One Brooklyn Bridge Park (360 Furman Street)

The warehouse's structural grid produced an unusual inventory: apartments here are wide and deep rather than tall and stacked, with layouts across studios, one- to four-bedroom lines, and penthouse and duplex configurations that no ground-up building would draw. Ceiling heights around 13 feet, oversized industrial-scale windows, and concrete construction with genuine mass between floors are consistent across the inventory; west-facing lines take the harbor, the Statue of Liberty, and lower Manhattan across the park, while east-facing units look into the Heights bluff. Cabanas (18 were offered) and 132 deeded parking spaces supplement the residential inventory; a garage unit and six commercial units along the base — long occupied by park-serving retail and services — are separately owned.

Buyers comparing OBBP to ground-up product should weigh what conversion delivers at this scale: the floor plates and window openings are un-reproducible, and no two lines are quite alike. Floor plans deserve more attention here than in any tower on this page.

OBBP operates as a full-service condominium — 24-hour attended lobby, live-in resident management, and the amenity stack above — with the financial structure of a leasehold. Common charges include each unit's proportionate rent under the ground lease: base rent plus PILOT, which the Department of Finance calculates to equal the full real estate taxes the property would pay if taxable, billed through the condominium rather than directly to owners. Two practical consequences follow. First, owners cannot look up or pay their "taxes" through the Department of Finance; the condominium's statements are the record, and lenders escrow accordingly. Second, headline common charges look high against fee-simple condominiums because they embed the tax equivalent — a presentation issue, not an economic one, that every OBBP listing has to explain. Counsel's opinion in the offering plan supported PILOT's deductibility as real estate taxes for itemizing owners, subject to the usual limitations; buyers should confirm current treatment with their tax advisers.

The lease endgame deserves its own line: at the expiration of the 99-year term, the condominium board — on behalf of the unit owners — has the right to purchase the fee interest for one dollar, provided the condominium is current on its obligations. That provision, specific to this building's 2005-era deal, is materially more owner-protective than the straight-surrender provisions in the park's later ground leases, and it substantially defuses the long-horizon valuation question that leasehold product ordinarily carries.

The building's financial statements, alteration agreements, transfer forms, and dog rules are maintained in The Roebling Research Library and shared with clients during diligence.

Ground rent and PILOT: Paid through common charges; PILOT equals full tax-equivalent assessment. Model the all-in monthly figure, not the fee-simple convention.

Lease term: 99 years from the 2007-era commencement, with the condominium board's $1 fee-purchase right at expiration (offering plan).

J-51: Applied for by the sponsor against PILOT per the offering plan; any granted benefits were time-limited. Verify the unit's current PILOT before underwriting.

Pets: Permitted subject to the building's dog rules.

Pied-à-terre / LLC / foreign buyers: Not documented; confirm in the declaration, bylaws and house rules.

Subletting: Permitted through the standard application process.

Flip tax / transfer fee: None documented in the offering plan.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $1,456/sf (recorded) across 12 sales. Median listing discount 1.5% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 3-00245-7501; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

Understand the leasehold before you price the discount. PILOT equals full tax-equivalent; common charges embed it; and this lease — unusually — ends with the condominium's right to buy the fee for $1. The structure is better than the leasehold label suggests, and materially better than the park's later buildings on the endgame question.

The space is the product. Ceilings around thirteen feet in many residences, warehouse windows and floor plates inherited from the original structure. If your alternative is a ground-up tower, view actual lines side by side; they are different physical goods.

Model the commute honestly. Borough Hall's trains are up the Joralemon steps; the building runs deep into the park. Households organized around the park, the ferry, or drive commutes (the building has deeded parking) fit best.

Verify the unit's current PILOT. J-51 phase-outs make trailing-year figures unreliable; get the current statement during diligence and run the True Monthly Carrying Cost calculator on it.

Check the specific line's history. Combinations and the conversion's irregular grid mean square footage, layout, and light vary more here than in any comparable-sized building on the waterfront.

Explain the monthly, don't apologize for it. Explain that the common charge includes PILOT and ground rent so buyers can identify all components. Presenting the all-in figure against a fee-simple peer's charges-plus-taxes — the calculators below do this cleanly — reframes the number accurately.

Lead with park and harbor. The building's unduplicable assets are the front-yard park, the harbor views, and the warehouse volume; photography and floor plans should carry all three.

Cite the $1 fee-purchase right. Sophisticated buyers and their attorneys will raise the leasehold; the lease's owner-favorable expiration mechanics are a genuine answer and should be in the marketing file.

Price to the line and tier. Harbor-facing, park-facing, and interior lines occupy different markets; the trophy tier prices off its own thin comparable set.

If you're considering One Brooklyn Bridge Park, also evaluate:

• Quay Tower (50 Bridge Park Drive) — RAL's ground-up tower at Pier 6 next door; new-construction finish tier on the same park, different lease mechanics
• 90 Furman Street — the Pierhouse condominium at Pier 1; the park's other conversion-scale leasehold peer, at the north end
• One Clinton (1 Clinton Street) — Brooklyn Heights' 2019 fee-simple condominium tower at Cadman Plaza; the inland new-dev alternative
• Front & York (85 Jay Street) — comparable amenity depth at full-block scale in DUMBO
• 1 John Street — the park's boutique condominium at the DUMBO end; the same PILOT framework at 42-unit scale
• 1 Main Street (The Clock Tower) — DUMBO's trophy warehouse conversion; the loft-volume peer without the park lease
• 70 Washington Street — large-scale DUMBO loft conversion; conversion register at similar unit count