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

Friday, September 2, 2016

NY Times - High-End Condos for the Merely Affluent

Excerpt -

In Sheepshead Bay, Brooklyn, Rybak Development expects to nudge up the neighborhood average with the VUE, a 58-unit condo at 1809 Emmons Avenue where prices range from $535,000 for a one-bedroom to $1.7 million for a penthouse.

David Fernandez, an agent with the Corcoran Group who has worked with Rybak on several nearby projects that have set neighborhood records, admitted that “people from the neighborhood think that these prices are ridiculous.” But not buyers coming from rentals in Downtown Brooklyn, Carroll Gardens and Park Slope, who have been showing up in increasing numbers.

“People didn’t really know what Sheepshead Bay was, but now we’re seeing a lot of priced-out people discovering that quality of life here really isn’t bad,” Mr. Fernandez said. As of late July, 90 percent of the building was already in contract, although online sales hadn’t started yet; the last two buildings he worked on with the developer sold out in four months.

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