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

Tuesday, September 30, 2014

Update - Sheepshead Bay Tower will have 1 bedroom apartments selling for $700 thousand

Sheepshead Bites excerpts -

The developers behind the 30-story residential tower slated for 1501 Voorhies Avenue are envisioning a luxurious haven for the area’s wealthiest residents, housed behind a gated entrance on Sheepshead Bay Road and with units starting at $700,000, Sheepshead Bites has learned.

The price is not for the weak of wallet. Our sources said that units are designed to be comparable to the Oceana Development, and will begin at $700,000 for a one-bedroom. One attendee told Sheepshead Bites that prices are based on a $700 per square foot rate, though this couldn’t be confirmed by others in attendance (most of the details shared here were corroborated by multiple sources). None of our sources could provide the proposed price for the building’s most expensive units, but at the Oceana they were marketed for approximately $2.1 million when the building first opened.

All of our sources say that the building will be split between rentals and owned condos, with Muss selling the condos and AvalonBay managing the rental properties. One of the sources said the bottom two-thirds of the building will be rental, while the top third will be owned condos. No proposed rates were given for the rentals.
 
The developer told attendees they expect to begin construction by spring 2015 if all goes smoothly.

http://www.sheepsheadbites.com/2014/09/voorhies-tower-gated-entrance-sheepshead-bay-rd-one-bedrooms-start-700k-absolutely-affordable-housing/

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