Toll Brothers' Pierhouse Condo Development in Brooklyn Bridge Park Too Successful?
Sales of Tolls Brothers’ ultra-luxury Pierhouse condos in Brooklyn Bridge Park have been insanely successful, so much so that the developer has raised prices six times since the February launch. They’re now going for an average of $1,800 a square foot, reported the Wall Street Journal. Needless to say, those are record-breaking per-square-foot prices in…
Sales of Tolls Brothers’ ultra-luxury Pierhouse condos in Brooklyn Bridge Park have been insanely successful, so much so that the developer has raised prices six times since the February launch. They’re now going for an average of $1,800 a square foot, reported the Wall Street Journal. Needless to say, those are record-breaking per-square-foot prices in Brooklyn.
They’ve also been selling very quickly. More than 40 of 108 units are in contract.
This has given opponents of housing in the park, somewhat counterintuitively, grist for claiming further development should be halted. They say the success of the condos shows the park land was undervalued. State Senator Daniel Squadron is one of those calling for an end to housing in the park.
One of the units will set a record for a condo price in Brooklyn if the sale goes through. “Over the weekend, a buyer signed a contract to pay $11,180,000 for a four-bedroom penthouse with more than 5,000 square feet of space, plus a 3,400-square-foot garden and patio,” said the story.
Meanwhile, Mayor de Blasio has no plans to halt development of two more residential towers in the park, said the story. There was no mention of whether the mayor might require affordable housing in the new developments.
The Pierhouse condos are bringing in more revenue for the park than was expected. Do you think the last two buildings should go up, or should the park call it quits?
Brooklyn Park Condos Sizzle [WSJ]
Rendering by Marvel Architects
Architrance is an architect – so of course he / she wants to build. And great architecture would be a huge plus. However, it should be contextual. Haven’t we learned from the horrors of urban redevelopment? A 31 story tower would be way out of context when the next highest buildings are 15% of that height. It would be a scar that would not heal. If there is to be development, which is likely not needed financially for the park given the mammoth sales at Pierhouse, it must be contextual. Additionally, the tower would block morning sunlight from the park and cast a shadow at sunset. Generations from now, if these towers get built, we will wonder who made the poor decision to remove more greenspace from our ever expanding city, especially if the building is a mega tower crouching over a postage stamp of green space. Activists of all types — environmental, civic, and historical should protest — unless they like de Blasio and architrance, are in the pockets of the moneyed developers.
how transparent are Brooklyn Bridge Park’s finances? Does anybody know how well funded the park actually is?
Here is a good article below outlining the funding of the park. To be clear, State and City funds pay for the construction of the park, the condo is paying through PILOTs (payments in lieu of taxes) so rather than paying property taxes, the money is going to maintenance of the park. Whether people agree with this diversion of tax dollars or not is up to them.
http://www.nytimes.com/2013/11/24/realestate/condos-that-fund-a-brooklyn-park.html?_r=0
Please clarify in your write up — the two remaining buildings are the Pier 6 development, yes?
And while the Toll Brothers lux condos are going to be 10 and 5 stories, the proposed Pier 6 development, will be 30 stories, yes? why is the southern part of the park, getting a different treatment than the northern part? is there a fairness issue here?
I think you are wrong, per the Brooklyn Bridge Park website, 315 ft? If its the same height as 360, or the Pierhouse buildings.. I think that’d be okay, but not my first preference, but I understand… I wish the park had some tax payer dollar to support it, like Prospect Park does.
*** From their website***
Pier 6
Located at Atlantic Avenue, the main southern entrance to the park, the Pier 6 development sites include two parcels, each roughly 10,000 square feet in area. Two new residential buildings, with a combined total of up to 430 residential units, will be located on these parcels. The Pier 6 sites may also include some ground floor retail and up to 72 parking spaces. One of the Pier 6 parcels will have a maximum height of 315 feet, while the other has a maximum height of 155 feet.
***
http://www.brooklynbridgepark.org/progress/project-development
so yes, I know I have a lot to learn! and thank you… !
Question … if Prospect Park maintenance is 50% private monies, does that mean that 50% (roughly) is taxpayer funded? Will this be true of maintaining Brooklyn Bridge Park too?
What is Brooklyn Bridge Park’s financial disclosure? Is it transparent? is there an audit publicly available?
Thanks so much!
+1
easy calculation? “no housing no park”?
What about Prospect Park? how did the Park Slopers get a beautiful park without skyscrapers inside it?
That’s absurd. Nothing in the public space by definition is an easy “calculation” — not everything is quantitative. Somethings are “qualitative” like “quality of life.”
Sorry, I get excited about these things!
Much love, everyone
don’t worry – i’m sure down the road when it becomes an issue there will be some publicly funded remedy to save the assets of the rich