Manhattan’s luxury residential market may be in the midst of a summer slowdown, but just over the Brooklyn Bridge, new condominium developments are reporting strong sales figures.
In downtown Brooklyn, the Nevins is now 30% sold after just two weeks on the market. The 21-story building has 73 residences, with prices starting at $550,000 for a studio apartment. Three-bedroom units—the largest apartments in the building—cost upward of $2.43 million.
In nearby Park Slope, 251 First Street is also seeing strong sales. Designed by the acclaimed architectural firm ODA-New York, the 11-story building has 44 residences, with prices starting at $1.289 million for a two-bedroom apartment. Sales began in May and the project is now 50% sold—including two of its 11 penthouses, the most expensive of which was $3.175 million.
Read More:Brooklyn’s New Development Market Hits New Highs
Sales milestones like these are noteworthy this time of year. Like Manhattan, Brooklyn typically sees a slowdown in residential sales in the summer, when many would-be buyers are on vacation.
"The reason for the strong sales activity is that buyers are hungry for a fresh, high-end product that is priced well, like the Nevins," said real-estate agent Tamir Shamesh of the Corcoran Group, who is handling sales for the building. "These buyers are trying to lock in a great home and investment opportunity."
So-called affordable luxury buildings have proven particularly popular in both Brooklyn and Manhattan. In Brooklyn, deals within the $1 million-to-$3 million range accounted for 59.2% of all contracts signed among new developments in the second quarter of this year, according to a recent report from Halstead Property Development Marketing.
Write to Gina Faridniya at gina.faridniya@dowjones.com