Quay Tower is a powerful new residential constructing located instantly on the Brooklyn waterfront and rising thirty tales. Its place instantly throughout the water from the southern tip of Manhattan makes for spectacular harbor and metropolis views. Along with the constructing’s facilities, they create a hotly-desired residing expertise. Everybody needs attractive sundown views, waterfront places, walking-friendly neighborhoods, park and leisure areas and a spot to retailer bicycles, play music or to socialize with the neighbors. That combination of location and ease of residing might be at its greatest in New York Metropolis, however it’s not straightforward to seek out.
It is usually more and more uncommon. Actually, Quay Tower, positioned at 15 Brooklyn Bridge Park Drive, on the Brooklyn Bridge Park waterfront, is the final new constructing it’s doable to assemble in Brooklyn Heights.
For the previous 15 years, New York Metropolis has made waterfront growth a precedence, looking for to develop former industrial waterfront land that’s not used to service the shipbuilding and marine corporations that when thrived in Brooklyn and Manhattan.
“The 95 acres that we constructed Quay Tower on was all Port Authority piers,” says Robert Levine, the chairman of RAL Firms, developer of the constructing. “These piers have been energetic till 25 years in the past. We began this undertaking round 2005 or 6; we knew it could possibly be a spectacular place to name dwelling.”
Seen from Quay Tower, the piers are a powerful reminder of the world’s historical past. One is dwelling to a group of soccer fields, one other has backyard plantings and paths. Between them is a marina. All are managed by the Brooklyn Bridge Park Conservancy.
“They mentioned, earlier than we started, that they’d handle the services in the event that they have been self-funded,” Levine says. “We developed them as a part of constructing the tower after which turned them over to the Brooklyn Bridge Park Conservancy for perpetual use.”
RAL Firms, based in 1979, began as an structure and design agency.
“We segued into land growth and have carried out all the things in high-end hospitality and rental building in america and the Caribbean,” Levine explains in a private interview.
This historical past enabled Levine and his firm to undergo the grueling rounds of approvals required from zoning boards and the New York Metropolis Division of Parks & Recreation, which has performed an more and more giant function in dictating how new building websites join with public land. Levine and RAL Firms thought-about resiliency throughout flooding and setbacks from the waterfront, ever extra essential because the local weather turns into extra threatening and unpredictable.
“For anybody creating actual property in New York, Hurricane Sandy was a significant wake-up name,” Levine says.
The pre-building course of was arduous: cautious negotiations relating to land use, connection to the park, enhancing the park, retail tenants, land leases, and extra, took years.
Contemplating the hurdles, RAL Firms and Oliver’s Realty Group’s success in creating a record-setting constructing is extraordinary. In 2022, a yr when macro headwinds put large downward strain on the luxurious market, Quay Tower offered $98 million of stock; six offers have been totally money transfers. Solely a handful of models stay obtainable.
It’s straightforward to foretell that they received’t keep in the marketplace for lengthy.