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March 13, 2006

Ground Broken on Tower Next Door to BAM

map
We got a tip that demo has started on the three lots next to the BAM Harvey Theatre that Brooklyn Papers reported, and we discussed, last August. At the time, the speculation was that a 20-story hotel or 30-story residential condo could be in the works. Any more news floating around out there? Who's the architect? Any drawings? How about a photo of the demo--we're chained to our desk right now.
Towers Next to BAM [Brownstoner] Live*Local
Hotel Harvey [Brooklyn Papers]

Comments

i think architects are fxfowle

http://www.fxfowle.com/

Posted by: ltjbukem at March 13, 2006 10:39 AM

I love the conde nast building they (fx fowle) designed, but I wonder how their sleek look will fit into that part of town. Very curious to see drawings/renderings.

Posted by: Anonymous at March 13, 2006 10:57 AM

I think this is part of the Cultural Development Program initiated by Harvey Lichtenestein, former head of BAM. If so, the lots were intended to make way for arts offices/rehearsal/studio space as part of this initiative (see 80 Hanson Place).

Posted by: mcteague at March 13, 2006 3:46 PM

Here's the link for the BAM LDC:

http://www.bamculturaldistrict.org/about.html

Posted by: mcteague at March 13, 2006 3:59 PM

According to the map of the BAM LDC (http://www.bamculturaldistrict.org/map.html), this corner is not part of hte proposal - this 28 story building is private development.

Posted by: Anonymous at March 13, 2006 4:45 PM

Here's the web-site. Doesn't contain much information:

http://www.fortecondo.com/

Posted by: cb at March 13, 2006 5:12 PM

The first comment was correct - according to the Clarett Group site, the architects are FX Fowle.

Posted by: Lambretta76 at March 13, 2006 5:23 PM

"new condominium homes in the BAM cultural district" -- or "Bacudi," as the little neighb will soon be christened.

Posted by: Anonymous at March 13, 2006 7:18 PM

Is this not the site of the Brooklyn Public Library for Visual and Performing Arts (TEN Architectos Enrique Norton) won this competition back in 2003)

http://www.brooklynpubliclibrary.org/about/bng/vpa.jsp

Posted by: mark at March 13, 2006 7:24 PM

Mark -- the visual arts library is supposed to be in the triangle across from MMDG

Posted by: Anonymous at March 13, 2006 8:21 PM

what does all this condo development do to property values in the area? development has a postive impact, obviously, but wont too much cause a glut in supply? where are all these buyers going to come from?

Posted by: mcteague at March 13, 2006 10:06 PM

remains to be seen, mcteague. we've already seen drops at 31 st felix aka firehouse condos, only one unit left at 242 adelphi, only a handful left at greenehouse, the new cumberland greene condos coming up, the new ones on carlton marketed by corcoran, the one hanson place condos at williamsburg bank condos in the near future, atlantic yards, ad infinitum.

should be interesting to say the least.

Posted by: ltjbukem at March 13, 2006 11:19 PM

My guess: in general, this area will get uppereastsided with average restaurants, average stores, averagely wealthy average people. The real estate value will go up in general; but within the range of condo options, they will have to compete for buyers, and the cheapo/cookie cutter stuff will have to lower its prices, while the more idiosyncratic buildings will stay pricey. This happened on the upper east side when there was a condo glut in the 90s.

Posted by: Anonymous at March 14, 2006 8:28 AM

ltjbukem, when you say "we've seen drops at the firehouse condos", do you mean drops in prices, or drops in numbers of vacant apts?

That firehouse building looks awesome. Is it nice in there? have you seen it?

Posted by: Anonymous at March 14, 2006 8:31 AM

Lt, what are the new condos on Cartlon?

Posted by: TK at March 14, 2006 8:58 AM

8:31am: drops in prices and units. looks like they sold one, because elliman is only listing 2 units. and their prices dropped to 895, 795 and 695 not so long ago.

tk, carlton condos: check corcoran. i think minsky has 'em.

Posted by: ltjbukem at March 14, 2006 9:23 AM

sorry, the carlton condos are on brownharris stevens. it's a brownstone conversion, i think.

Posted by: ltjbukem at March 14, 2006 9:40 AM

Anon, I sure hope all this development causes a "glut in supply." There are tons of hard-working renters with decent incomes in Brooklyn that are praying that the supply/demand curve changes, causing prices go down to where we can afford to buy a place for our families. I say bring on the supply....let them overbuild, it just means I'll be able to afford a place.

Posted by: Johnny at March 14, 2006 10:07 AM

Anon 8:31 re Firehouse Condos

There are three units in this new condo (gut rehab built in and extended upon shell of old firehouse). The 2d floor went to contract this month; the 3d and 4th floors are still available (see Elliman site for pix and floor plans). 3d floor had a contract out last month, but it must have cratered.

I have seen them and the finishes are ‘very nice’ but the layout is awkward (BRs are squeezed into one end, and are small). Either they missed the market or misunderstood the market. 3d floor is now asking $695k but was originally offered in August for $1.2m; 4th floor asks $895k but was originally $1.5mm.

The location is great for transportation (10 subways within 3 minute walk) but that block is a little rough at these prices, as was discussed in a previous thread.

Posted by: smatti at March 14, 2006 10:17 AM

Wow, those are HUGE reductions--40%--at the Firehouse.

Posted by: Brownstoner at March 14, 2006 1:55 PM

not sure what went wrong...the developer also did the 162 washington park condos a few years back and those sold reasonably well..

if i had the money, i would've bought a unit here. they're nice for what they are..decently priced..

Posted by: ltjbukem at March 14, 2006 2:44 PM

Thanks, smatti. I think that block is a problem -- it's almost too central, that area right now is a madhouse. But I have a feeling that whoever bought something in such an great-looking and centrally located place will get their value's worth in the long run. Esp. since it's a building with only 4 units. That's a dream.

Posted by: Anonymous at March 14, 2006 5:51 PM

Veteran actor William Franklyn, known for voicing the 1960s Schweppes TV adverts, dies aged 81...

Posted by: Neil Medlin at November 17, 2006 9:51 AM