Condominium sales strong at Atlantic Art Building

Real Estate Weekly, May 7, 2003

Sales of loft condominiums at the Atlantic Art Building are surpassing all expectations, according to one of the principals, Marc J. Freud of Troutbrook Company and it's subsidiary, Troutbook Development. The building located at 636 Pacific St., in Downtown Brooklyn, is the first opportunity to own a luxury loft unit in a boutique loft building with a part-time doorman, and high-end finishes.

To date most of the other developments offered either raw spaces or a less costly finished apartment. The 9-story storage facility was converted recently to 31 units. Closings on the condominiums commenced the first weeks in April and the only unit that remains is a pent-house that has an asking price of $ 1.050 million. The fabulous unit was recently photographed and written about in Wallpaper magazine UK. The building, and more specifically this unit, is as one reporter commented: "the foremost example in the minimalist orientation of a design for the urban hip"

The unit offers almost 2,800 SF of space, duplexed with almost 550 SF of outdoor space that offers panoramic views of the Manhattan and Brooklyn skylines. It is available for immediate occupancy, and houses a duplexed Icon Stanton kitchen counter top, manufactured in Germany; Philip Stark bathroom fixtures, Italian Botichinni marble in bathrooms, as well as high-end stainless steel appliances and back splash that the discriminating buyer would expect to find in an apartment to their liking.

The walls are painted in a wonderful Ralph Lauren velvet gray that evokes a calm feeling when entering. The unit has a custom-made iron and stainless steel stairway, which leads up to the second floor.

The architect for the 55,000-SF conversion are Kutnecki\Bernstein of Soho. K and B will also be working with Troutbrook on a new development in Cobble Hill at 529 Court St. This is a 35,000-SF project that is expected to break ground the third quarter of this year.

Troutbrook Development hopes to bring its distinct sense of style and finishes to several new Brooklyn developments in the coming quarter. They will also break ground on 126 North 6th Ave., a new condominium development located two blocks from the L train in Williamsburg and 1 block for the main thoroughfare of Bedford Avenue.

Freud comments that Troutbrook will set the standard and price point for the high-end condominium sales market due to among others reasons its location. If the past weeks activities are any indication of future success, in creating exciting living environments they are off to a terrific start. The chef of the critically acclaimed Mercer Kitchen in Soho, recently signed a lease to open a new restaurant at the partnership owned 124 North 6th St. building at the corner of Berry Street.

The other partnership owned property at 134 North 6th, and respective restaurant, was in the past two weeks used as a setting for the sizzling HBO show "Sex and the City," The development, with a tentative project name of "williamsburg-126" will have a street scene of 140 linear feet of frontage on North 6th Street in the Williamsburg Special District. Freud concludes that it is highly unusual, in such a prime location of Brooklyn, to have the "palate and street scene frontage to create a new real visual presence," he hopes the real estate market is equally enthusiastic.