70 Washington sold 140 units last weekend

The price points for the new condos are: 700 sq ft for $600K, 1300 sq ft 2 bedrooms for $1.27MM and 1500 sq ft units for $2.2MM.

The DUMBO buying frenzy continues: Two Trees Management Co. opened its
sales office and one model apartment at 70 Washington Street at 2 p.m. Friday,
and as of Sunday evening 140 units had sold. "It was beyond words," said Toby
Klein, handling sales for the 259-unit conversion project. "They sold so fast,
we haven’t even had time to count the exact number or enter them in the
computer. We have piles and piles of signed contracts and checks for the 10
percent deposits that are required." Klein said that her staff of five brokers,
each with a runner, had over 150 appointments over the three days.

"And we were working off a list that was two-and-a-half years old," she
said.

People were waiting in line long before the office and model opened at
8 a.m. each day, but only those with appointments were allowed up by the
doorman, who indicated some people were even offering bribes. The models can
still be seen only by appointment and there is currently a waiting list of about
2,500, Klein said.

According to Klein, prices have been raised 10 percent so that now the
smaller one-bedrooms with 700 square feet are priced at about $600,000, a
typical two-bedroom with 1,300 square feet on a high floor with a view has an
asking price of $1.27 million, and the larger units with 1,500 square feet and a
view are about $2.2 million.

Six rooftop cabanas also sold over the weekend. Previously introduced as
"Tar Beach" at the nearby Sweeney Building, an earlier Two Trees conversion
project, the 22 cabanas — all with views — will be finished with privacy fences,
running water and electricity. The asking price is $200,000.

Highlights include a health club, dedicated parking in an adjacent garage,
and a common rooftop terrace for all residents.

Completion is anticipated for December, but occupancy might begin as early
as September.