Inside 315 Gates

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The sales office at 315 Gates “soft-opened” a couple of weeks ago and we got a chance to walk through the 72-unit project at the corner of Gates and Bedford Avenues at the end of last week. We were quite impressed with what we saw: Apartments have better layouts, higher ceilings, bigger windows and nicer finishes than what one might expect to see at a new building in this neck of the woods and at $500 per foot or less; there are also lots of bells and whistles like a home theatre, huge planted roofdeck and cold storage in the lobby. Prices range from $195,000 for a studio up to $550,000 for one of the four townhouse-style duplexes; given the FHA financing, one could theoretically buy a studio with only $7,000 down (kinda crazy!). The Developers Group, the marketing agent on the project, tells us that there are already five contracts out for signature.

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  • That is a weirdly nice building. I always expect anything built around there to be hideous but that is actually pretty inoffensive on the outside and quite stylish on the inside.

  • 1 got $50 this building pops up in the marketplace…………really starting to wonder if this is a blog or just advertising….

  • I LIKE IT!
    More closet space and I’d be there.

  • Got a nice vibe. Seems affordable but I don’t know much abouts comparable rents in that area.

  • It looks awesome, but $500/sf in Bed-Stuy is definitely a gamble on the neighborhood.

  • novanglus–its true because you can buy a house for more like 200 psf around there.

  • I’d say Lofts on Lex or Franklin Gardens Condominiums would be more attractive deal.

  • > $500/sf in Bed-Stuy is definitely a gamble

    It’s about as much of a gamble as setting your wallet on fire.

  • “given the FHA financing, one could theoretically buy a studio with only $7,000 down”

    ‘Pop’ goes your ears after a 3.5% decline. This FHA nonsense is going to end very badly.

    “‘soft-opened’ a couple of weeks ago…already five contracts out for signature”

    Glass 7% full!

    I actually had hope with the $500K “townhouse like” duplex. Then I looked at the floor plan on the PDF-tease (Email for a full size copy? Eff outta here!). Tight space. Whole, bonafide brownstones will be had here for $500K (may need reno but details intact or price reduced) when the bottom finally arrives.

    Price aside, not a bad looking development though. The nearby Y is definitely a plus.

    ***Bid half off peak comps***

  • I’ve looked at some units in this building. They *are* nice. The outdoor space is very generous in the units that have it and I think the apartments are well proportioned (BHO, they aren’t as “tight” as you think, probably due to the large windows and high ceilings, and some of the units have walk-in closets).

    I’d like to buy in this area and my eye is on this building but I think all the sentiments are correct about it being priced a bit too high. It’s not outrageously high, but I think about 15%-20% higher than it should be given the address. Not that I have a problem with the location, but let’s call a spade a spade. The marketing materials are REALLY playing up the proximity to Clinton Hill and I think they are pricing it like Clinton Hill and not Bed-Stuy.

  • Clinton Hill is one or 2 blocks away depending on who you ask and honestly-i think this area has more going on than most of Clinton Hill. The Y is practically across the street–there seems to be a new coffee shopantique store (there are now like 5 right in a row) or cafe opening everyday, you are close to the subway, a good grocery store etc. Does anyone know what the maintenance looks like? I am going to send links to this building to a bunch of my friends—I think as soon soon as word gets out–these units will be long gone