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January 26, 2006

Set Speed Condo Report: Manhattan Park Condos

building
This week we step outside our comfort zone a bit and take a look at a McCarren Park development called the Manhattan Park Condos which are being marketed by aptsandlofts.com. Located at 297 Driggs Avenue, this project looks to have 14 units (two to a floor), two of which are in contract. From the website, they look to be 1 and 2 bedrooms with outdoor spaces in most units. There's not many financial details on the cost of the units other than the asking prices, which in our opinion is high. One bedrooms are asking $579,000 and up while two-bedroom units are anywhere from $715,000 to a whopping $995,000. From the floorplans, the one bedrooms look to be no more than 650 square feet and the two bedrooms no more than 800 square feet. Given our estimates, this suggests that prices are running at almost $900 per square foot.

kitchen Amenities include the usual stainless steel appliance suite, the 'floating' bathroom sink. Most units have glass curtains and the elevators open out onto the units. The condo is located within a good 8 block walk to the crowded L train at Bedford and a 2 block walk to the G train at Nassau. As anyone who goes to thedevelopersgroup.com website can see, there are numerous new condominium projects that have already sprouted up and are in the pipeline. This increased supply does not bode well for Manhattan Park's high prices. In addition, the finger building next to Planet Thai off of Bedford and the huge 'Edge' project on Kent will add another few hundred units to the market.
Manhattan Park Condos [Aptsandlofts.com] GMAP
Listings [Manhattan Park Condos]

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

i know, i know, completely uninspiring, judging from the lack of comments, this greenpoint project. sorry, i was trying hard to find a good one this week, but none presented itself.

that said, these units are overpriced...next, please.

Posted by: ltjbukem at January 26, 2006 12:45 PM

OK, I gotta comment, then! I just moved out of this hood, and the entire time it was being built, it looked to me like it was tipping over. Passed it recently and saw that it still looks crooked in its near-finished state. So either the Enid's building is tipping, or it is. Or it's some crazy optical illusion.

In any case, I bet those 2-bedrooms facing east have a DOPE view of the BQE!

Posted by: Anonymous at January 26, 2006 2:07 PM

No unit faces east only, the front of the building is on Manhattan Ave., so every floor has 2 units that face the BQE and the park, if you take a look at the building and you know the location you will understand how.
The building happens to be pretty nice, and the inside looks a little over the top, especially as the site boasts that the renowned architect Andres Escobar has designed the inside, I wonder if the developer will get his money back here.

Posted by: Anonymous at January 26, 2006 2:19 PM

i kind of like it. the top floors must have killer views. a lot of dough though.

Posted by: 9000 at January 26, 2006 4:21 PM

I didn't realize that new construction buildings have negotiable prices. How negotiable do they tend to be?

Posted by: Anonymous at January 26, 2006 4:28 PM

I can understand living in a glass-walled apartment (if that's your thing--yuck) if you're on say the 15th floor, looking out over the water or even open sky. To live in a low-rise see-thru building in Greenpoint and then pay 600k+ for the privilege? No thanks!

Posted by: judes at January 26, 2006 4:46 PM

The rendering here is pretty misleading. The building "feels" much taller, and there is another building going up right next to it, no?

That said, I am liking this building more and more. They should finish the facade, though - they've had half the wood panels up for ages now, with gaping green holes elsewhere.

At least from this tower, the views should be pretty nice - you have the park to the southwest, which means you'll never lose your light, and the spate of new buildings around the park and to the north and east means you'll not be looking at the roofs of low-rise manufacturing buildings. on the other hand, you'll always have Greenpoint and the BQE.

As for the prices, I can't say. But the new developments noted above and in the original post are nothing compared to what's likely to come on line as the result of rezoning. Remember the City's esitmate just within the rezoning area was something on the order of 7,400 housing units (!). (This project is right on the edge of the rezoning area.)

Posted by: Halden at January 26, 2006 5:05 PM

"This increased supply does not bode well for Manhattan Park's high prices. In addition, the finger building next to Planet Thai off of Bedford and the huge 'Edge' project on Kent will add another few hundred units to the market."

Not to mention what's going on on another side of McCarren Park, on Bayard. We used to live right near there and happened by the other day on errands. A huge warehouse building is being gutted (jealous, 10 years ago I thougt it would be awesome to own and gutt that sucker!) along with another ugly looking condo thingy being built right next door.

So there shall be a major glut of apts around the park. I hope they enjoy dusty summer days. The soccer field was always a bounty of tasry, eye stinging airgrit.

Posted by: Anonymous at January 26, 2006 6:11 PM

The fridge is half the size of the kitchen!!!

Posted by: Anonymous at January 27, 2006 3:23 AM

Luckly the soccer field was converted to turf not to long ago...

Posted by: Anonymous at January 27, 2006 10:39 AM

oh, sweet. Didn't realize they turfed it. My gawd it needed it.! I just remember giant tornado sized clouds of dust.

Posted by: Anonymous at January 27, 2006 11:18 AM

These new buildings stick out like a sore thumb. Not with the spirit of the hood at all. Quality of constuction is not great (just pass by and look at the outside). Time will prove this.

