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August 31, 2006

Wazzup at Da Smith?

building
Back in December, there were reports that nine out of the 50 units at The Smith had already sold. Prices, at that point, ranged from $550,000 to $985,000. Since then, though, we haven't heard much about how sales are going. From the looks of it, the move-in date is still a ways off though.
The Post Looks at 75 Smith [Brownstoner] GMAP




Posted by Brownstoner at 10:29 AM | Comments (17)
Categories: Development

Comments

2 blocks to a/c/g hoyt-schermerhorn; 2 blocks f at bergen; 2 blocks to jay street station. it's not perfect, but it's still pretty good transportation... i wonder more about how many people have backed out or decided not to enter a contract because of the reopening of the jail and the bail bondsmen ecosystem that is re-emerging across the street.

Posted by: rich at August 31, 2006 11:18 AM

This is one of those Boymelgreen projects, using non-union labor. Brooklyn Paper reported that one of the smaller, rear walls collapsed.

http://www.brooklynpapers.com/html/issues/_vol29/29_33/29_33nets4.html

Also, the sales people were rude when I met them.

Posted by: chuck at August 31, 2006 11:44 AM

These will sell in a heart beat. New construction in an ultra prime area.

Posted by: GrandPa at August 31, 2006 12:05 PM

In slower or even a 'normal' market, I wouldn't see the need to buy/enter into contract on unfinished condo.
Especially since you never really know when they'll be finished. Plenty of other product on market or coming to market - so why lock yourself in when can't see end result?
Jail is non-issue for this building. 53Boerum is the condo (successful and completed) that faces the jail and just across narrow street. And I'm sure life is fine there.

Posted by: Anonymous at August 31, 2006 12:06 PM

While I agree with 12:06 re not buying a condo with no completion date in sight, I disagree that the jail is a non-issue. Traffic and proximity to the jail are big issues here, especially in light of the multiple options available in this market. All things being equal (which I know they never are), would you rather buy on one of the busiest streets in Brooklyn across from a jail that may double in size or buy somewhere else?

Posted by: bored at work at August 31, 2006 12:33 PM

Jail IS a non-issue. Price and the fact that these are designed to death expensive apartments for singles or young couples when there are scads of other new developments is the issue. Investors (many of whom snatched up 53 Boerum)are sitting on the sidelines now-- there's no sense that you can buy and flip in 6 months for a big gain.

Posted by: Anonymous at August 31, 2006 12:41 PM

Transportation from theses is excellent. A C 2 3 4 5 J G R and some others at Borough Hall are within a few blocks. There isn't a long walk to any of them.

There is work going on every day here with two inflatable rats, one in front and one in the back.

While this neighborhood can be expensive, it can also be cheap. There are tenement buildings on Pacific and rentals in lots of the brownstones. Not all the houses have been renovated - just look at some of then rentals on Smith Street above the stores. I live nearby and charge below market rent to good tenants because they are in my house and I'm a lousy landlord. I don't think we are that unusual.

Posted by: Anonymous at August 31, 2006 12:46 PM

I stopped in at the sales office back in February/March and they indicated a move in date of January 2007. Doubted it then, but looks possible. And the sales people were pretty unhelpful.

Posted by: dahl at August 31, 2006 12:48 PM

Baltic off Smith is about a 30 second walk to subway entrance at Smith and Warren.

Posted by: Anonymous at August 31, 2006 1:13 PM

It looks like all of the lower units are sold. The building has a long way to go to be completed. I wouldn't be surprised if it took until April to get the first move-ins.

Posted by: jay at August 31, 2006 1:35 PM

i stopped into the sales center about 2 months ago - and all the lower priced units (the 1 bdrms) were all sold.

at that time, they were projecting april or may 2007 move-ins. so that probably means that no one will be moving in until summer or early fall.

Posted by: Anonymous at August 31, 2006 2:36 PM

Long hike to the subway??

What parallel universe do you live in??

Do you people live in grand central station? I don't know how much closer to the train station you can get.

you can take a hansome cab (or hop on a B75 or B61 bus) a few blocks.
----------------------
Saturation Point achieved:

face reality: the market is cooling down>>lots more new condos vs. buyers.
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Rude sales people don't help the situation either.

Posted by: Anonymous at September 1, 2006 3:01 AM

Btw, to anon yesterday @ 12:06, the jail may/may not be a non-issue (depends on the person, no?), but the building is **directly** across the street from said house of detention. There are no buildings in between "The Smith" and "The Jail." There are other buildings that also face the jail (53 Boerum may be one of them), but be very sure that from the upper floors of The Smith, you'll have a fantastic view of what's going down in Cell Block H.

Posted by: Cat at September 1, 2006 1:43 PM

these are boymelgreen condos so u can expect a move in date that drifts ever further out into the futre, shoddy costruction to the point of walls falling down about you and agents who will lie to you about the completion of punch lists and ammenities just to get you to sign on the dotted line.

these developers are criminals...

caveat emptor peoples!

Posted by: jack at September 2, 2006 8:38 AM

The Smith primariy faces Atlantic Ave and in back State St. Some windows on side do look toward jail. But windows of jail itself also look toward Atlantic and State - and don't face east toward this bldg. So no view into jail of from inside jail.

Posted by: Anonymous at September 3, 2006 10:30 AM

the four or five story section is going to be a boutique hotel, not apartments so I guess they are less concerned with the view and more with the accoutrements.

Posted by: MH at October 20, 2006 9:49 AM

I'm surprised people think this is a desirable neighborhood. It certainly isn't 'brownstone brookyn' and the retail stores in the area -the mall- are pretty downscale.

Posted by: Anonymous at November 29, 2006 11:48 AM

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