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Brendan Aguayo

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New York Times

A Changing Waterfront In Greenpoint Brooklyn



The waterfront along Greenpoint in Brooklyn is rapidly changing, as construction crews work full throttle along West Street on several large residential projects that will bring thousands of new residents to the area.

The developments include condominiums and rentals, and they range from a 14-unit building to a 40-story waterfront tower.

At 50 Greenpoint, where sales are expected to begin in mid-November for 44 condominium units, one main selling point for the building was its views of the Manhattan skyline. Now another is access to the G train, said Brendan Aguayo, the managing director of Halstead Property Development Marketing, which is handling sales.

“I think some people who have been looking to buy a home on or near the L train line will now look in Greenpoint,” Mr. Aguayo said, because of the tunnel repairs between Manhattan and Brooklyn that will disrupt L train service to Williamsburg for 18 months starting in 2019.


Prices at 50 Greenpoint, which is set to open early next year, will range from $699,000 for a one-bedroom to nearly $1.9 million for a three-bedroom penthouse with a terrace, according to Mr. Aguayo.

Twenty-eight units will have private outdoor space, and building amenities will include bike storage, a pet spa, a gym and a common rooftop terrace. Four out of the 23 parking spots will come with charging stations for Tesla electric vehicles.

“People are being priced out of Williamsburg and are looking for alternatives,” said Oren Evenhar, the chief executive of the Pine Builders Corporation, the developer of the building.

Greenpoint and Williamsburg have been described as the city’s most rapidly gentrifying neighborhoods by New York University’s Furman Center.

The population is expected to surge, with the area gaining more than 3,000 apartments by the end of 2019, according to CityRealty, a real estate data and listing company.

“I jokingly call Greenpoint the Dubai of the East River,” because development has happened so rapidly, said Daniel Levy, the chief executive of CityRealty. “But fast-forward five to 10 years, and you can see a waterfront area that’s connected through parks, which is a positive change.”

Sales for new condominiums go relatively quickly in the area because there is little supply, Mr. Aguayo said.

There was one penthouse left for sale as of Oct. 13 at the Gibraltar, at 160 West Street, a new 14-unit condominium that is scheduled to be finished early next year. (The price: $2.25 million.) According to Bryan Atienza, a Nest Seekers International agent who has been handling sales along with Ryan Serhant, a broker there, most buyers have been in their early 30s to their mid-50s.

A contract signed for a three-bedroom penthouse in the building broke the neighborhood’s record price for a new condominium at $1,482 per square foot, according to Steve Ferguson, a principal of Saddle Rock Equities, the developer of 160 West Street.

Also recently completed were two of the three affordable housing buildings that are part of Greenpoint Landing, a 22-acre waterfront development that will bring a total of about 5,500 new homes.

Residents are moving into 7 Bell Slip, a building with 93 rental units, while construction on 33 Eagle Street, with 98 apartments, has been completed. The last building, 5 Blue Slip, will likely open with 103 units early next year. This portion of the complex is developed by the Park Tower Group and L & M Development Partners.

Construction on two nearby rental towers, a joint venture between Park Tower and Brookfield Property Partners, and a public waterfront open space has also begun, according to a spokesman for Greenpoint Landing.

At the East River ferry stop is the Greenpoint, the waterfront’s first tower, at 21 India Street. The 40-story building, originally called 10 Huron and developed by the Mack Real Estate Group, Palin Enterprises and Urban Development Partners, will have 287 rental units and 95 condos.

The condominiums, ranging from studios to three-bedrooms, will start on the 28th floor, offering unobstructed views of Manhattan. Another 81 rental units will be built in a five-story building that will be connected to the tower through an interior corridor, a parking garage and a large courtyard.

The Corcoran Sunshine Marketing Group will likely begin sales for the condominiums in early 2017, a spokesman for the developers said.

Friday, October 14, 2016