Brooklyn, Brooklyn

ABOVE: Homes within Toren, a contemporary tower at 150 Myrtle Ave in Downtown Brooklyn, are now more than 90 percent sold.

ABOVE: An artful conversion and expansion of the Peaks Mason Mints candy factory at 20 Henry in Brooklyn Heights resulted in a 38-residence boutique condominium.

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As Brooklyn emerges as a destination of choice with its own distinct appeal, it continues to bloom this spring with a full complement of full-service condos. Many of the borough's currently available real estate options rival those across the river in Manhattan - but with more space, better views and lower cost.

"The buyers that are buying in the new condo developments in Brooklyn are no longer buying here as a second choice," explained Steve Rutter, Park Slope resident and executive vice president and managing director of Stribling Marketing Associates. "It used to be that people came to Brooklyn because of the huge price disparity - although Brooklyn Heights is still more affordable than prime Greenwich Village or SoHo. People come to Brooklyn now because they want to be here. It is not just the quality of the developments, but the neighborhoods, the restaurants and the quality of life - whether it is Brooklyn Heights, Cobble Hill, Park Slope, Williamsburg or beyond."

While Brooklyn has its share of large scale luxury condominium towers, smaller-scale boutique condos are particularly popular today, especially in the wake of the financial meltdown, which hampered progress at several large-scale projects. Just off the Brooklyn Bridge walkway in Brooklyn Heights is 20 Henry, a 38-residence loft conversion of the landmarked Peaks Mason Mints candy factory, built in 1885. The conversion has artfully added a second new-construction contemporary structure across the courtyard, giving buyers the option of an industrial loft (a rarity in Brooklyn Heights) or a modern contemporary with floor-to-ceiling windows.

The building is a five-minute walk to the Brooklyn Heights Promenade and to the new Squibb Park Bridge, which connects Brooklyn Heights to the 85-acre Brooklyn Bridge Park. Prices for the condominiums range from $450,000 for the smallest 534-square-foot studio to a four-bedroom priced at $2.695 million. Sales so far have been strong, noted Michael Chapman, executive vice president of Stribling Marketing Associates. "We came on the market with a waiting list of over 800 people who wanted to come in," Chapman said, "and we were 30 percent sold in just three weeks."

One Brooklyn Bridge Park, at 360 Furman Street, is the only residence located within the park itself. Converted to condos in 2007, the million-and-a-half-square-foot, 14-story building is on the river side of Brooklyn Heights and its Promenade, affording spectacular protected views of the harbor and lower Manhattan.

One Brooklyn is currently around 70 percent sold. Apartment 638, a one-bedroom, one-bathroom home, is currently listing for $1.1 million. "People who have bought in the building appreciate the current pricing, and feel like it will edge upward soon," said Katherine Camp, a resident of the building and vice president with Prudential Douglas Elliman.

"Buyers sense that this spring may be their last chance to bite into the real estate apple in New York City - and in this building, you can't understate the allure of the waterfront park. It is a great time to be living here as the park takes shape."

Toren, the dramatic contemporary condominium tower one subway stop from Manhattan, at the corner of Flatbush and Myrtle Avenue in downtown Brooklyn, sold about 50 percent of its inventory prior to the market collapse, then pulled back in 2009. The building is now a little over 90 percent sold - and at $725 per square foot, its prices are less than they were in 2008, said Marco Auteri, sales associate with The Corcoran Group and Toren's sales manager.

The common areas in the Skidmore, Owings & Merrill-designed building, from the 2,OOO-square-foot fitness center, the pool and sauna, the two-level roof garden and the double-height library/ lounge, have been complete for a year now, and there is still a 25-year tax abatement for buyers. "In the last few weeks, the traffic has almost doubled in the

sales office," said Auteri. "The whole vibe of the Brooklyn market has changed over the last six months, especially for the bigger, more expensive layouts. There is really not that much inventory these days, and people are realizing that. A lot of people looking around the $1 million price point have been deciding for a long time, and they see that if they want to be in a premium new building, there just aren't that many comparable options out there like this one."

In north Williamsburg, 37 new condos have recently gone on sale at the 62-unit, 18-story 20 Bayard Street, the tallest building on McCarren Park. With protected panoramic views up and down the East River, the contemporary Karl Fischer-designed building, with interiors designed by Andres Escobar & Associates, offers the larger-scale, glass-walled apartments that Manhattan shoppers crave. Two bedrooms in the building are no less than 1,200 square feet, and three bedrooms can range up to 2,000 square feet - all at anywhere from $750 to $1,000 per square foot.

The building is one stop to Manhattan on the Land G lines. The pool in McCarren Park is in the process of being restored, and will be one of the largest in the country. The park will have a recreation center, and there is a popular green market in the park every weekend, as well as two dog parks, a running track and an outdoor gym. "The market in Williamsburg is limited for really big units, especially in a very full-service building like 20 Bayard, which comes with a fitness center, 24-hour doorman, children's playroom, common garden and roof deck, parking and storage," said Deborah Rieders, senior vice president and associate broker with The Corcoran Group. "To get all this service, all the space and all the views in one building that is very close to the subway is a unique situation."

Of course, not all of Brooklyn is one stop away from Manhattan. Fortunately, spacious and well-priced condo options still exist throughout the borough's interior. A 1,500-square-foot, four-bedroom duplex in a boutique condominium building at 1392 East 18th Street between avenues M and N is currently on offer at $500,000. The condo comes with central air, roof space, laundry facilities and parking.

The maintenance, which includes the parking, is $289 a month, with monthly taxes under $100. "This price is high for Midwood - but it is new construction," said Jamella Swift, senior associate broker with Citi Habitats. "A lot of people with large families want to move to this area, and to get a 1,500-square-foot condo with four bedrooms, outdoor space and lots of light and storage in a new building is ideal for a lot of savvy Brooklyn buyers."