Williamsburg real estate continues to grow; The Edge is best-selling building of 2012
There has been a lot of buzz going on in Williamsburg, particularly in real estate.
For the second year in a row, The Edge condominium was the top seller in NYC, selling 167 units at a median sale price of $804,418. In 2011, it sold 272 units. The building is now sold out.
Located at 27 North 6th Street, right on the Williamsburg waterfront, The Edge has been a popular option for professionals seeking easy access to both Manhattan’s business and lifestyle hub and Brooklyn’s zeitgeist popularity.
According to MNS Real Estate’s CEO, Andrew Barrocas, the Edge’s top sales is no surprise because it “was deemed the coolest building in Williamsburg before construction was even finished,” as he told The Real Deal.
Barrocas credits the amenities and quality of the building with maintaining its allure. The Edge features pool tables, a TV lounge with a fireplace, two movie screening rooms, game room, communal-style eating areas and kitchens, a party room, and a pool-side terrace.
It’s neighbor, Northside Piers 1 and 2, only has “a handful of residences” remaining, says its real estate agency, Modern Spaces NYC, which noted in its annual Brooklyn market report that “this market is also in need of much new development” and “Kent Avenue continues to develop and become heavier in foot traffic.”
According to Modern Spaces, units in “Williamsburg West” — Wythe Avenue to the East River — “has been commanding average sales prices several hundred thousand dollars above those traded in other Williamsburg areas.”
Overall, Brooklyn rents were up 8.6 percent, according to MNS’s annual Brooklyn Rental Market Report. This was up 2 percent from the average growth rate between 2010 and 2011. The average studio cost $1,812 per month, one-bedrooms went for an average of $2,400 per month, and two-bedrooms were $3,065 per month.
“Studios were very tough to come by in certain neighborhoods such as Bay Ridge, Cobble Hill, Bushwick, and Prospect-Lefferts Gardens. Out of the fourteen neighborhoods MNS currently tracks in Brooklyn, studios prices rose 7.0% from 2011, and 11.4% from 2010. The month with the highest average for studios was December, average price was $1,976.”
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