“Olympia Dumbo saw immediate traction on its larger residences and sold really top down,” co-listing agent Fredrik Eklund with Douglas Elliman said in a statement. A 29th-floor unit nabbed a nearly $13 million contract in February 2022, and Brooklyn Nets player Ben Simmons also signed a contract last September to purchase two condos in the building for $13 million.
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In January, one of its star penthouses entered contract for the full asking price of $17.5 million, which will be the neighborhood’s most expensive sale on record if it closes for that amount. The in-contract units would generate about $165 million in sales - about 40 percent of the building’s projected sellout - if they close at their asking prices.Ĭasey Drake, Fortis’ vice president of sales and marketing, called the condo’s sales momentum an “outlier” among “fluctuations in the luxury housing market.” Unit 18A closed for $4.6 million, about $400,000 under asking.Īside from its three sales, Olympia Dumbo has 25 units in contract and 13 active listings, according to Streeteasy. Unit 19A scored a $5.2 million deal, and 17B sold for $1.8 million, according to property records. The first closings were for units across the building’s lower floors, including two that closed close to asking. The building, which launched sales in October 2021, was originally expected to launch sales in early 2020 and open in 2021. Though prices in the building are often compared to Quay Tower, the Cobble Hill development has a higher projected sellout at about $500 million. The property’s most expensive current listing is a penthouse asking $6 million, according to StreetEasy, and Marketproof data reported last year projects the total sellout for the condo portion of the property at over $380 million. JDS Development’s Brooklyn Tower has over 500 units across its 93 stories, including around 150 condos. The project is smaller than other closely-watched developments in the area, but Olympia’s individual units are priced much higher. The 33-story, 76-residence building came in as the most valuable filing of 2021 with a projected sellout of $404 million, and it’s on pace to be the borough’s priciest condo project per square foot. The property, which broke ground in June 2019, has pushed pricing in the borough to new heights. The developer has 11 other projects in Brooklyn, primarily in Williamsburg, as well as three in Manhattan and two in Boston. Olympia Dumbo is Fortis’ flagship project in the neighborhood, part of a wave of new development in the area over the last few years.
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