Give me a 100+ year old house with good bones any day! They are worth all the work. They will be around for another 100 years. These new ones won't.

Posted by: Anonymous at January 27, 2006 1:49 PM

apts&lofts is getting desperate. when we took a reluctant look at these and they said we could get a better deal if we dumped our broker and went direct to them. I was a bit taken back, anyone else think this is weird? some of these places are like $1000 a square foot. won't be back to this thing only because of the fast talking pressure ridden experience the first visit. another well traveled friend of ours heard the developer is seeking advice from other brokers and mad as hell about their poor performance and ethically challenged approach.
ltjbukem, are you a broker?

Posted by: Anonymous at January 28, 2006 6:08 PM

Anon 6:08
It seems you are on the payroll on some other real estate brokrege firm.
As a Hasidic Jew, I know personally the developer of this property, and he is extremely satisfied with their performance, so are the developers of some other properties in the hood being marketed by aptsandlofts.
Next time try a different approach, maybe it would be better then hiding under anonymous postings in blogs.

Posted by: Mentch at January 29, 2006 12:48 PM

Looks like the Developers Group is resorting to desperate tactics now that other real estate companies have some action on the park.

I just bought in this building and it's incredible. Views are to die for! Finishes are amazing. And my experience was stupendous. The atrcocities going up around it do not compare. This is really a stand-out. Be weary of blogs that go up here, as competing real estate companies make s#*t up all the time. Snaky business. Used to be in it myself.

Posted by: Anonymous at January 29, 2006 4:22 PM

LOVVVVVVVVVVEEEEEEEE ITTTTTT!!!!!!

Take a look. Well worth it.

Posted by: Anon at January 29, 2006 4:30 PM

I am involved with the development of this building and can tell you the previous post that mentions that the developer is seeking outside advice is COMPLETELY FABRICATED. Unfortunately in this business, and with the advent of "the blog", rumors are spread under the veil of anonymity. Many real estate companies were competing for this job, so I think it's logical to assume that bitterness and sabotage are the intent of the (real estate) blogger. My advice to that blogger is to concentrate on your current below-par marketing campaigns to win the affections of developers. Beware to all. Do not believe what you hear on the internet, where all is anonymous. Also, do not trust the judgements of a pro-brownstone website and anti-new condo website. Clearly opinions are biased. This project is a-buzz... from the horse's mouth.

Posted by: On to You at January 29, 2006 5:01 PM

we came back (earlier post anon Jan28 6:08) to see if anyone had any advice about the building and the unethical way we were treated and pressured. a little suprised to see complaints about our wanting to stay anonymous and we're being accused of being on another broker's payroll!? are you serious? if you are in fact who you say you are then why do you stay anonymous? the post following ours seems to me to be apts & lofts trying to save face with one more bullying tactic. mascarading and pointing out that you are a Hasidic Jew? apts & lofts really thinks the public is stupid. the broker, who we know for a short time is from a manhattan firm and is not familiar with apts & lofts nor the developers group. why wouldn't these two firms cooperate if they are working on the same product in the same neighborhood?
could we please get some real people to help us out with their experiences and views on other properties in the neighborhood? no matter who is the broker - please. we'd never come back here regardless of how much apts & lofts bullies us. we stayed anonymous initially because we read so many hostile posts. now we'd never open ourselves to this. Brownstoner, ltjbukem, any advice?

Posted by: hunting at January 29, 2006 5:46 PM

Hey Mr. hunting, come down a bit.
First of all, I don’t work for aptsandlofts, nor for any other real estate company, it is just as I told earlier, I am a Hasidic resident of Williamsburg, so I love this blog, and others dealing with change of my neighborhood and the surroundings, if you don’t believe me, vel ich reden tsi dich in plain yiddish...(ask your jewish freind to translate this for you)
It is just that I know very well the developer, he has been in contact with Elan from the developers group, but decided to go with apts and lofts instead, and he told me that he is extremely satisfied with their performance and sales so far.
And of course, time will tell, and if you don't see a change in marketing firm soon, than we will all know where exactly you work, and how trust worthy you and your company are.

Posted by: Mentch at January 30, 2006 9:36 AM

Hey, Mr. Hunting, keep your underground marketing schemes out of this! Let's talk honestly about this project. I am interested in going to see a 2-bedroom in the building. What I like most are the glass walls (Light!! + views), new everything, an elevator that opens up into the apartment... Has anyone actually seen it in person besides Mr. underground hunter? Think I might shclep to the open house this weekend. Keep you posted. Keep me posted.

