New York City's white-hot residential prices have found a new target: Downtown Brooklyn.
If there was ever any doubt about the frothy prices of the borough's real estate, a recent condominium sale at 101 Willoughby Street confirmed it. A penthouse unit there recently sold for $3.4 million, which appears to be a record for the immediate vicinity.
The 3 bedroom, 3 full bath duplex boasts 15 foot ceilings and a private elevator, is part of a residence building in a 1929 art deco office building that used to belong to NY Telephone Company before it was converted into luxury condos back in 2008, according to real estate directory Streeteasy.
The Willoughby St. unit had been on the market since the building was converted, according to Douglas Elliman, the real estate firm that brokered the sale.
The sale price of the unit, located in a Belltel Lofts luxury development, is notable for its location. Although Brooklyn's residential market is one of the city's most torrid, the downtown area was mainly defined by commercial and retail properties.