Muss Development and AvalonBay Communities filed a so-called “test the market” application for 56 condominium units at a proposed 232-unit residential tower in Sheepshead Bay, according to documents filed with the state Attorney General’s office.
The condos will occupy the top floors of what will be Sheepshead Bay’s tallest building, at 331 feet. Perkins Eastman is the architect of record for the glassy 28-story project at 1501 Voorhies Avenue, spanning 260,000 square feet of residential space and 15,000 square feet of commercial space.
If approved, the application would allow the developers to gauge buyer interest before submitting an actual offering plan.
The development site, an empty lot several blocks from the Sheepshead Bay, was completely flooded during Superstorm Sandy. An alternate address for the site is 1600 Sheepshead Bay Road.
The South Brooklyn neighborhood has recently emerged as a market for condos. Rybak Development & Construction is planning a 90,000-square-foot building that would be the most expensive condo development ever in the neighborhood, with a projected sellout of $77.2 million.
This can set a new market standard for house development - pre-sale of the construction on very early stages, which would allow to boost the project fundraising phase significantly. We at NAH are financial models and renderings as a part of out routine daily job.