I have a high-floor two-bedroom condominium listing in Toll Brothers’ first New York City development, 110 Third Avenue.
We are marketing it at $2.5 million, with significant interest.
The lack of inventory for high-floor, great view, full-service Downtown condominiums make this highly desirable.
Views from 110 Third Avenue
With that in mind, I found
my trip to Brooklyn Heights to see Toll Brothers’ newest project, The Pier House, a particularly fun preview!
Featuring only 100 units, almost all duplexes, this development appears to be going for a mini-townhouse feeling, ultimately –
and nearly every unit has jaw-dropping views of lower Manhattan.
The downsides:
I think of two, initially.
First, while inside Brooklyn Bridge Park, The Pier House is also sandwiched next to the BQE (Brooklyn Queens Expressway).
Many rear bedrooms will have views of that highway.
Is that enough downside to scare people away?
Second,
considering that the majority of the units are duplexes, some stair-averse New Yorkers will not like living on two levels.
But to my mind, these are the only real downsides – those, and pricing.
I’m quite confident they will have massive success.
With the interior design of the units –
which is clean yet warm –
the views from the apartments, the large floorplans, the super-high ceilings, and the location inside Brooklyn Bridge Park, they have a winner on their hands.
That’s not to say that they won’t get pushback on the pricing.
First, they are coming out at $1500 per square foot.
Given that Downtown condominium pricing in Manhattan seems to have topped out around $6500 per square foot, and given the recent sale at One Madison
on 22nd Street, $1500 for large spaces seems, in our world,
pretty reasonable.
There are contextual reasons that pricing begins
to make sense. Right now, townhouse living in great locations of Park Slope, close to Prospect Park,
costs $4mm, to start. And the building:
- Is minutes from the subway, still, and better located than large spaces that rely on the F train
- Is literally inside Brooklyn Bridge Park, looking at water and
ships crossing, with light and air
- Has access to the Park
- Has access to all the excellent schools in Brooklyn Heights
- And has quicker access to lower Manhattan
Then we look at the finishes and layouts themselves, which have not made it online, exactly, as the Attorney General hasn’t yet approved the plan.
That is, while the building has conducted previews for buyers and brokers, no contracts have been signed.
All the sales office can do is collect interest and make lists to that effect, then wait.
When the
unit
do hit the market, I expect them to sell briskly.
Spectacular Views of Lower Manhattan
They have created really pretty kitchens, with wood paneling.
The kitchen island has a floating panel detail that is quite striking!
It’s a look I haven’t seen before in
recent development.
The ceiling height is incredible, as well.
Overall, they have created a “transitional” look that will appeal to the contemporary-minded and
the more traditional.
That is, everyone’s furniture should look good in the unit.
As duplexes, some layouts feature kitchens and living rooms on different levels.
I have some concerns about how buyers will take to this setup, given the way people live today.
My prediction is that the units with the same level for kitchen and
living areas
will be quicker to sell.
But perhaps have dining rooms/areas on the same level as kitchens will help buyers overlook this potential quirk.
There is much to distract!
The baths are done smartly, with an interesting contrasting marble tiling on the walls.
This link has some development collateral materials for the project, so take a peek!
Bedrooms are large, and even the one-bedrooms are larger than 1000 square feet.
I’ll be curious to see who buys the smaller units, given that two-bedrooms start at $2.5mm, and three bedrooms at $2.8mm for the smallest.
It’s an aggressive price point!
No question the project will be gorgeous, though, appealing to townhouse buyers, loft buyers, Downtown Manhattan buyers, and of course Brooklyn enthusiasts of Dumbo, Brooklyn Heights and beyond.