Flatbush Flatiron Gets Ready for Take-Off

Don’t forget the homeless shelter

I read a discussion regarding getting out of a condo contract, prior to closing, in light of the new realities in the real estate market. My opinion would be that the buyer may have some leverage with the developer of an unfinished building since the one thing that every developer wants to avoid is litigation prior to final approval by the attorney generals office and prior to selling all of the apartments. The reason for this is that all law suits must be disclosed to the AG and this must be included in offering. Depending upon the nature of the litigation, such a disclosure can have an immense effect in the time it takes the AG to approve the plan and even greater effect on the ability for the other buyers to get a mortgage.

The worse type of litigation that a developer can face is issues regarding disputes of property boundary. In such cases, banks are often forced to back off from providing mortgages to buyers, regardless of the banks relationship with the developer, since boundary litigation places an substantial level of obstacles to sell and package the mortgage on the open market. Some examples that come to mind include the cases where entire walls had to be removed because of minimal infractions and in cases where cornices or overhangs infringed on the adjacent property. My advice to any developer in such a case is to negotiate, negotiate, negotiate and at all costs, avoid litigation. In cases where a person wants to back out of the deal, I recommend to the developer to sweeten the deal and again, avoid any litigation for the reasons mentioned above. It is important to also consider what other potential buyers would think of litigation against a contracted buyer. One method might be to reduce the price, offer free maintenance for a period of time or perhaps exchange the contracted apartment for a “better” or larger apartment. Settle such disputes. A developer must handle disputes with “silk gloves” and swallow their pride, with the end objective of sales in mind

Actually if you look at Dumbo, all those newly built huge behemoths still have prime retail space for rent. I don’t think rich people brings services or a street life. I know Walentas had to give Peas and Pickles a really sweet deal for them to open their store on Front St. For years after 1 Main opened there was little to be had down in Dumbo. The restaurant space where Bubbys is has become a black hole with at least 2 other businesses failing there before Bubbys tried. They seem to hold on though now with way reduced hours of operation.

For 8 years I have lived a stone’s throw from where this building will be built. I won’t nitpick how in fact services have actually decreased, because there used to be a gas station on this lot where at least you could buy a soda. I agree the location is good in terms of proximity to other neighborhoods and trains, but you are a good 15 min walk from almost anything now, and it is not a pleasant walk on streets made for walking. That area was designed to move traffic and a lively street life cropping up suddenly seems naive at best. And unless you like Metrotech type corporate malls (Oh right, that is why I moved to NYC, to have comforting bland architecture of the suburbs)I cannot imagine truly interesting retail and services coming to that area. But I am sure some national franchises will disagree.

Regardless of how slick the building looks, the fact is you are still sandwiched between the BQE and the Manhattan Bridge and all the soot, noise and pollution that brings. (Try 18-wheelers putting on their air brakes as they approach the just-turned-red light at Tillary and Flatbush). I suppose I could convince myself while lounging on my balcony that the constant whir of traffic was akin to the ocean, the soot would be hard to dismiss as quaint.

I only live the Bridge Plaza are because it is cheap. I once convinced a friend to move into my building and I warned her that there was no services or neighborhood to speak of. She was swayed by cheap, but she eventually left because there was nothing nearby.

meet george jetson…looks more 70’s cartoon than the future of anything. looks more like the end of a much better era to me.