How to buy a brand new apartment in Brooklyn?

Buying a brand new apartment in Brooklyn is an amazing and rewarding experience to be had by buyers of all backgrounds and lifestyles. Brooklyn is a city filled with life, color, and culture that shows in nearly every neighborhood and part of the city.

While searching for an apartment to buy and going through the process can be time-consuming, it can be made easy by understanding your budget, each neighborhood, and the overall steps to buying a brand new apartment in Brooklyn. When looking for a space in Brooklyn to call your own, BARNES New York is here to help guide you.

What is your budget?

View of the NYC skyline at the back, with the Brooklyn skyline in front, during sunset.

How much are you willing to spend on your apartment? In Brooklyn, the median sale price of an apartment market-wide, including resale and new developments, is around $980,000 as of July 2022*. When considering brand new apartments in new developments in Brooklyn, the median sale price increases to $1,200,000 in July 2022*. Like other New York neighborhoods, co-op apartments are often cheaper than condominiums, but it’s fairly rare to find a brand new co-op building. In general, homes in a new development in Brooklyn will cost more than existing resale. Important tip: it is best to save about 20% of the cost of the apartment before buying, if possible. This gives you plenty of wiggle room when looking for a brand new apartment to buy and greatly strengthens your offer.

Having a reasonable budget of $1,000,000 or more will ensure you find new apartments and condos for sale in Brooklyn that will meet your needs. But, of course, prices also go up with more accommodations, features, and luxuries available. Depending on what you’re looking for, set yourself a limit to finding hidden gems in your home and avoid overspending. It’s best to talk to your banker or mortgage broker to request a pre-approval letter to help you pinpoint your budget.

*Market data from UrbanDigs

What about location?

The price of the apartment you buy in Brooklyn can vary greatly depending on the neighborhood it is located in. While areas such as Williamsburg and Dumbo tend to be more expensive, Greenpoint and Carroll Gardens can be much cheaper options.

Williamsburg

Williamsburg is one of the trendiest area in Brooklyn, filled with bars, restaurants, and retail stores, feeling much like a giant city within an even bigger city. An apartment in Williamsburg is ideal for Manhattan Bridge views, easy access to luxury shops, and a comfortable residential feel. Although there are also plenty of work opportunities in Williamsburg, it is great for many residents to settle in as well. There’s always an new apartment to buy in Williamsburg thanks to several solid new development programs.

Dumbo

Dumbo is priced similarly to Williamsburg, emerging as a hotspot in recent years as former industrial spaces are converted to cozy residential homes. However, the price is worth it, as it is filled with lovely streets lined with vintage shops and unique pieces, and it’s a popular spot for older groups. Several new development programs offer beautiful housing options in the neighborhood. Whether you are buying a new condo or co-op in Brooklyn, Dumbo’s vision is sure to make it a stunning home.

Greenpoint

Greenpoint is a great area to settle in as there’s less hustle and bustle than Williamsburg, which is just south of it. The area has many beautiful brownstone apartments and is home to a large Polish community. The food at Greenpoint is excellent and varied, so it’s great for people of almost every culture, especially Europeans. New buildings in the area offer brand new condos with good amenities and easy access to the subway.

Carroll Gardens

Carroll Gardens offers a small selection of brand new apartments, but provides a small-town feel from within Brooklyn’s big city, and even though it is smaller than many other neighborhoods in Brooklyn, the close-knit community can make any newcomers feel welcomed. An apartment in Carroll Gardens is not only beautiful, but it is also great for those who are looking for a quiet house in a smaller neighborhood.

What is the buying process like?

As a potential buyer who wants to buy a brand new apartment in Brooklyn, you should work with an experienced buyer’s agent. By working with a buyer’s agent, you can save money by helping you find great deals on apartments, working with your best interests in mind, and help you navigate the different neighborhoods in the city, especially with agents specialized in new constructions in Brooklyn and its different areas.

In addition, it is important to prepare documents for your offer and to find a real estate attorney. Once the offer is accepted, your attorney will review the offering plan before you enter a purchase contract.

Because it can be difficult to get a mortgage on a new development, you might want to consider working with the “preferred lender” for the building, who is usually familiar with the construction and able to give loans more easily. Start building requests as soon as possible to stay on top of additional messages and information while staying organized with important information.

How do I secure the apartment I want?

Once the offer is accepted for your Brooklyn apartment, you can begin the process of closing on your new home. After signing off, your brand new apartment in Brooklyn, New York, is now completely yours!

The process usually takes about up to 2 months for condos and up to 3 months for co-ops for resale, but for brand new homes and buying off the floor plan, the timeline can greatly vary, especially when some apartments are being sold before the construction even begins! If possible, provide documents such as IDs, tax returns, and other important records to be as thorough as possible. Buying an new apartment in Brooklyn can be a long but highly rewarding process, and having these resources available will help streamline it. Owning a home in a beautiful city filled with color, friendliness, and diversity is a huge step forward in life. Contact BARNES New York to start looking for your brand new apartment in Brooklyn!

