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Wall Street Journal: High-Rise Condos Nearing Completion in Low-Rise Sheepshead Bay

Muss Development LLC, today began marketing 1 Brooklyn Bay Condominiums, the developer’s new luxury residence in historic Sheepshead Bay, Brooklyn. The tower will stand as South Brooklyn’s tallest residential building, transforming the South Brooklyn skyline and offering unparalleled views of the Atlantic Ocean, New York Harbor, and Manhattan and Brooklyn skylines.

Muss expects to formally offer the condo units — a mix of one-, two-, three- and four-bedroom apartments — for sale this spring.

The Wall Street Journal’s Josh Barbanel reported the story:

The 30-story condominium and rental building near the Atlantic shore towers over its neighbors. The tallest building in the neighborhood now tops out at just seven stories, said Steven Rutter, director of Stribling Marketing Associates, a brokerage.

The condos, known as the 1 Brooklyn Bay Condominiums, are being developed by Muss Development LLC and will begin on the 20th floor.

The base of the new building, at 1524 Sheepshead Bay Road, will consist of about 180 rental apartments developed by Avalon Bay. The building is due to open by the end of 2017. It is about 40-minute trip by subway to Rockefeller Center in Manhattan.

The building is a few blocks from the Sheepshead Bay waterfront with its restaurant row, and a few more blocks to the beach and the Atlantic Ocean. It will have floor-to-ceiling windows, as well as an outdoor swimming pool, bocce court, barbecue pits and a dog run.

Prices on the 56 condos haven’t been set, but will go for less than more established high-rise neighborhoods in Brooklyn. Based on sales at similar buildings, Mr. Rutter said, prices could range from $800 to $900 a square foot. That could work out to about $900,000 for one of the smaller two-bedroom units.

For the full story, click here.

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