Rendering via pierhouseny.com
Pierhouse at Brooklyn Bridge Park is raking in the dough.
Toll Brothers City Living, which is spending nearly $39 million on the hotel-condo project, is anticipating revenues of at least $250 million, according to a fourth-quarter earnings call this week as reported by The Real Deal. The entire development, a joint venture between Toll Brothers and Starwood Capital Group, consists of a 108-unit condo building and a 192-room 1 Hotel. Both firms will split the projected $500 million in total revenue.
Since the Pierhouse residences hit the market in late February, 60 of the units have been sold, David Von Spreckelsen, president of Toll Brothers City Living, reportedly said during the earnings call. Prices increased six times during the first 10 weeks of sales, and now the condos are trading for an average $1,850 per foot.
Toll Brothers invested $24 million in equity in the residential portion of Pierhouse and $14 million for the hotel.
Designed by Marvel Architects, the Pierhouse apartments are built in a townhouse style, many with 18-foot ceilings in the living rooms. The interiors have reclaimed wood floors, high-efficiency LED lighting, cold-rolled blackened steel stairs, automated solar shades, in-unit washer/dryer and kitchens with Calacutta Tucci marble countertops, solid walnut cabinetry, wine storage and Gaggenau appliance. Master baths feature honed marble countertops, marble tile flooring and Waterworks tubs.
Amenities include a 24-hour concierge, gym, meditation studio, lounge, children’s playroom and access to neighboring 1 Hotel’s rooftop pool, spa, gym and other amenities.