The New Coney Island - Brooklyn's Times Square by the Sea

Thursday, September 25, 2014

Oceana developers plan 30 story tower in Sheepshead Bay

NY YIMBY excerpt -

When we found out in July that Muss Development and AvalonBay were planning to build a mixed condo/rental building of around a quarter of a million square feet in Sheepshead Bay, we knew something big was coming to the neighborhood. But how big, we weren’t quite sure.

Now, we know: architect Perkins Eastman has filed for a new building permit at 1501 Voorhies Avenue, and the tower will reach a whopping 333 feet into the sky, hitting 30 stories at its peak. The project – situated on an oddly shaped parcel adjacent to the Brighton Line elevated structure, overlooking the Sheepshead Bay express stop – will be 280,000 square feet in total, mostly residential but with a 15,000-square foot commercial space.

The project will be a game changer for development in southern Brooklyn, and will be the tallest building — by far — to go up in the area since the post-war years. While the immigrant neighborhood is well outside of AvalonBay’s traditional in-city orbit, it’s solidly within Muss’s wheelhouse – the Forest Hills-based builder is most at home beyond the gentrifying fringe, in areas like eastern Queens and southern Brooklyn.

Muss already proved the market for luxury condos marketed towards immigrants from the former Soviet Union in Brighton Beach with their Oceana complex. While condos elsewhere in Sheepshead Bay and Brighton Beach tend to sell in the $400s per square foot, units in Muss’s Oceana towers have been fetching $600 a foot or more since the market rebound. We expect similar pricing for the condos at 1501 Voorhies, which will make up for the lack of Oceana’s beachfront setting with height that rivals anything else south of downtown Brooklyn.

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