Dumbo Condo Tower Prices Sail Into the Stratosphere
The sail-shaped Olympia Dumbo condo tower is still under construction — but is already shattering sales price records.
May 13, 2022 — The sail-shaped Olympia Dumbo tower is shattering price records in Brooklyn.
As affordable housing remains elusive in New York City and rents hit all-time highs, a condo tower is shattering Brooklyn price records. Developer Fortis Property Group’s 30 Front St. condominium, known as Olympia Dumbo, is still under construction — but already a solid contender for the future title of Brooklyn’s priciest address.
So far this year, 18 of the luxury building’s 76 units have gone into contract, with an average asking price of $2,458 per square foot, or about $400 more than apartments in Brooklyn Heights’ Quay Tower, the borough’s second most expensive building, based on data from Marketproof, The New York Post reports.
While the exact amount each unit sold for won’t be known until closings begin later this year, those 18 units’ asking prices add up to $121 million. The 76-unit building has a projected $375 million sellout without even including its two penthouse units, the Real Deal noted based on StreetEasy and Compass reports. This put the 33-story structure firmly into the upper echelon of Brooklyn’s most expensive real estate.
Fortis purchased the property from the Jehovah’s Witnesses for $91 million in 2018.
Of the contracted units, apartment 29A has the highest asking price of $12.9 million. The 4,565-square-foot condo features floor-to-ceiling windows and a primary suite. The floor-through penthouses are reportedly asking for more than $15 million each, or $3,000 per square foot.
The sail-shaped structure’s future is not clear sailing for certain, though, as reports have noted new development Brooklyn condo sales tumbling significantly in recent months.
Currently, Dumbo’s most expensive condo unit crown-holder is the 3,068-square-foot penthouse at the 21-story Front & York property, which scored $16 million in November. Before that, the 1 Main St. Clock Tower penthouse had the title. That 6,813-square-foot triplex languished on the market for about six years and was dubbed “unsellable” before finally nabbing $15 million in 2017.