Olympia Dumbo set to become Brooklyn’s most expensive condos

Jonathan Landau of Fortis with Olympia Dumbo (Fortis Property Group, Olympia Dumbo)

Pound for pound, Fortis Property Group’s 76-unit condo project in Dumbo is shaping up to be the most expensive real estate in Brooklyn.

Since January, 18 units at 30 Front Street, dubbed Olympia Dumbo, have been contracted with an average asking price of $2,458 per square foot, about $400 more than condos in the borough’s second most expensive building. , Quay Tower in Brooklyn Heights, according to data from Marketproof.

A freight elevator scaled the prefabricated exterior of the 33-story sail-shaped building on a recent afternoon, carrying workers to put the finishing touches on its upper floors. Douglas Elliman’s Eklund-Gomes team markets the building as the last momentous event in a neighborhood that saw Revolutionary War battles, the city’s first steam ferry service and the construction of the Brooklyn Bridge, whose iron and steel bridge extends a few meters from the entrance to the Olympia Dumbo sales gallery.

Closures won’t begin until later this year, so it’s unclear how much Fortis got per unit. But the asking prices for those 18 units would combine for $121 million, or about 32% of the building’s $375 million projected sale, according to StreetEasy and Compass’ weekly report on contracts signed for luxury homes in Brooklyn. These don’t include any of his full-story penthouses, which are reportedly fetching upwards of $15 million, or more than $3,000 per square foot.

Unit 29A, the most expensive in the deal with an asking price of $12.9 million, is 4,565 square feet and has floor-to-ceiling windows, a master suite with ensuite bathroom, and two walk-in closets.

Construction sales could face headwinds in the coming months. Contracts signed for new apartments under development in Brooklyn fell 25% from March to April, according to a report by Marketproof, which notes that buyers in Brooklyn tend to be more sensitive to rising interest rates than those of Manhattan.

Fortis’ success at 30 Front Street contrasts with its troubled development at One Seaport, which has been beset by cash flow and construction problems that have driven away nearly all potential buyers.

Fortis bought the triangular site where Olympia Dumbo originated from Jehovah’s Witnesses in 2018 for $91 million with help from Madison Realty Capital, which provided the developer with seed funding and then a $163 million construction loan. dollars.

Fortis declined to comment.