Hope Street Capitalhas announced that 98 Front Street, DUMBO’s newest ground up condominium, is welcoming its first residents with over 50 closings occurring by the end of 2020 following the completion the luxury building earlier this month.
In addition, the minimalist concrete-sculptured development is has surpassed the highly coveted 50 percent sold milestone, received its full TCO and set a new local sales record with a recent closing of $2100 PSF. Buyers continue to seek out fully completed, successful developments offering environmentally friendly, wellness-centered and design-forward attributes, amenities and prime location.
Achieving the 50 percent sold mark has become an increasingly important milestone for new developments—and is especially important for buyers looking to obtain favorable financing as banks are tightening lending standards amid the pandemic. 98 Front is also the first new development in Brooklyn to obtain Fannie Mae approval. This enables any lender nationwide to offer the most attractive interest rates and up to 95 percent financing. No other new condominium in Brooklyn or Manhattan has had such strong sales velocity that has enabled the coveted approval.
“Today more than ever, achieving 50 percent sold and a Fannie Mae Approval is critical— especially as banks tighten their lending standards. It helps buyers secure attractive financing options from any lender in order to benefit from historically low rates and up to 95 percent financing, minimizing their down payment,” said Sha Dinour, partner of Hopestreet.
Located in the heart of DUMBO and designed by the award-winning architecture firm ODA NEW YORK, 98 Front combines sophisticated, innovative architecture with superior craftsmanship. Throughout construction, Hopestreet prioritized the completion of the building’s amenity spaces to ensure that 98 Front Street’s first residents will be able to enjoy all the luxury condominium offers.
The 10-story luxury condominium comprises 165, studio, one-, two-, three- and four-bedroom residences ranging in size from 400 to over 2,000 square feet. Asking prices for the carefully crafted homes that remain available range from approximately $650,000 to $4,000,000, offering an attractive option for first-time buyers and professionals looking to move to New York City’s most sought-after neighborhoods.
“There is a simplicity in 98 Front Street’s design in the materiality and process that accentuates the building’s jewel box facade,” said ODA founder Eran Chen. “To provide residents with the best living experience we played with the geometry and layouts to create open floor plans that allow for flexible programming for living, working and entertaining at home, while maximizing the available light, air and outdoor spaces of each residence. Each of our nearly 50 residential buildings across New York City has its own unique geometry and personality and we're excited to see 98 Front join the ranks.”
A full-service building,98 Front includes a 24-hour doorman and live-in resident, manager to assist residents with their every need. Full-service concierge services will be provided to residents virtually by Urbn Playground, ensuring residents needs are met, while pre-installed Latch smart access keyless locks and a Butterfly MX smart intercom will provide an even more seamless living experience. Bike storage, on-site parking and resident storage units will also be available for a fee.
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