When the city opened up Williamsburg for residential construction in 2005, the Bloomberg administration rested on the fact that more residential housing would stimulate the economy. Without wasting time, Douglaston Development began a project known as the Edge: over one million square feet to be developed on the Williamsburg Brooklyn waterfront in a mix of mid-rise luxury apartment buildings and high-rise towers.
Although Williamsburg is populated with children of the baby boom generation, the likelihood that this generation will purchase their first home at the Edge is slim to none.
With rising inventories in Brooklyn, there is a major concern about the overflow of vacant apartment buildings sitting in and around Williamsburg. In addition, locals are not keen on towering waterfront structures blocking their view. Will Edge condos turn into rentals if the units refuse to sell themselves?
Marketers of the Edge claim to have sold 25 percent of the apartment units. However, it is unclear whether this percentage relates to those which have been constructed thus far or to the finished project as a whole. The Edge units are priced in the range of $420,000-2.8 million. In the current lending climate, it’s doubtful that condos in this price range will be buildable any time soon.
Nevertheless, the Edge website reminds optimistic.
In faux haiku format, it states:
IT PUSHES THE EDGE
OF GREEN BUILDING
OF COMPREHENSIVE AMENITIES
OF WATERFRONT LIVING
IT SITS ON THE EDGE
OF THE WATER
OF THE FUTURE
Despite the rosy picture painted by the marketing campaign, the only thing apparent about this project is that it appears to have gone “over the edge.”
However, I decided to keep an open mind and see the project for myself. The video below is a recorded conversation I had with an Edge representative about scheduling an appointment to see “all that water.”