Developments around the Brooklyn Bridge are hitting it out of the Park, literally. New Construction developments in Brooklyn Bridge Park are breaking sales records in the borough.
Toll Brothers has a $42.5 million, 97-year lease, which sits along the shoreline with up-close views of the Brooklyn Bridge. The company's development Pierhouse at Brooklyn Bridge Park has set records for condo sales. Over 40 of the 109 condominiums that are still under construction have moved into contract in under 10 weeks. The average price of a Pierhouse condominium is roughly $1,800 per square foot, which is a record-setting number for Brooklyn.
Prices have risen for the condominium building six times since the building has hit the market and has been valued 25 percent higher than Toll Brothers had predicted last year. With the rate of purchase being substantially greater, the property taxes from the properties may rise as well, with all revenue going towards sustaining and bettering Brooklyn Bridge Park.
Despite setting record numbers for real estate in Brooklyn, there is hefty opposition to the construction of new residences in Brooklyn Bridge Park. Many elected officials are trying to persuade Mayor de Blasio to leave the plans, which were made during the time of the Bloomberg administration in the past. The plan would entail building two new residential buildings in the park grounds.
De Blasio has been a long-time supporter for using the new construction to pay for the park instead of raising neighborhood taxes. Wiley Norvell, the mayor’s spokesman, said, “The mayor has been a long-standing supporter of Brooklyn Bridge Park and sees this model as critical to the park’s long-term financial sustainability.”
Toll Brothers Pierhouse building is a set of two buildings that begins at Squibb Park and heads down to Brooklyn Bridge Park. The newer condominium developments are designed by Marvel Architects and include one four-story building and a 10-story building that will include a 192-room hotel. There will also be a 31- and 15-story building to be built into the park’s southern edge.
Residents of the towers are also unenthused with the idea of affordable housing units being built in to luxury buildings. The city wants 30 percent of 430 possible apartments in development to go towards middle/moderate income tenants.
Many de Blasio supporters are also not thrilled with the city going ahead with this portion of the project. Representative Nydia M. Velazquez, Assemblywoman Joan L. Millman, City Councilmen Brad Lander and Steve Levin, and State Senator Daniel L. Squadron expressed their dismay over the city’s choice.
“We must plan more thoughtfully for the future of the neighborhood,” they said in a statement. “We have long urged alternatives to the Bloomberg administration plan for housing at Pier 6, and are working to save health care services (in regards to the financially flailing Long Island College Hospital) for the entire borough, create a first-rate park with great public access and address severe overcrowding at our neighborhood schools and build or preserve a diverse mix of housing.”
There is also a petition to save the park from more construction of residential buildings that has already garnered over 1,000 signatures.
In the mean-time, 70 percent of all planned construction is complete, and 80 percent of the funding has already been put in place.