June 29th, 2022

New Condo Tower in Dumbo Will Likely Be Priciest in Brooklyn

If you think you can save money by purchasing a home in Brooklyn instead of Manhattan, think again. As evidenced by the asking prices being bandied about for a new condo tower in Dumbo, it's safe to say that the borough is experiencing some of the highest housing prices in its history.

Known as Olympia Dumbo, the underway property at 30 Front Street is slated for completion by the end of 2022. Developed by Fortis Property Group, which bought the property from the Jehovah's Witnesses for $91 million in 2018, the under-construction condo building stands 33 stories tall and houses 76 luxury condos. Its distinctive sail-like shape is already an iconic sight in this part of the city.

Although Olympia Dumbo isn't open yet, 18 of its condos are already under contract. The average asking price for those units is $2,481 per square foot -- $400 more per square foot than condos in the Quay Tower in Brooklyn Heights, the second most expensive condo tower in Brooklyn.

Altogether, the 18 units under contract asking prices total more than $121 million. Even without including the property's two penthouse units, the building is poised for a $375 million sellout. In other words, even without the units being ready for move-in, the developer has had no trouble lining up buyers – even at such astronomical prices.

Among the units that are still available, Unit 29A has the highest asking price. The 4,565-square-foot condo is currently listed for $12.9 million. The unit offers floor-to-ceiling windows, a primary suite with multiple walk-in closets, an ensuite bath, and many other state-of-the-art features.

Meanwhile, the penthouse units at Olympia Dumbo are listed at $15 million. At more than $3,000 per square foot, they're among the priciest condos in Brooklyn. The current record is held by the penthouse at Front + York, a 21-story luxury building, which sold for $16 million in November. Before that, the record was held by the clock tower penthouse at 1 Main Street. The triplex offers more than 6,800 square feet and sat on the market for more than six years before selling for $15 million in 2017.

Olympia Dumbo will be the newest luxury condo tower in Brooklyn. By the time it opens, most or even all its units will likely be claimed. Situated on the highest crest in the neighborhood, the gleaming glass tower features exteriors by Hill West Architects and interiors by Workstead. Its design is inspired by the industrial and maritime history of the Dumbo waterfront, and it's the tallest tower in the neighborhood.

A luxury condo building, Olympia Dumbo offers exclusive perks like doorman service, valet parking, an on-site parking garage, a swimming pool and concierge services. Each floor has a maximum of six units. The building becomes progressively narrower towards the top. The top two floors are occupied by a single penthouse each.

So far, neither penthouse unit has been put under contract. However, both units will likely be claimed by the time the property opens. Penthouse units at Olympia offer even more upscale touches than regular units. Their ceilings stretch up to 18 feet high, and they have wide-plank wood floors. These luxury condos also boast custom-raked maple cabinetry and millwork and private terraces.

Penthouses at Olympia Dumbo feature gourmet kitchens suitable for even the most impressive chef. They include Gaggenau appliances and feature a wet bar with an integrated wine cooler and a Sub Zero ice cream maker. Bathrooms in these units feature walk-in showers, freestanding soaking tubs and white maple vanities.

All units at this Dumbo condo building have elegant fixtures and finishes. Nearly 50 floor plans are available, so units tend to be unique.

In addition to offering high-end condos with tons of space and lots of upscale features, Dumbo Olympia is bursting with state-of-the-art amenities. The property has three floors of amenities, in fact, starting with a triple-height lobby on the ground floor with floor-to-ceiling windows and a sculpture by artist Jacob Hashimoto.

The building also features an on-site parking garage with valet parking. The ground floor also includes a garden lounge with built-in banquettes, a private, sheltered garden with plantings, a pet spa and a porte-cochere.

On the basement level, Olympia Dumbo has a kids' playroom, a fitness center with studio space, a two-lane bowling alley and a boxing gym. There's also a club lounge with a kitchenette, billiards table and screening room.

On the 10th floor, this Brooklyn luxury condo property has a two-lane indoor lap pool, a tennis court, a steam room, a dry sauna, a treatment room and a juice bar. There's also a kids' play area with a "water park" and an outdoor swimming pool and hot tub.

Units in this building offer anywhere from 1 to 5 bedrooms, and a variety of floorplans is available. Dozens of units are still up for grabs, but they are likely to be snapped up before the property officially opens. Therefore, if you are interested in buying a luxury condo at Olympia in Brooklyn, you should get started soon.

Across the city, home sales prices continue to rise. This trend is expected to continue throughout 2022 and even into 2023. Mortgage rates are increasing too. They stand at around 5.5% -- the highest they've been in years. Therefore, if you want to spend as little as possible to procure a condo at Olympia, you'll want to act quickly.

With its iconic design, fantastic location, laundry list of elegant amenities and sprawling, spacious homes, Olympia Dumbo is poised to become one of the most iconic addresses in Brooklyn. Just a few years after the worst of the pandemic, New York's housing market has rebounded dramatically, making homes in buildings like these among the most sought-after around.

You're not alone if you want to buy a condo at Olympia Dumbo. Increase your odds of getting your foot in the door at this new Brooklyn development by connecting with BCP Real Estate Group. From our offices at Rockefeller Center, we offer resources to simplify your search. For more information, contact us today.