Posted by: homeward at January 30, 2006 9:00 PM

My name is David Maundrell and I own aptsandlofts.com Real Estate in Williamsburg and until a year ago was a lifelong resident of the neighborhood. Typically I do not respond to postings on these type of sites (Actually I rarely visit the sites) but it was brought to my attention this morning that someone here feels they were not treated professionally when they recently visited the Manhattan Park Condos at an open house and I wanted to read the post for myself. I'd like to invite HUNTER to contact me to discuss how they were treated at the site when (and if)they did visit us. If HUNTER's comments are true I will speak with the agent who took them around. However, every agent who works at aptsandlofts.com is not only very good at their job but also extremely professional. I am proud to say we receive compliments on a daily basis on the service customers receive when working with my firm. If you feel you were not treated in the correct manner HUNTER I really would like to speak to you so I can address the situation with the agent. Additionally, I have to say that Manhattan Park is a very special building and in my opinion worth the price. The wood paneling exterior design is trend setting (several new buildings coming to the market are copying the facade), the interior layouts are very clever and practical, the construction quality is extremely high and the views of the park and Manhattan are amazing. I invite you all to come visit the building.

I will update everyone here if HUNTER does call me or not. We keep records of each person who comes through the building so it will be easy to verify if HUNTER has actually been to Manhattan Park.

FYI I spoke with the developer last night and he is happy with our marketing efforts to this point. Sorry HUNTER but you were inccorect on that comment.

Posted by: David Maundrell at February 2, 2006 2:10 PM

you go Maundrell! good job!

Posted by: Anonymous at February 2, 2006 6:21 PM

I also went to this development, told the agent there that I am working with a broker, and was explicitly told that I could get a better deal by dumping my broker and dealing directly with the aptsandlofts agent. I was taken aback by this comment, and what i feel is unethical behavior, especially since the broker is my friend and has been showing me places for over two months. I did not have this issue visiting any other open houses for new developments. my broker did tell me that this is par for the course with aptsandlofts. Also, the units are waaaaaay overpriced, so i moved on anyway.

Posted by: Another Frustrated Buyer at February 4, 2006 10:05 AM

And Anonymous what was the name of the broker? And your name, Anonymous?

Posted by: Anonymous at February 5, 2006 4:19 PM

I went to the open house on Sunday. Here's what I liked: the building is not a skyscraper; in the photo you can't really tell the scale of this building; in person it's not overpowering at all. In fact, it's just 14 floors, and there's only 2 apartments on each floor, which makes it very intimate. The td here is that a private elevator opens up into your apartment, which is sweeeeeeeeeet (love that!). Manhattan can have its skyscrapers; I'm pro-new development in Brooklyn if they are reasonably scaled and aesthetically pleasing; This satisfies both. I don't know too much about Apts and Lofts; this was my first experience with them, which was pretty solid, nothing to boast, but nothing to slam either.

Anyway, if you favor small-scale new developments, then it's worth taking a look at this one. Just keep in mind that the park is being flanked with new buildings, so anticipate change and more people down the line, which may or may not be to your liking.

Posted by: Mitch Klein at February 7, 2006 6:26 PM

the building is actually 7 floors -- 2 apartments per floor...

Posted by: Anonymous at February 8, 2006 1:41 AM

This blog is supposed to be a tool for potential buyers to get information from other people looking to buy, not a message board for rival brokers to spew propaganda. For what it is worth, I saw this building with aptsandlofts.com and they were very professional. I personally did not like the building because I am not a fan of floor to ceiling glass. Other than that the layouts were pretty
cool. That's my 2 cents. Coming from a buyer, not a broker. Good luck to all the "real" posters on this website who are in the maket for a condo in the burg.
Jason Hewlitt.

Posted by: Justin Hewlitt at February 26, 2006 2:38 PM

To all you saying that the aptsandlofts.com broker told you to "dump your broker" to get a better deal sounds awfully suspicious. First of all what type of buyer goes to an open house without their broker and expects the selling broker to co-broke. Maybe you should dump your broker. Why should you expect that the selling broker show you a property and then cut your broker in just because he or she is working with you? What kind of half ass broker do you have that wont even go with you to an open house? Are we to believe that you are so loyal to the broker you are working with? If you really could get a better deal you're telling me you would not dump a broker to save yourself some money. in this business? Please.

Posted by: Robert Andersall at February 27, 2006 2:21 AM

Whats up with this building? Have the costs moved around yet? It seems like stretch to pay $900+ psf for this place when so much inventory is coming into the park neighborhood. Has anyone been in for a visit lately?

Posted by: LICdude at August 28, 2006 8:28 PM

I'd like to mention that I've also had terrible dealing with Apts and Lofts. Currently we are 2 years past the date they told us we could move in. We've had no help from them, no kind of quality service. Mr. Maundrell that includes our dealings directly with you. You and your staff don't answer our calls, our emails - but the worst thing is you don't give us the respect we deserve as clients. If I had my way, I'd run an ad in every newspaper explaining how terrible our experience has been dealing with you and your socalled 'professional staff'.

Posted by: Casa at November 7, 2006 8:26 PM

Casa, I'm looking to buy into the Aqua Building across the park developed by the same developer as the MPC. Can you please tell us more about the issues you are running into? Is the apt you are speaking of at the MPC building? How is the quality of construction there? Did you receive the CofO yet and if not what is holding the building up? ANy details would be greatly appreciated.
Thanks many!

Posted by: Anonymous at January 17, 2007 7:09 PM

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January 26, 2006

Set Speed Condo Report: Manhattan Park Condos

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