in Brooklyn Heights, near the recently constructed Brooklyn Bridge Park.
The median sales price for the building’s loft-like studio through three bedroom condos was $890.000. Sales momentum is continuing: according to StreetEasy, the building, which is being marketed by MNS, saw 13 sales over the past quarter.
7. 99 John Art Deco Lofts
95 units sold at this 442-unit condo building in the Financial District last year, for a median price of $672,500.
The 27-story condo conversion, which is being marketed by Nest Seekers, was designed by Shreve, Lamb and Harmon, the architects responsible for the Empire State Building, and offers studio-to-two bedroom lofts and three-to-four bedroom duplexes.
In 2010, Nest Seekers helped generate buzz for the building with a model unit design contest. After visitors voted for their favorite unit on Facebook, an artist with a studio in the Financial district was announced the winner.
8. 1 Rector Park
89 units sold at this Battery Park City development for a median price of $600,767.
When the building, which offers studio through four-bedroom units as large as 2,662 s/f, reached the 50% sold mark in October, sales director Tricia Cole of Corcoran Sunshine Marketing Group announced in a statement:
“1 RectorPark has had an impressive sales pace. The building offers exactly what so many buyers are looking for: stylish, waterside living in Manhattan’s greenest neighborhood. Buyers are drawn to the sophisticated design, spacious layouts, wide variety of amenities, and spectacular views. The added attraction of being surrounded by almost 40 acres of parkland has contributed to a winning formula for successful sales.”
9. The Pencil Factory
77 units sold for a median price of $445, 146 at the only Greenpoint development to make PropertyShark’s list.
The six-story condo building, at 122 West Street along the Greenpoint waterfront, had five sales this past quarter, according to Streeteasy, and is being marketed by Joyce Kafati Batarse of Prudential Douglas Elliman.
The historic property was built in 1872 for the Eberhard Faber pencil company, and boasts amenities such as a common roof deck and bike storage.
Oro, the second Downtown Brooklyn building to make the top 10 list, had 73 sales last year with a median price of $545,983.
Like other luxury high-rises in the neighborhood, the 40-story tower, designed by Ismael Leyva, boasts Manhattan views and is packed with amenities, including a racquetball court and screening room.