Brooklyn outperforms Manhattan, Queens in new condo filings
By Atticus O’Brien-Pappalardo
This report is part of a series of reports looking at development in NYC real estate from January 2020 through May 2021.
The volume of Brooklyn condominium development continued to be strong during the first half of 2021 compared with Manhattan and Queens. Through May of this year, 78 plans were submitted in Brooklyn for over 1,100 residential units. During the same period, there were 13 plans for 239 residential units submitted in Manhattan and 14 plans for 382 residential units submitted in Queens.
Last month PincusCo analyzed condominium plans submitted through Q1 of 2021, where Brooklyn far outpaced both Manhattan and Queens. During the first three month of the year plans were submitted for over 650 residential units in the borough. During the same period there were only 123 residential units submitted in Manhattan and 219 submitted in Queens.
Andrew Appell of Compass spoke to PincusCo back in May and explained that factors such as land prices, Covid-19, increase in popularity, and construction costs, contributed to “a relatively dramatic shift to developing and subsequent rapid absorption in Brooklyn right now.”
Additionally, Appell noted that Brooklyn was “increasing in popularity and demand pre-pandemic anyway” but Covid-19 “further catalyzed a rapidly growing appetite for buyers looking for more space and value while also looking to leave the crowds, larger buildings, and overall hustle and bustle.”
Through the first two months of Q2, the trend appears to be continuing. In April and May, 32 condo plans were submitted in Brooklyn for a total of 457 residential units while six plans were submitted in Queens for a total of 163 residential units and only five plans were submitted in Manhattan for a total of 116 residential units.
The plan with the highest disclosed sellout price over the span was submitted by Fortis Property Group on July 10, 2020. The Olympia Dumbo Condominium, located at 30-60 Front Street in Brooklyn had an initial sellout price of $374,783,000. The plans indicate the condo will have 76 residential units and two commercial units. Joel Kestenbaum and Jonathan Landau are listed as the principals of the sponsor.
A joint venture between Lendlease and L+M Development Partners were behind the largest plan in terms of residential units. The developers submitted plans on November 25, 2020, for a condo with 193 residential units in Morningside Heights, with the addresses 100 Claremont Avenue and 3041 Broadway. Lendlease’s Melissa Bruch is listed as the principal of sponsor.