Although the housing market has been in a slump for several years, there have been interesting developments in New York – specifically in Brooklyn. Buyers in the market for condo units have seen a shortage of inventory as condo developments slowed dramatically during the downturn. But recent evidence suggests that the market has taken a turn for the better.
Reports say that there are approximately 50 new condo developments in New York City – half of which are located in Brooklyn. This is great news for buyers who waited out the recession and are now ready to make that financial commitment. Here’s a look at what is on the market and in development in New York’s hippest borough.
Located in Fort Greene at 122 Adelphi Street, Fino 122 began sales in February. The 11 story building houses one, two and three bedroom units that range in price from $295,000 to $3.3 million. The building features private, keyed elevator access to all apartments, a private roof terrace, a fitness room and recreation center and parking. More than 15 percent of the units have already been sold.
This former candy factory located in Brooklyn Heights at 20 Henry Street was converted to condos in 2007. After some financial mishaps that stalled the project, it is scheduled for completion later this year. Sales began in February, and are averaging more than $1,000 per square foot. Four of the six penthouses are already in contract.
29 Montrose Avenue
Located in Williamsburg, this 10 unit condo project started coming on the market last month. The units range in size from a 507 square foot one bedroom to a 1,061 square foot two bedroom. Prices range from $365,000 to $659,000. 50 percent of the units are already in contract.
After being stalled for more than a decade, the Venetian condo development in Midwood at 447 Avenue P finally came on the market in May. The property is designed to look like a European Renaissance building. No units have closed as of yet, although there are contracts out on a few.
388 Bridge Street
Designed by the SLCE architects, this skyscraper is located in Downtown Brooklyn at 388 Bridge Street. It includes 34 rental units and 144 condos. The project cost the developers $265 million and has been in the planning stages for several years. When completed in 2013, it will hold the record as the tallest building in Brooklyn – but not for long. Across the street another development by AvalonBay Communities is being planned that will just eclipse 388 Bridge; however, construction is not being planned to commence on that project until the end of the year.