Fifty-million-dollar sales grab headlines. But a better reflection of how New York City’s real estate market has fared recently are what might be called “regular” luxury sales. Record-busting transactions in Brooklyn’s Park Slope and Manhattan’s Morningside Heights prove the pandemic has not stripped the life from the sector. Far from it.
Observers who believe Covid has done a real number on the Brooklyn and Manhattan luxury real estate market probably haven’t seen other numbers, like those in Compass’ Fourth Quarter market reports. The Manhattan report shows residential real estate contract activity rose 4% vis-à-vis Q4 2019. The Brooklyn report divulges contracts leaped 20% in 2020’s final quarter, and that the overall median price soared 10% to $880,000. Want a couple examples of the phenomenon? Try these.
One Prospect Park West
Folks seeking true park living come away wowed by this renovation and adaptive reuse of the historic Knights of Columbus building on the northwest corner of Park Slope’s Prospect Park. When complete, the WORKSTEAD-designed residential condominium will feature 64 residences in more than 40 distinctive floor plans, showcasing details that gracefully blend pre-war and modern design touches. A 30-day period from early December to early January saw the signing of $30 million in contracts. A contract for a $6.5 million penthouse, the priciest condo in Park Slope history, was inked mere weeks before a residence asking $5.99 million went under contract.
“Taking the building’s golden era past into consideration, we commissioned WORKSTEAD, the acclaimed design studio with Hudson, N.Y. and Brooklyn roots, to bring the project to life, while also honoring its history, original details and spirit,” says Ramon Maislen of One Prospect Park West developer Sugar Hill Capital Partners. “The end result is a sophisticated collection of townhouse-inspired residences that feel like home from the moment you step inside, along with an unrivaled park-side location.”
Douglas Elliman’s Doug Bowen, who with Patty LaRocco and Douglas Elliman Development Marketing is handling sales and marketing for the building, believes it’s little wonder purchasers are descending on One Prospect Park West. By pairing new development features and finishes with the historic gravitas of a pre-war building, One Prospect Park West stands as a one-of-a-kind treasure in Park Slope, he says. “This unique combination of features is attracting a range of buyers, including families, former townhouse owners and Manhattanites, many of whom had never considered living in Brooklyn prior to the pandemic. At a time when access to space, light and greenery is of utmost importance, One Prospect Park West is the ideal home.”
Luxury boom
On the other side of the river, another luxury building is also demolishing sales records. Developed by Savanna and designed by INC Architecture & Design, Vandewater is in the vanguard of luxury buildings opening during an unprecedented luxury residential boom in the Manhattan enclave of Morningside Heights.
The building has lured Upper West Siders, those connected to Columbia University, and Westchesterians intent on maintaining a city foothold. Not long ago, the development notched new sales price benchmarks for the neighborhood, when a four-bedroom fetched $4.55 million and a penthouse deal went down for $4.05 million.
“People are coming to us because they are heavily prioritizing classic design, spacious layouts and an historic and distinctly New York neighborhood like Morningside Heights,” says Peter Denby, sales manager for Brown Harris Stevens Development Marketing. “Vandewater meets all those needs, in a wonderful West Side location that offers easy access in and out of the city, which makes it even more desirable for young families, empty nesters and residents with second homes. Additionally, the building offers an unprecedented level of amenities, including a 70-foot indoor pool, and private, on-site parking for purchase.”