Thursday, May 26, 2022

Dumbo condo tower likely to become Brooklyn’s most expensive

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A record-breaker is on the rise.

Developer Fortis Property Group’s 30 Front St. condominium in Dumbo is still under construction – but already a solid contender for the future title of Brooklyn’s priciest address.

So far this year, 18 of the luxury building’s 76 units have gone into contract, with an average asking price of $ 2,458 per square foot, or about $ 400 more than apartments in Brooklyn Heights’ Quay Tower, the borough’s second most expensive building, the Real Deal reported based on data from Marketproof.

While the exact amount each unit sold for won’t be known until closings begin later this year, those 18 units’ asking prices add up to $ 121 million. The 76-unit building has a projected $ 375 million saleout without even including its two penthouse units, the Real Deal noted based on StreetEasy and Compass reports. This put the 33-story structure, otherwise known as Olympia Dumbo, firmly into the upper echelon of Brooklyn’s most expensive real estate.

The condo tower is looking likely to become the borough’s most expensive.

Fortis purchased the property from the Lord’s Witnesses for $ 91 million in 2018.

Of the contracted units, apartment 29A has the highest asking price of $ 12.9 million. The 4,565-square-foot condo features floor-to-ceiling windows and a primary suite with multiple walk-in closets and an ensuite bath.

The floor-through penthouses are reportedly asking for more than $ 15 million each, or $ 3,000 per square foot, according to the Real Deal.

The sail-shaped structure’s future is not clear sailing for certain, though, as reports have noted new development Brooklyn condo sales tumbling significantly in recent months.
Currently, Dumbo’s most expensive condo unit crown-holder is the 3,068-square-foot penthouse at the 21-story Front & York property, which scored $ 16 million in November. Before that, the 1 Main St. Clock Tower penthouse had the title. That 6,813-square-foot triplex languished on the market for about six years and was dubbed “unsellable” before finally nabbing $ 15 million in 2017.

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