A new condominium complex is being built less than two blocks from the Atlantic Yards project. The building faces out onto Flatbush Avenue if you have a unit facing northeast or the back of Atlantic Avenue if you’re facing southeast. Located at 556 State Street, this is only houses away from the 560 State Street project that was being sold in the past year. The street contains a mix of brownstones and some post-war apartments. The sales center is located at 563 Atlantic Avenue. Boasting a large number of units, the apartments are a mix of 2 BR/1 BA, 2 BR/2 BA, and larger 3 bedroom and 4 bedroom units. Prices range from $660K for 975 square feet 2 bedroom, 1 bath units to $973K for 1,387 square feet 3 bedroom, 2 bath units. The largest unit, at 1,487 square feet costs $1.1MM. Common charges range from $175 to $325 and RE taxes from $49 to $91 a month, which is relatively affordable.

The residences feature the usual granite countertops, stainless steel GE Profile appliances, 9-foot ceilings, deeded parking and storage units. This general area has a large supply of condominiums and I’m not sure whether there is demand for condos at this price point. (After all, you can get a 3 bedroom, 2 bath for $1.11MM at J Condo in Dumbo.) Current traffic flows are not favorable. The imminent Atlantic Yards project also does not bode well for those who do not like traffic close to where they live.

The broker and marketer for this project is Boerum Heights Realty Associates, a little-known outfit based at 6833 Shore Road in Brooklyn. Boasting a slick website, it is easy to navigate between info on the surrounding neighborhood, the amenities in the building to floor plans and pricing. Incidentally, the site has nary a mention of the possibility of the Atlantic Yards. A Google search revealed that the design of the building is by Bricolage Designs and consists of 72 units.
Floor Plans [Boerum Heights] GMAP

Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.