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December 15, 2005

Set Speed Condo Report: The Roanoke

roanoke view
The Roanoke building on South Oxford and Lafayette Avenue in Fort Greene has been completely renovated since the summer. Since then, the listing broker for these condominium units seems to have switched hands from Taj Property, the original broker, to an open listing, and finally seems to have landed in the hands of Corcoran. This building, according to the site, was built in 1890 and has 'Romanesque Revival' details. As the condos are centrally located for transportation, dining and nightlife, it's a bit surprising that there are so many units left on the market. From the Taj website floorplans, there appear to be 20-24 units, each of varying sizes. The Corcoran site has listings for 10 of them, so it's quite possible that there are several units in contract already. The Corcoran site promises porcelain baths, wood cabinets, stainless steel appliances, original details and beautiful light.

kitchen Originally marketed in the summer, when things were still frothy, these units were priced extremely aggressively, with one penthouse duplex unit priced close to $1MM for barely 1100 square feet. From the looks of it, Corcoran may have tempered the developers' expectations and lowered the pricing on a lot of the units. Prices and sizes on the Corcoran listings range from a 705-square-foot 2 bedroom, 1 bath for $494,000 to a 1,075-square-foot 2 bedroom, 1 bath for $914,000 (presumably the penthouse duplex units). There are even two units available for rent for $2100 per month. Maintenance charges range from $397 to $498 per month and real estate taxes are $232 to $298 per month. The taxes make it seem like there is no tax abatement on these, which could veer buyers towards other new condos in the area with less monthly taxes.
New Condos at The Roanoke [Corcoran] 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.

Comments

Wha? Am I reading that right? 2bed/1ba, 1075 sq ft for $914K?

Hmmm... I think I'd rather head to one of those new Walentas/DUMBO condos for that kinda dough.

Posted by: Anonymous at December 15, 2005 11:11 AM

That building was a notorious crackhouse and eyesore for so many years -- it is a thrill to see it renovated.

So-so apartments and admittedly expensive. But seriously, you can't beat that location. Right near the park and the subway and Lafayette and DeKalb restaurants.

One question -- what is up with the front doors???!!!

Posted by: clinton hillbilly at December 15, 2005 11:18 AM

i've heard from one ft. greene lifer that druglords would lift weights on the front stoops during the summer, so as to flex their muscles, literally and figuratively, while lording over what was then, their 'hood'

though now that i think of it, perhaps this went from rental to condo and some lifelong renters may still occupy their units, which explains why 10 units are not on the market. not sure.

Posted by: ltjbukem at December 15, 2005 11:32 AM

we looked at these during the frothier summer at higher prices entirely due to the location. at that time, we were told all but 4 were in contract. I was shocked to see these show up on the corcoran site after all the bluster we heard from the brokers at the time. We decided against bidding here because my gut told me something was wrong -- seeing them on corcoran for lower asks than in August only confirmed my feeling.

Posted by: anon at December 15, 2005 11:44 AM

The layouts on many of these units seem very small and awkward, especially considering the premium prices they are asking...

Posted by: Andy at December 15, 2005 12:08 PM

The layouts are indeed awkward and very uncomfortable. Also, for these prices, you should be able to get better high-end kitchens and bathrooms. Simply having stainless steel appliances does not qualify as "high-end."

Posted by: classbiker at December 15, 2005 12:16 PM

I clicked on Taj website - and then the history of the building.
Seems a bit funny talking about mysterious fire, squatters, and that building has those problems still. Either I missed something or they forget to put addendum. Either way - I don't think if I were realtor I would offer its sordid past.

Posted by: Anonymous at December 15, 2005 12:18 PM

Quoting Corcorans blurb on the apts.-->
"Penthouses come with private terraces and views of the city and Brooklyn" ...is Bklyn no longer part of NYC?
Sounds terribly provincial wording for seemingly sophisticated realtor.

Posted by: Anonymous at December 15, 2005 12:22 PM

Referring to Manhattan as "the city" in a NYC tradition going back many years... more of a sign of a local than a newcomer to me.

