Press

Brooklyn’s new development market appears to be heating up, bolstered by projects in Boerum Hill and Williamsburg topping the outer boroughs’ most valuable condo filings so far this year.

Avdoo & Partner’s Bergen, Two Trees’ One Domino Square and Miki Naftali’s One Williamsburg Wharf claimed the top spots in The Real Deal’s ranking, bringing a combined 357 units to the borough, which has seen prices and inventory rise over the last few months.

In the third quarter, the median sale price of a new development condo in Brooklyn increased 10 percent year-over-year, while listing inventory expanded 16 percent, according to data from appraisal firm Miller Samuel. However, the number of new construction sales dipped 7 percent during the same period.

But contract signings for sponsor units in Brooklyn have been picking up this fall, which could signal a higher transaction volume at the end of the fourth quarter, according to data from Marketproof. Though Brooklyn logged more activity in November — 96 contracts signed, compared to 53 in the same month last year — demand for new developments dropped in Queens compared to the same period last year for the second month in a row.

Across Brooklyn and Queens, the total projected sellout of the 10 most valuable condo filings was just under $1.4 billion, up from last year’s $1.1 billion target. Four of the filings were for condos in Williamsburg and three were in Long Island City, including the two projects rounding out the five leading developments.

Here’s more on Brooklyn and Queens’ top condo filings by sellout volume so far in 2024.

480 Kent Ave, Williamsburg | Naftali Group | $172 Million

One Williamsburg Wharf, one of five buildings in the developer’s planned waterfront spread, is expected to yield $172 million in sales. The 22-story building includes 89 units, with those on the market ranging from studios asking $715,000 to three-bedrooms asking $4.4 million.

Sales launched at the project in September, with Serhant leading the charge on marketing. All together, the sprawling development, described by the developer as an “urban resort,” will include 850 apartments with a projected sellout of $600 million. Naftali bought the two parcels for a combined $285 million between 2019 and 2020.