Over 65 Percent of the Boutique Dumbo Building’s Units are in Contract Eight Months after Launch

Megalith Capital Management and Urban Realty Partners today announced that the 200 Water Street Condominium Offering Plan has been declared effective. Over 65 percent of the units in the six-story, boutique residential building in Brooklyn’s Dumbo neighborhood are under contract. Closings are expected to begin in late summer 2016.

200 Water Street features 15 gallery-style residences boasting two-, three- and four- bedrooms with expansive windows and up to 14-foot-high ceilings. Halstead Property Development Marketing is the exclusive sales and marketing agent for 200 Water Street.

“200 Water Street is ideally located, features expansive modern residences and offers an unrivaled living experience due to its unique architecture,” stated Phil Watkins, principal, Megalith. “We are pleased that our offering plan has been declared effective less than one year after launch and the owners will soon be able to move into their new homes.”

The remaining available units include three-bedroom lofts for $2.85 million and the penthouses with expansive terraces and views of the city skyline, bridge and river start at $4.4 million.

“There has been an overwhelmingly positive response to the design and finishes of 200 Water Street,” said Charles Homet, Licensed Real Estate Broker, Sales Manager at 200 Water Street. “Prospective buyers are astounded by the 14-foot-high ceilings, abundant light, and elegant brick, concrete and steel elements.”

Converted from a former 1950s Brillo steel wool factory, 200 Water presented an opportunity for Gil Even-Tsur’s Architecture Workshop and Aufgang Architects to breathe new life into a historic industrial building. Their solution makes significant changes to the building’s interior structure and use while respecting its landmark status and appearance. The building’s history is referenced by the use of brick, concrete and steel, with meticulous interior detailing that updates the original structure. The exterior’s transformation re-proportions the building’s structure and incorporates a two-story set-back modern glass addition, creating 200 Water’s contemporary profile.

Megalith Capital Management and Urban Realty Partners also announced an agreement with Stellar International Art Foundation for a fine art exhibit to be showcased in the lobby. The piece that will be displayed is Blue for No Reason, a 2005 painting by artist Damien Hirst featuring butterflies and household gloss on canvas.

For more information, please visit www.200water.com.

About Megalith Capital Management: Megalith Capital Management is a residential real estate owner and developer focused on investments in New York City and urban, supply-constrained markets. The firm’s integrated platform specializes in the acquisition, development, repositioning and management of residential properties through opportunistic and value-added strategies. Megalith’s growing portfolio is comprised of approximately one million square feet of acquired assets and luxury condominium and mixed-income multifamily rental developments with a total pro forma transaction value in excess of $1 billion. For more information, visit: megalithcapital.com.

About Urban Realty Partners: Urban Realty Partners is a commercial developer with a 20+ year track record of creating value through new construction, rehabilitation and repositioning of commercial, residential and mixed-use properties throughout the New York City metro area. In the past 20 years the principals have developed nearly one million square feet of commercial property and hundreds of housing units.

About Halstead Property Development Marketing: Halstead Property Development Marketing (HPDM) is a leading sales and marketing firm dedicated to the craft of new development. HPDM partners with celebrated developers, architects and designers to create building and living experiences of the highest caliber. Having represented billions of dollars in sales over the past decade, the team brings considerable skill, insight and dedication to carving out truly unique properties that benefit residents and developers. HPDM collaborates at every stage of the process, from site analysis to final closing, crafting substance through the team's ardent attention to the development process. For more information, visit: www.hpdmny.com.