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Six Senses, BARNES, New York and Crans-Montana…

Elected for the second year as the best hotel group in the world, discover the future and first establishment of Six Senses in the United States, within the New York condominium under construction, the XI. And take advantage of BARNES ‘partnership with their Crans-Montana site, in the heart of the Swiss Alps.

Now renowned for being the best luxury hotel group in the world, Six Senses has earned this worldwide fame thanks to its values, its architecture always in harmony with the local environment, and its outstanding service. Six Senses’s mission is to promote luxury and personal health, while being sustainable; their vision being to improve all aspects of the experience specific to the needs of each client, from sleep to food and of course well-being with exceptional spas and a physical support service and personalized spiritual.

Six Senses is present in the most coveted regions of the world: Maldives, Seychelles, Thailand, Oman, Portugal… The chain now has 19 hotels around the world and numerous opening projects in new and equally exceptional locations.

New York – The XI, future first American installation of 6S

Résultats de recherche d'images pour « xi six senses nyc »Located in desirable Chelsea, the XI is an entire block of residential condominium development, overlooking the Hudson River on one side and the High Line on the other, right in the heart of New York City. Led by the developer HFZ Capital Group, and designed by the architecture firm Bjarke Ingels Group, this project with two towers (the X and the I) will include 247 apartments, the famous Six Senses hotel with 137 rooms, 8,000 m² of premises commercial, an artistic space, …

The XI will therefore host the very first Six Senses hotel in North America. The residents of the XI will be able to benefit from the advantages and exclusive services of the hotel (laundry, housekeeping, valet, restaurants, room service, conference rooms, lifestyle expertise and concierge, etc.) and will also be able to take advantage of commercial discounts in all areas. chain hotels. They will also receive a free two-year membership to 6S Place, their private health club, including: multi-service spa, heated swimming pool, jacuzzi, fitness center, sauna, hammam, meditation room, yoga studio, bars juice, coworking spaces, lounges, …

Located at 76 11th Ave, this new program will be delivered in early 2020; with prices ranging from $ 2,350,000 for a 1-bedroom to $ 9,000,000 for a 4-bedroom.


Crans-Montana – Barnes Suisse 6S offer

Résultats de recherche d'images pour « six senses crans montana »

Barnes Suisse sells the Six Senses Residences in Crans-Montana, in the heart of the Swiss Alps, an enchanting village surrounded by striking nature. It shines through the excellence of its hotel industry, its major sporting events, its social and cultural life. Just an hour’s flight from the main European capitals, the resort enjoys ideal accessibility. Six Senses Résidences presents an exceptional opportunity to become the owner of a prestigious apartment in the jewel of the Alps. New program delivered in 2021, only 17 apartments are available. Owners will have access to the exclusive amenities and privileges of the 6S resort while enjoying the privacy of a private second home.

Built with renewable and local materials, in compliance with energy and water consumption standards, the residences have a low environmental footprint while offering sumptuous and comfortable spaces for an ideal vacation in the mountains. It is important to note that the Six Senses in Crans-Montana is the only luxury real estate product that foreigners can buy in Switzerland, as a secondary home and without applying for a Swiss residence.


Contact your BARNES New York branch for any information regarding the Six Senses offer in New York or Crans-Montana.

Dumbo, one of New York’s most desirable neighborhoods, continues to grow

As Dumbo, a hip and rather expensive Brooklyn neighborhood, prepares to welcome a new wave of condos, rental buildings and offices, BARNES New York gives you a quick overview.
New York is used to reinventing its neighborhoods; but the changes already made over the past 5 years, and underway in Dumbo, have propelled the neighborhood into another dimension.

Indeed, when New York artists began to flock to post-industrial Brooklyn of the 1970s, they discovered many abandoned warehouses with sweeping views of Manhattan. Today, those same abandoned streets are full of start-ups, hotels, trendy restaurants and luxury boutiques, while the roofs of old factories have been converted into rooftops with swimming pools, bars and restaurants.

Since the opening of the Empires Stores in 2016 (a transformed warehouse that includes a large selection of restaurants as well as a shopping center), Dumbo’s popularity has exploded. Soho House, a chain of hotels with a worldwide presence and access to a private club reserved for its members only, has opened its latest project “Dumbo House” in the same Empire Stores building. Other world-famous establishments, such as the Cecconi’s or Sugarcane restaurants, have also opened their doors nearby. Just a few blocks away is 1 Hotel Brooklyn Bridge, a luxury eco-hotel that houses the upscale Osprey Restaurant. All of these recent commercial projects have made Dumbo an attractive area for residents and visitors. Mechanically, the developers have invested and continue to invest heavily in the neighborhood, building on the success of recent years.

