"Carlos Saavedra was hoping for a repeat. Standing on the roof of a converted multifamily property on Clinton Street in Brooklyn Heights, Saavedra points to a brick building on Sidney Place with a nearly-abutting back lot. He's planning to do something similar there to the Clinton Street property he converted into a single-family townhouse and hopes to sell for an unnamed but sure to be astronomical price."
"He's not the only developer who has started to see piles of cash in the shape of stately townhouses when a vacant lot or multifamily property hits the market. Brooklyn Heights is an epicenter of the phenomenon, where developers like Saavedra have sought to use the momentum from big-ticket deals for renovated homes to build their own tricked-out single-family offerings."
"Developers in the area are following a flow of affluent New Yorkers to Brooklyn and a surprisingly resilient luxury market across the city that have spurred relentless price growth in the borough's in-demand neighborhoods. In Brownstone Brooklyn, which includes luxury-heavy neighborhoods like Cobble Hill and Park Slope, the average price per square foot was up 16 percent in the third quarter from the same time last year to reach $2,231."
Carlos Saavedra plans to convert another multifamily property and adjacent lot in Brooklyn Heights into a single-family townhouse aimed at a high sale price. Developers across Brooklyn Heights are converting vacant lots and multifamily buildings into stately single-family homes to capitalize on affluent migration to Brooklyn and a resilient luxury market. Brownstone Brooklyn saw average price per square foot rise 16 percent year-over-year to $2,231, an all-time record per Miller Samuel. Some record-seeking single-family projects are beginning to linger on the market, and established developers express concern about imitators harming reputations.
Read at therealdeal.com
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