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February 5, 2015

Inside Williamsburg's
Tallest Residential Tower

This week Douglaston Development president Steven Charno showed us around 1 North 4th Place, Douglaston's new luxury rental on the Williamsburg waterfront. It's the developer's first high-rise rental and the tallest residential tower in Williamsburg (though that won't be the case forever).

Douglaston bought the site for 1N4th, which sits on a little finger of land jutting into the East River, in 2011 when condo sales were bruised by the recession. “We identified a need in Williamsburg for luxury rentals with efficient layouts and full-service amenities,” Steven tells us. And that need remains; 1N4th opens as the only high-rise rental west of Kent Avenue in Williamsburg.

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When Douglaston opened The Edge in 2008, just adjacent to 1N4th, new waterfront residential development in the area was an untested concept. Since then, a waterfront park—accessible through 1N4th's public courtyard—has opened, along with a ferry terminal that'll get you to Wall Street, Midtown or other spots in Brooklyn. Douglaston is going big on amenities, with an outdoor movie theater, 24-hour concierge service and an easy-to-access bike room for 258 bikes. The lobby is also bigger than your typical luxe rental lobby (4k SF), and we snapped its library.

In just a few weeks of leasing, more than half the units are spoken for, Steven said. By the end of the month, the lower 13 floors of the 40-story tower will see their first tenants. The units on the upper floors will be ready in a few months. Studios are renting for $2,200 to just under $3k, and two-bedrooms are going for $4,450 to $5,275. Touring the units (above) it's clear that what Douglaston is selling folks are the views. As we spotted a ferry headed for the terminal just up the waterfront from 1N4th, Steven pointed out “you can actually see the ferry from your unit and make it down there in time to catch it.” (See, being late for the school bus all those years ago was actually good practice.)

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CPEX Making Waves in Sunset Park

The CPEX Multi-Family Sales Team is off to a hot 2015. At the end of January, it completed the sale of 534 54th St, a three-unit brownstone in Sunset Park totaling 2,820 SF, for $1.2M. That's the third multifamily building CPEX has sold in Sunset Park in the past four months; the team of associate director Stephen Safina and associates Alyona Chystyakova and Thomas Ryan also sold 224 and 228 53rd St. Joining the trio on the Multi-Family Sales Team is associate director Lawrence Sarn, who was with CPEX several years ago and has come back home to roost. His experience and expertise comes at the perfect time, as CPEX was just hired to market two multifamily portfolios in Brooklyn. For more information about these new listings, or to learn more about our sponsor CPEX and its Multi-Family Sales Team, visit www.cpexre.com.

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It's Official: Every Type of Building
is Now a Gym

JTRE

JTRE Holdings CEO Jack Terzi is taking his newly acquired $21M parking garage in a different direction, converting the 30k SF, three-story Midtown East retail building at 234-240 E 54th St into a health and fitness haven. (Garages and gyms are actually quite similar: We once walked two miles trying to remember where we parked.) He already has two 20-year tenants: Equinox's discount gym chain Blink Fitness (20,500 SF) and the increasingly popular SoulCycle (4,500 SF). So, who is Terzi's dream tenant for the remaining 5k SF? He's hoping for a good juice or salad establishment.

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Downtown Brooklyn Will Double New Resi Units

Downtown Brooklyn is nowhere near through adding residential towers. A report by the Downtown Brooklyn Partnership says 12,769 new residential units are coming. That's more than double the number built since a rezoning in 2004 eased limits on new construction. That's $6.5B of mixed-use and residential projects either going up now or in the next few years. The mix looks like it'll be about 80% rental with over 25% of units defined as affordable. (Intrigued? Check out Four Big Affordable Housing Ideas.) Nine hotels totaling 1,000 new rooms are also on the way. The big loser here? Sunscreen sales, as everyone will be spending more time in the shadows of high-rises.

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See the Rental Numbers That Left MNS 'Astonished'

Apparently less is more: in 2014, a new report from MNS (the company marketing 1 North 4th Place) says rents for studios in Brooklyn climbed 9%, while one-bedrooms went up by about half that and two-bedrooms by about 2%. The average overall rent in the borough sits at $2,676, a 4.5% increase year-over-year. New high-end rental development will add inventory, but MNS says it will drive further price increases this year as new developments reshape their neighborhoods. Projects MNS points to: 1 North 4th place, which will bring 509 units to market; Atlantic Yards, where a 363-unit rental is going up; and three new projects in Downtown Brooklyn that will add a total of 1,300 new units this year: 505 Fulton St, 180 Myrtle Ave and 81 Fleet Pl.

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Host Our Event
At Your Raw Space

When Bisnow holds its events in your space, you get hundreds of brokers and prospects observing it, admiring it and considering it. A Bisnow space sponsorship condenses and enhances your walk-through opportunities, extending your reach to many enthused potentials who may not have even realized your space was available. At the same time, you're associating your property with the hottest commercial real estate event in the market, attended by the biggest decision-makers in the industry. You'll also benefit from many promotional opportunities to market your space right on the spot, including video presentations, keynote speeches and booths. Find out how you can make the most of your sales and leasing time by sponsoring a Bisnow event: contact Will Friend at will@bisnow.com.

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