BARNES New York presents recent and upcoming projects in the Dumbo district:

  • 98 Front Street

Condominium currently under construction, and slated for delivery in Spring 2020, 98 Front offers a variety of 165 apartments, spread over 10 floors, from studios starting at $ 700,000, to 3-bedrooms starting at $ 1,855,000. All with a very nice “amenity” offer, including swimming pool, spa, rooftop, …

  • Front & York

Mixed complex made up of a rental property on the one hand, and condominiums on the other; the whole to total around 800 units, with splendid common areas spread over the entire program. Life Fitness has just signed a lease for the fitness offering. 1-BRs start just under $ 1 million; and the 3-BRs from $ 2.5M. Public sales have just started.

  • 10 Jay Street

Red brick and glass facade, 10 Jay Street was delivered last year. Originally designed for condos, 10 Jay Street was converted into an office building during construction. Indeed, a strong demand for workspaces has emerged in recent years in Dumbo, especially by start-ups that are leaving the chaos of Manhattan for the tranquility of Dumbo.

  • 181 Front Street

Rental building open since 2018.; it has 12 floors and 105 units. Although it is near capacity, there are still units available: 1-BR starting at $ 3,850, 2-BR and 3-BR over $ 6,000 / month.

  • 1 John Street

Since opening 1 John Street in 2016, purchase and rental prices in Dumbo have skyrocketed. This 42-unit micro-project had sold all of its apartments as soon as it opened. Today, you can find a few rentals and units for sale (notably a 1,500 sqft. 2-BR for $ 3M).

  • Pierhouse at Brooklyn Bridge Park

The first structure to overlook Brooklyn Bridge Park, built in 2015, was very successful due to the combination of a hotel program (1 Hotel) and a range of condominiums. All of this obviously in direct contact with the East River.

  • 168 Plymouth Street

And for a charming option, why not turn to these old paint factories turned into condominiums. Delivered in 2020, 168 Plymouth Street is a conversion of a now landmarked building; it offers forty options over five floors with very reasonable prices ($ 1,300 + / sqft.).

Dumbo is undoubtedly one of the most buoyant neighborhoods in Brooklyn today, and is even becoming one of the most desirable in New York City. Benefit from the excellent knowledge of BARNES New York, and all the more so to guide you in the constantly changing offer of New Developments.

HUDSON YARDS: What you need to know

In 2005, Related and Oxford Property Group began construction work on the West Side of Manhattan. This led to the creation of Hudson Yards, the largest private real estate project in the United States (in terms of surface area). Located between 10th and 11th avenues, the first phase of this multi-billion dollar project finally opens its doors on March 15, 2019.

For several months, New York real estate has been the subject of debate. As we mentioned in our previous newsletter, Amazon was planning to open its second headquarters in New York; this would have created, among other benefits for the city, more than 25,000 jobs, in return for which 3 billion tax breaks would have been granted. In light of these recent events, some seem to forget that the city has also provided significant support to the Hudson Yards project, and has done so for over a decade …

Here is the detail of the project:

The Shops and Restaurants at Hudson Yards : 7 stories of shops, major brands an retailers and over 25 restaurants.

Vessel : Interactive artwork designed by Thomas Heatherwick as a public meeting place allowing visitors to see New York from a new perspective through different angles.

Edge : At over 300 meters, Edge will be the tallest outdoor observation deck in the Western Hemisphere, as well as the fifth tallest in the world. The opening date has still not been announced but reservations are already open for the first quarter of 2020.

15 Hudson Yards : The project’s first residential building, over 85 meters high, designed by Diller Scofidio + Renfro and the Rockwell group. More than half of the apartments have already been sold.

30 Hudson Yards : The tallest tower in the project, designed by architectural firm Kohn Pedersen Fox Associates. This tower will include the Edge Observation Deck.

35 Hudson Yards : Multipurpose Tower, designed by David Childs of Skidmore, Owings + Merrill. It contains 143 apartments, as well as an Equinox sports club. A luxury hotel will also open its doors there in the coming years.

55 Hudson Yards : Kohn Pedersen Fox joined forces with Kevin Roche, John Dinkeloo and Associates to design this office building. Open since 2018, it already welcomes tenants, including several law firms and financial groups.

Important numbers to remember

$ 16 billion in construction

New York City’s $ 19 billion a year contribution to GDP

55,752 jobs created in West Manhattan

4.5 million m² (including parks, shops, offices, hotels, etc.)

15 Hudson Yards – From $ 3,900,000 for a 2-bedroom, up to $ 32,000,000 for a penthouse

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Sources : Hudson Yards, NY Curbed, Archpaper, CNN, NY Times, Business Insider
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