Press

Williamsburg’s waterfront makeover is pushing new development prices in the neighborhood to new heights.

A penthouse at One Williamsburg Wharf, part of Miki Naftali’s “urban resort,” snagged a signed contract for $7.2 million, according to a spokesperson for the building. If the sale closes for that price, it would claim the neighborhood’s title for the most expensive sponsor sale.

The pending deal would also unseat another Williamsburg waterfront development as the reigning priciest condo sale in Williamsburg so far this year, data from The Real Deal shows. Two Trees’ One Domino Square nabbed the top spot in October when a four-bedroom apartment sold for $5.8 million, or $2,200 per square foot.

Though the two developments are toeing the neighborhood’s price boundaries, neither managed to beat its record holder, a five-bedroom resale at Toll Brothers’ 2 Northside Piers. Unit 20AP closed for $8.3 million, or $1,800 per square foot, in 2021.

Sales at One Williamsburg Wharf, also known as 480 Kent Avenue, launched earlier this year with Ryan Serhant and Peter Zaitzeff, Alexandra Newman and Jennifer Lee of his eponymous firm at the helm.

The contract for Penthouse A — a three-bedroom, three-bathroom apartment with a terrace — comes on the heels of other deals inked at the 89-unit building. Last week, Penthouse E found a buyer with an asking price of $4.8 million, and a listing for Penthouse F shows the condo went into contract with an asking price of $3.8 million.

One Williamsburg Wharf is one of five planned buildings in Naftali’s spread along the East River, just seven blocks from Two Trees’ massive mixed-use project, including the redevelopment of the Domino Sugar Refinery. Together, the two master plans are slated to add more than 1,000 condos to the neighborhood.

“This isn’t just a building. It’s almost a new neighborhood in Williamsburg,” Serhant said of One Williamsburg Wharf. “It’s a different world.”

There’s “not nearly enough” inventory in neighborhoods like Williamsburg and Long Island City, which have attracted more buyers since the pandemic sent Manhattanites in search of more space to the outer boroughs, according to Serhant.

He described the neighborhood’s existing inventory as largely dominated by rental-to-condo conversions and said buildings like Naftali’s are drawing on Williamsburg’s swath of renters who, after several years in the area, are ready to put down roots.

Naftali’s project, also known under the address of 480 Kent Avenue, scored the No.3 spot among the borough’s most valuable condo filings this year, with a projected sellout of $172 million.

Prices in Williamsburg have grown over the last year, with the median sale price in the third quarter increasing 9 percent year-over-year to $1.3 million, according to data from Property Shark. The report ranks Williamsburg among the 20 most expensive neighborhoods in New York City.