Posted by: OE at December 15, 2005 2:11 PM

first off, Anon 12:22, what planet are you from? Everyone calls Manhattan "the city" just as on the west coast in NoCal everyone calls SanFran "the city". Please, if you want to join this band of invalents you're going to have to put more effort into your stabs at the brokers.
And Brownstoner, your condo knucklehead "SetSpeel" or "ltjpukem", what ever, needs to find another job.
This junk is a joke.
We need an solid broker to provide real info. Brownstoner cronies aside, the rest of us real consumers need to continue to post and let brownstoner know we appreciate the forum BUT personally nothing angers me more than to have my intelligence insulted. The content and dialogue reveal Brownstoners total lack of credibility beyond his own home and lack of intent to have "guest" input by anyone with some real insight. Couldn't you tell by SetSpeeds own lame blog how lame the input would be here.
You suck. If you say you claim no expertise then why do you comment and get quoted implying some form of knowledge which you are, in reality, totally void of.
A valid response would garner some respect - rather than just deleting posts as you normally do.
Classbiker and Andy provide the only intelligence here.

Posted by: Anonymous at December 15, 2005 2:17 PM

Wow! Tough crowd. Content does leave a bit to be desired. And Manhattan is "The City". These condo's are a real stretch. Does brownstoner and ltjbukem have any knowledge outside Clinton Hill/Bedstuy or do you focus primarily there?

Posted by: Anonymous at December 15, 2005 2:23 PM

what about the lower price apt going for $500K or so?

i'm thinking about buying and i'm trying to find a 2BR in the $400K - $500K range in a good neighborhood in brooklyn. is this unreasonable? my main concern is living in a relatively safe neighborhood with good acess to the downtown wall st. area.

any suggestions?

Posted by: riz at December 15, 2005 2:26 PM

under $500K will be near impossible to find a real 2br

Posted by: Anonymous at December 15, 2005 2:27 PM

While I'm completely put off by anonymous 2:17's tone, he does have a good point -- the info on this condo report really isn't anything beyond what's on the broker's website and is hardly worth reading or posting. I get alot more from Real Estate Romp person who at least seems to have actually seen the apartments she writes about. Otherwise, brownstoner.com is great.

Posted by: Anonymous at December 15, 2005 2:37 PM

2:17 makes me laugh. haha. disclaimer: these reports are not meant to be all-encompassing. if you are considering buying one of the condos that i report on and use this blog as your only source of information, then you've got problems. it's more meant to elicit responses (positive and negative), lively discourse and get the input from the broad readership that brownstoner.com gets.

and by all means, read all the other blogs. i don't mind. i enjoy real estate romp myself, although there's been no new content on it recently.

and since you seem so ultra-knowledgeable, why don't you share your blog with us so you can open yourself up to some honest criticism. don't hate the player, hate the game, son! and as it's been stated before, don't read the post if you've got no interest in it! simple as that. i don't read about the salvageable items posts; you shouldn't read the posts that add no value.

and in response to my 'lame' blog: thanks for the compliment. the 750 distinct hits a day seem to think otherwise.

Posted by: ltjbukem at December 15, 2005 3:51 PM

I would expect from a condo report, that the 'reporter' actually at least visits the condo. Makes sense, or?

I personally am disappointed. The value added by ltjbukem compared to just posting a link to the project link is not existing.

As a recent condo buyer ltjbukem, in a project that still needs to find buyers (at now reduced prices) he has an interest in pimping condos. Look at the reports of the past. Any real negative comments on anything? Never.

You can stop this series.

Posted by: Anonymous at December 15, 2005 5:43 PM

Not quite sure if the realtor is implying that the entire building is original from 1890's and fully landmarked? Wording is ambiguous.
I lived on the next block on Lafayette from the Roanoke in the 1980's. Indeed it was a drug house. Attempts to renevate happened in 1986/7. Squatters were thrown out and guard dogs were installed. I watched this building burn to the ground when those renovations were nearly complete. All that remained was a portion of the stone front.
Looking at the realtor photo, I do not remember the top floor before renovations or fire and the entrance way was the center door.
My question is this being sold as landmark, does anyone know history of the building to confirm the realtor statements, and just how much of a building needs to remain to retain landmark status.

Posted by: Anonymous at December 15, 2005 6:03 PM

5:43, have you followed my pictorial series?

http://greenehousecondos.blogspot.com/
http://70wash.blogspot.com/
http://thewashington.blogspot.com/
http://nexuscondos.blogspot.com/

pros/cons/thoughts/good or bad, please..

