Condos of the Day: Court Street Lofts

house
A couple of weeks ago, after the whole rental switcheroo last July, the powers that be at the Court Street Lofts released a flood (okay, 24 to be exact) of new apartments to be sold as condos. The new listings range in price from about $500 to $750 per square foot, which sounds pretty good to us. What does this mean for the people who started renting last summer? Are they out when their leases are up or is this going to exist as part-rental, part-condo building? Typically, banks don't look too favorably on that sort of thing.
505 Court Street Listings [Corcoran] GMAP
Development Update: Court Street Lofts [Curbed]
Breaking News on 505 Court: Yes, Rentals [Brownstoner]

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They may have converted their financing from a construction to permanent loan which would give them the flexibility to do what they are doing. Banks may not like certain things, but if the choice is between a default or getting their money back, they have to work with the Developer to avoid disaster.

Posted by: crouchback at November 28, 2006 11:49 AM

Nice proximity to F/G Train.

Posted by: Anonymous at November 28, 2006 1:57 PM

Nice proximity to the elevated BQE and downshifting tractor-trailers too. BBBBRRRRRAAAAAPPPPP!!!!

Posted by: Anonymous at November 28, 2006 2:35 PM

It's a bit close to the elevated subway for me. In fact I can always see in the windows of the building when I'm on my way home to Park Slope at night. There are better deals for two bedrooms in the neighborhood, even on Corocoran.

Posted by: Anonymous at November 28, 2006 2:51 PM

I think the apartments facing the F train side are not part of the 505 Court development. I've been in a friend's place at 505 many times & never hear the train (or BQE), maybe it depends which part of the building you're in. Compared to other options in CG i think they're a great deal for the price per sq ft + light/space etc., but from the couple that i looked at, some of the floorplan layouts are far nicer than others.

Posted by: Anonymous at November 28, 2006 3:41 PM

I think you are right - 505 is NOT the bldg close up to the F train.
(goes to show you folks - don't take any comments on this blog or other as fact -- As I 'read on Brownstoner.com that yadda, yadda, yadda' - so it must be true.)
As I recall there is a new brand (kinda ugly) condo bldg next block south on Court closer to BQE - anyone seen those for sale lately?

Posted by: Anonymous at November 28, 2006 3:46 PM

good point - unsubstantiated postings on blogs have been out of control - sales at 505 sufferred from a lot of false/negative postings (primarly on Curbed) - can only assume they were placed by renters who lived in the building, liked living there, & and didnt want to get pushed out by a condo conversion ...

Posted by: Anonymous at November 28, 2006 4:45 PM

Took a look around this building and the first thing I noticed is the creaky floors in every unit. There was also a leak in the penthouse unit above the window. Those are just two details, and I'm no contractor, but I everything about the place felt a little slip-shod.

Posted by: Anonymous at November 28, 2006 4:51 PM

Yes, 505 tenants posted negative comments on Curbed, but no false ones. I lived there, and the problems buyers will have to deal with and pay for are serious (esp. leaks from crumbly concrete).

No doubt the negative blogging hurt sales...and had to have been a nasty surprise to the sponsor. Perhaps the potential for negative blog-icity will make future sponsors of condo conversions more respectful of existing tenants.

Posted by: Anonymous at November 28, 2006 5:44 PM

Regarding the 4:45 posting, I am very familiar with 505, and those tenants were just warning people of the hell they would experience by living there, especially when it was managed by Awaye Realty. I understand that a new management company took over a few months ago, and I can only hope that they take better care of the building and make it worth the new prices. No one should have to pay those asking prices when they couldn't be guaranteed heat throughout the winter.

Posted by: Anonymous at November 28, 2006 6:14 PM

I showed a few rental units there this summer -- the listing agent was firm in saying that these were one year leases only with no renewals possible (which turned off a lot of potential renters, too).

Posted by: babs at November 28, 2006 6:43 PM

not to mention one of the worst problems in Bklyn.

Posted by: Anonymous at November 29, 2006 8:34 AM

The BQE noise is not the trucks downshifting, it's jake braking (or engine braking). The engine releases the air compressed by the pistons before it can force the piston back down, thus forcefully slowing down the truck.

that turn where the BQE lines up with Hamilton Ave is always a slowdown and needs one of these signs:

http://flickr.com/photos/hamesy/21449096/
http://flickr.com/photos/jinxb/159786892/

Posted by: pickles at November 30, 2006 2:48 PM

THIS place is a dump. we looked into it last year. no laundry in the units. and no details. crappy windows. lots of noise. absolutely horrific building

Posted by: Anonymous at November 30, 2006 10:17 PM

Me and my fiancee just previewed a few apartments there last weekend. While the F train facing units are not far from the train itself, when the windows were shut we did not hear a sound. I thought the units actually had a lot of charm. To be fair, I think for most people it comes down to personal taste. It is a great neighborhood, granted close to the edge of Carroll Gardens but still is definetly Carroll Gardens. We also noticed two new store fronts being deveopled accross the street, not to mention the two new building even further down on court (near hamilton) which is probably good for the area. Again, its all personal preference but if you like the area, then they seem to be priced reasonably after months of viewing other conds/coops in the the downtown vicinity.

Posted by: Anonymous at March 17, 2007 8:08 AM

« Million Dollar Price Cut at FG Development Site House of the Day: Hawthorne Street Woodie »

November 28, 2006

Condos of the Day: Court Street Lofts

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