Speedy condo sales at DUMBO’s 51 Jay St.

Eye On Real Estate

June 24, 2015 By Lore Croghan Brooklyn Daily Eagle
Developers are doing a condo conversion at 51 Jay St. in DUMBO. Rendering courtesy of Heavenly
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Hot Hot Hot.

The sizzling DUMBO luxury condo market has been written about again and again. Nevertheless, we want to offer a fresh example of vibrant demand — because we’re obsessed with the building in question, 51 Jay St.  

Developers who are doing a condo conversion at the handsome old warehouse near the waterfront recently announced that more than 50 percent of the apartments in the project have been sold in less than five months.

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The co-developers are Slate Property Group and Adam America Real Estate. They bought the DUMBO Historic District property for $45.5 million in 2013, according to city Finance Department records.

“Our product has been beyond well-received among local buyers from the borough and from Lower Manhattan, as well as international buyers,” Martin Nussbaum, Slate principal and co-founder, said in a statement. “And we’re on track to hit 60 percent sold in the next few weeks.”

When the conversion work is completed, 51 Jay will have 74 condos, including six penthouses and a unit that exclusive sales broker Halstead Property Development Marketing’s website refers to as “a unique townhouse.”

Dvir Cohen Hoshen, Adam America principal and co-founder, said in a statement that a duplex penthouse in the development went for $2,083 per square foot, a record price per-square-foot for DUMBO.

Condos in contract include a four-bedroom penthouse with a $5.775 million asking price and two three-bedroom penthouses with $4.25 million asking prices, according to StreetEasy.com data.   

At the moment, the red-brick building with frontage on Plymouth and Water Streets is windowless and shrouded in construction netting while workers toil. Renderings give would-be purchasers an idea of what the finished apartments will look like, with high ceilings and big windows — and private terraces for the penthouses.

ODA Architecture is the project designer.

A story we wrote last fall tells about the prior owners of 51 Jay St.


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