Posted by: ltjbukem at December 15, 2005 6:12 PM

We first saw this via a link from our old neighbor over the summer, boy did we have a good chuckle!

Anyone, and I mean ANYONE who pays the bling for this former crack-house is nutz. We lived mid-way down the block for many years before moving. While I never saw it burn (my wife did), we hoped it might again (well, not really, but surprised it did not). Junkies, rats the size of dogs, garbaged pilled 10' high out front and the king-pin drug dealer who was in-charge of converting the squat to "condo development" without being the legit owner (as of fall 2004 when we moved)...seems like a deal to me at $914K.

Place should be condemned, not converted. But alas, we need more "luxury condos."

From the pix, looks like a minor face lift to a crappy ass building...but makes me laugh after walking past it for so many years dodging crack viles and rats. Good to have it converted, but buyer beware!

Posted by: lostinbrooklyn at December 15, 2005 6:38 PM

i'd like to throw in that the i really like th setspeed condo reports and look forward to thursdays. Why? Because I don't want to troll around broker sites to see what is on offer and etc. I don't wantto track prices and etc. But, I'd like it spoon fed to me once in a while to keep me somewhat in the loop. that is part of what a blog is...

Posted by: Anonymous at December 15, 2005 9:04 PM

Yeah, I can confirm that that place was always the black sheep of the block for the past 30 years. And the fire that burned it down about 20 years ago spat embers 1-2 city blocks away. After that it turned to a crackhouse and was taken over by squatter/drug dealers. I'm more than happy to see it fixed up, but I'm skeptical that the fix up will work, and also that the construction will be done in a reasonable time period--the hype on this condo has been going on for more than 6 months now, and the front windows are still cracked and filthy.
Also, take it easy on Set Speed. No one's claiming that he's a professional real estate journalist. He's a neighborhood blogger, for god's sakes. Just accept a little extra local info without all the insane raving about needing "expertise" etc. It's not like he's charging you a fee. Just appreciate it.

Posted by: S Oxford Lifer at December 15, 2005 9:26 PM

I don't understand why people would think this place should be demolished simply because it used to be a crack house. It's great that is it is being renovated. Hopefully the reno is not to shoddy. It is smack dab in the middle of prime Fort Greene. If people are shocked that the same area was a drug den 20 years ago - well let's just be happy that it is not anymore. 120 years ago it was an upscale Brooklyn neighborhood and it is again now...

Posted by: Anonymous at December 16, 2005 11:11 AM

I agree with 9:04PM. I don't have time to track down all developments and I enjoy the discussions that result from LTJ's posts so this and the others have served a purpose IMHO.

Posted by: VDH at December 16, 2005 11:55 AM

i can see the roanoke from my apartment where i sit right now. i think that it's good that the building is being renovated (ps i don't know if it's a landmark, however, it used to be in old AIA guides to the city when it had fire escapes on the facade). the problem with the roanoke is the prices. i think we see that with all these condos -- it's offensive to have these asking prices that are so out of context of the neighborhood. most people moved to brooklyn not just for the greenery and the smaller scale, but to get away from these obnoxious condo projects and the absurdity of manhattan's prices. it's just a shame that it's in my (our) backyard now.

Posted by: diana at December 16, 2005 12:20 PM

The building is in a landmarked district, so it is landmarked. As for the price, they'll go for what the market in the area supports. Considering that the top end brownstones in the area have gone for over $2 million, it will be interesting to see what these go for. They are just condos though. A two bedroom coop (not condo) in a brownstone will go for 550-650K in the area, or more if it is especially large or has something special.

Posted by: Anonymous at December 16, 2005 12:45 PM

For what it's worth, I greatly appreciate the brief blog and forum that follows. It's great to get work-in-progress photos from varoius sites. It's also useful to hear the general public sound off on the relative value of the various properties for sale. Thanks to all for the constructive contributions.

Posted by: ASA at December 18, 2005 10:37 AM

It's not land-marked, the block is not land-marked. Only a small # of streets in FT. G are land-marked.

Could be a beautiful facade, the interiors (as I said earlier) very questionable...

Posted by: lostinbrooklyn at December 19, 2005 6:32 PM

« Pivotal Condo Project Planned for Clinton Hill House of the Day: Another One in The Heights »

December 15, 2005

Set Speed Condo Report: The Roanoke

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