The development of Williamsburg waterfront apartments in Brooklyn has seen plenty of ups and downs over the past few years, with several high-profile projects stalled mid-construction after the 2007 housing bust. Today, however, several recent reports seem to indicate that the Williamsburg rental apartment and condo market, especially those homes looking out over the East River and towards the Manhattan skyline is once again looking good.
Not only are the existing buildings finally filling up–and, recently, at a record pace–but new construction is already in the planning stages, including the development of a huge new luxury rental apartment building right near the water.
New York Magazine took a look at the status of four of the most ambitious Williamsburg waterfront apartment projects of the mid- to late-aught years–condo buildings that had either just started selling or were putting the finishing touches on construction when Lehman Brothers fell and the market collapsed in 2008–and finds a surprising amount of good news.
At the once-troubled glassy duo that make up The Edge, the pair of Williamsburg condos that, during the summer, overlook the Brooklyn Flea, it seems that almost three-quarters of all 565 units have been sold.
Two Northside Piers had a rough start as well, but sales there, too, have taken a dramatic turn for the better, with nearly 80% of its 270 apartments sold. And at the smaller Williamsburg luxury buildings 80 Metropolitan and 14 Hope Street, almost everything is gone!
Why the sudden turnaround in the market for Williamsburg waterfront apartments? One theory is that the neighborhood is becoming more of a full-service neighborhood–not just interesting bars, cheap restaurants, and vintage clothing stores–without being invaded by chain stores like much of Manhattan.
The cool factor is still very much a draw, too, especially among those New York City creative types who have achieved a level of some professional success but have no interest in moving to, say, the Upper West Side to settle down. And the New York Times had a profile recently about a young couple who wound up on the Williamsburg waterfront after their suburban New Jersey dream home fell through, so go figure.
And there’s lots more to come! Douglaston Development announced recently that they would be starting construction in March on a massive luxury rental apartment tower at 3 Northside Piers, right next door to their Edge project, featuring 500 units and amenities galore. It seems that the availability of Williamsburg rental apartments hasn’t come close to its upper limit yet.
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