700 Lake tops off, and tops the metro area in condo sale price

Cleveland-most-expensive-condominium-sale

Lakefront views, high-end finishes and a rock-solid community combined at 700 Lake to yield Greater Cleveland’s most expensive condominium sale ever. Sales and construction work continues at the Rocky River development (Brickhaus). CLICK IMAGES TO ENLARGE THEM

As 700 Lake’s development and sales team celebrated the structural topping off of their $35 million lakefront development in Rocky River this week, they had another reason to smile.

At the Sept. 1 topping-off event, the project’s leading development principals Brickhaus Partners and the Carney family, plus real estate agent the Kim Crane Group at Howard Hanna announced they had sold a penthouse in the development for $3 million.

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It was the priciest condominium sale in Greater Cleveland’s history, they said. The project’s partners are touting the building as offering the finest in lakefront living between New York City and Chicago.

View of the 700 Lake development

View of the 700 Lake development as seen from Lake Avenue, with the condo building structurally topped-off in the background. Meanwhile structural work was getting underway on the eight townhomes in the foreground (KJP).

The project has a 5-story, 25-condo building perched above the Lake Erie shoreline, set behind eight, first-phase townhouses along Lake Road. Construction started on the condo building last year and on the townhouses this past summer. Each are due to be completed in the first quarter of 2022, said Brickhaus spokeswoman Corinne Kelly.

She also noted that, of the 33 total condos and townhomes now under construction, 19 have sold so far with condo prices starting at $1.2 million. Kelly said reduced, pre-construction pricing would end soon. Howard Hanna’s property search engine shows all eight townhomes as available with list prices ranging from $900,000 to $1.9 million.

The development team received construction financing in April 2020 just as the economic shutdown from the pandemic was getting underway. To win the financing, the group had to pre-sell one-third of the condos. Project lenders include Erie Bank, Heartland Bank, CF Bank and Brown Gibbons Lang & Co.

Lake view from the penthouse level 700 Lake

Eastward view this week from the penthouse level of 700 Lake (KJP).

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Brickhaus owns several properties to the of 700 Lake along Breezevale Cove but Kelly said there are no plans for a second phase. The development is in the far northwest corner of Rocky River, between the Bay Village city line and Bradstreet’s Landing.

“Each of the residences feature cantilevered balconies for private outdoor entertaining,” Kelly said. “They overlook the infinity pool, the outdoor kitchen and private firepit at the lake’s edge.”

Brickhaus is led by Andrew Brickman and Alexandra Yonkov. The Carney family is led by John J. Carney and his sons John M. Carney and Michael Carney. Architectural and interior design services were provided by ENV of New York City and Sapphire Pear of Rocky River.

rendering ground-level view lakefront patio

This rendering of the ground-level view shows the lakefront patio with pool and other outdoor amenities for 700 Lake (Brickhaus).

The 700 Lake development is located on 2.5 acres of land. The condos range in size from 2,200 to 3,600 square feet. Each offers three bedrooms, private outdoor spaces and lake views from every residence. There will be indoor and outdoor parking for condo residents and visitors.

Townhomes will offer three bedrooms and measure from 2,100 to 2,800 square feet. They will have terraces ranging from 650 to 750 square feet and individual, indoor garages entered from behind, according to real estate listings.

Residences will have ceilings 9-foot-6 high, high-end interior finishes, over-sized windows, high-end appliances, Italian cabinetry, wide natural oak flooring, luxury designer tile, solid core Cofic doors, luxury plumbing fixtures and smart home technology. The 700 Lake building will have virtual concierge services, underground parking, pre-wiring for electric cars, lakefront pool, parcel drop-off area and storage lockers.

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