From Mints to Condos at 20 Henry Street

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It’s been a long time coming, but now that the conversion of the former Peakes Mason Mints building at 20 Henry Street is coming to market, we suspect there will be plenty of pent-up demand. Signs announcing the launch of 20Henry.com recently went up on the scaffolding. The only useful information to be gleaned from the site at this stage (it’s just a place to register your interest) is the list of pricing tiers. The cheapest apartments will start in the $400,000 to $600,000 range; there will also, not surprisingly, be units that are north of $1,250,000. According to DOB filings, there are 22 apartments in the building. A comment on a Brownstoner thread last year said 43 and the Eagle said 14. Which one is it? GMAP

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  • I would do anything to Live anywhere on Henry Street.

  • 9:45

    If you are a MULTI millionaire, you are in luck!

  • Biff Champion

    I’m looking forward to seeing how these turn out. The building is beautiful and there’s so much potential to make the apartments wonderful.

  • Not sure how these condos are different from the 10 billion down the street in Dumbo, or the zillions of coops across the street at cadman towers or the zillions going up on the atlantic ave corridor.

    Nothing wrong with them per-se, but nothing so special with them that I’d dump hundreds of thousands for a studio.

  • You’re making it sound like new conversion from factory.
    Isn’t this just a remodeling of existing apts that were in some middle-income program where they kicked everyone out to make expensive condos?

  • Biff Champion

    9:50, I live in the area (Henry and Remsen) and one doesn’t have to be a multi-millionaire to live there, although it does help if you’re looking for 3+ bedrooms. It will be interesting to see how big (or small) the units that are “north of $1,250,000″ at 20 Henry will be.

    9:58, DUMBO and Brooklyn Heights are extremely different neighborhoods. I happen to like both, but they are nothing alike. And I don’t think you can compare anything on Atlantic Avenue to this place (strictly from a location and neighborhood standpoint alone). As for Cadman Towers, again these are two very different buildings – one a relatively bland high rise on the “wrong” side of Henry (albeit with many great views) and one a much smaller loft-style apartment. But I will say, if the units in the $400,000 to $600,000 range at 20 Henry are tiny studios, it could be a tough sell.

  • 9.58 : You seem to be an amateur. The apts you refer to are priced at what the market will bear. Your comment is no different than saying what’s the difference between a mercedes and a BMW..or any other consumer purchase predicated on choice. The beauty is in the eye of the beholder. Obviously, the developers here think that they have a distinctive product..for which there is a market and have set the price appropriately.

  • 958: actually I’m not — I live and own property in the heights, and I’m quite familiar with this area. But when corco is advertising studios for 1600/month and two trees is holding massive open houses to try and re-rent court towers and huge swaths of dumbo/downtown brooklyn are up for rent/own, when a huge chunk of wall st money has up and vanished, and when the economy is going into recession, I simply don’t think that these apts will sell for the ask.

  • There’s a giant difference btw dumbo and brooklyn heights and also btw cadman plaza and this.

    And they didn’t kick out people — the mitchell lama term had ended. I don’t understand why this is always an issue. The city and developers make a deal in which the city gives the developers certain things and in return the developers make the apartments affordable housing for 20 years. And then when that term is up, the residents cry foul. That was the deal! We’ll never have affordable housing if popele can’t stick to a deal.

    (and the two resident/protesters were an attorney and an architect who had lived there the whole time. MOVE ON!)

  • You know what is funny? When someone questions to insane prices or ideas of overpriced crap, the get attacked. They say ” You don’t own anything” or “Your a bitter renter. Plenty of people see this thing for what it is, a Mutant Real Estate Bubble.

    Here you go good news.

    S&P/Case-Shiller U.S. Home-Price Index Fell 12.7%

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aUYOn_guvnPA&refer=home

    Prices will probably keep sliding as foreclosures push even more properties onto the market just as stricter lending rules limit the number of qualified buyers. Shrinking home values have contributed to a slowdown in consumer spending that may already have tipped the economy into a recession.

    Yeah I know, sales is strong here. But sales volume has fallen off a cliff.

    The What

    Someday this war is gonna end….

  • Biff Champion

    10:37, to say the places might not sell for ask (which I agree is possible) is one thing, but how can you equate a new Two Trees project on Court to this restored Warehouse in BH?? As for bringing up downtown Brooklyn – do you really think the locations are comparable?

  • Biff Champion

    The What, open your eyes. We’re not debating whether or not the new units will sell for ask; we’re debating trying to compare the real estate market in different areas of Brooklyn. Go back to cutting and pasting and continue to miss the point.

  • 400K for a studio is not that pricey. Not in this location.

    Just sold a TINY studio in Park Slope for 379K this past month FSBO.

    Barely 300 sf.

  • 10:38, you or someone else brings up the fact that an architect and an attorney were among the tenants at 20 Henry Street every time the subject comes up. It is not the fault of the other former residents of 20 Henry who were artists that the landlord decided to rent to people who were not.

    Having spent 20 years living in that building, I can attest to the fact that the majority of residents were in the arts and most of those who were not (for instance, my neighbor who worked in the tunnels for the MTA)were working or middle class. Anyway, since the rents were subsidized by the government according to income, if those tenants who you complain about were in a higher income bracket, then they paid higher rents.

  • I saw the drawings and they intend to restore the building very nicely with the right windows, a new cornice, freshly painted “mints” sign. It will be lovely and unique in Brooklyn Heights, which does not boast any other loft building like this one.
    I hope they get started soon. So many projects are stopped right now because of the credit crunch and the weakening real estate market.

  • I wonder about the quality of conversion, seeing that it was a rental building. Any former renters care to comment?

  • 12:34
    It was originally a factory building. The rentals came later (about a hundred years) and where mostly studios with mezzanines.
    The building will be gutted and the new layouts will be contemporary living spaces.
    They are not just changing the appliances.

  • I have been inside. This bldg will need a complete interior rebuild, top to bottom, to fetch market rates for “luxury” condos. Only top two floors have views depicted in advertisement. I will be interested to see if they get approval to build higher, as there is no height limitation on that particular lot. This pre-offering plan approval advertisement is used to guage interest at different price points. Owner will use feedback to determine whether or not project is feasible. Owner paid approx $425 psf for existing building or $325 psf for existing plus approved buildable FAR of 14,500 sf on vacant portion of lot. The return on the project is bolstered by the ability to build new on the vacant land. These acquisition price points were high 12 months ago. They are certainly problematic today as the end user sale price is stagnant and construction costs are only going higher. Only some demo has been completed so far. This project is 18 to 24 months away from coming to market. Maybe the condo market will have rebounded by then.

  • Thanks 12:45 and 1:44. Useful information.

  • 20 years? How many decades of affordable housing do you expect taxpayers to pony up for?

    Sheesh

  • “Just sold a TINY studio in Park Slope for 379K this past month FSBO.”

    You’ve been flogging that story for months now. It’s about as convincing as the panhandlers on the subway who use the same sad “I was burned out of my apartment this week” story for years on end.

  • NeoGrec

    It’s still sad to see the end of more Mitchell-Lama middle income housing.