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January 24, 2007
155 Freeman Street: Extremely Tempting
We just sat here staring at the photo of this building for the last ten minutes seriously contemplating whether we should sell our house to by this. The high ceilings, the rounded windows, the color of the old brick, the old storefront, the parking...beautiful. And it's huge ‘ 7,500 5,700 square feet. Dunno how much it costs as the folks over at North Brooklyn Realty haven't put the darn thing up on their website yet. You can give a call to 718.383.5553 to find out. Just remember to let us know. Update: North Brooklyn's out, Massey Knakal's in. See the listing link below.
155 Freeman Street [Massey Knakal] GMAP P*Shark
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Comments
This building is sort of dead in the middle of a not so fancy part of Greenpoint. Parking is nice, except when you realize you will have to drive everywhere because you are nowhere near any subway.
Posted by: Anonymous at January 24, 2007 10:14 AM
Not true! That building is on the street where I live, and it's about 7 minutes from the G train walking, and about 15 minutes walking from the 7.
It's really expensive, I think like 1.7mil, I called about it last summer when it hit the market and went inside when they were shooting some film inside it. The listing agent is a really really nice guy, for what that's worth, and the house is very strange and cool with lots of original details, but it needs soooooooooooooooooooo much work it's crazy.
Besides, North Greenpoint is a toxic wasteland. I am moving away from here because the ground is soaked in benzene, and IMHO not even gentrification can clean up that kind of industrial waste.
Posted by: Anonymous at January 24, 2007 10:24 AM
I was very interested in this building last year. It has been on the market almost a year. It's bounced around to several brokers. The asking has been as high as 2.7 mil. (before the developers got cold feet in the hood) and as low as 1.4. The problem is let's say you get it for 1.3, it needs a TOTAL overhaul at at least a million bucks. Now your sitting on the most expensive townhouse in this part of greenpoint for the next 10 years till hopefully the neighborhood catches up to you. You can tell I've thought alot about it, but as usual the price just aint right.
Posted by: bidder at January 24, 2007 10:30 AM
http://tinyurl.com/3bhz5q
i remember seeing some interior shots of this building a few months ago. there were still remnants of its use as a horse stable. very cool.
Posted by: Anonymous at January 24, 2007 10:30 AM
but Mr. B you have that lovely garden now! Between the toxic waste and the dependence on the G train this place doesn't look so hot to me.
Posted by: anonymous at January 24, 2007 10:55 AM
And you would have to convince your wife - she might have something to say about this ---
signed
A wife
Posted by: Anonymous at January 24, 2007 11:08 AM
Its 5 blocks to the G train at Greenpoint av. Thats not bad is it? Where did you find the info about benzene in this area? I have looked at maps that do not show that in this part of Greenpoint ( the alphabet streets). The building is beautiful on the inside. Definitely not a flip, but if you want to settle in and live here 10-20 years the neighborhood will catch up to wont it? It started at 1.5mil. Then they went up to 2.1mil with pics of the potential development of the site with the FAR. not its back down to 1.5. I would be worried about the parking lot next door, how much FAR does that lot have, will they build past the second floor windows. This carriage house still has the 9 ton lift for the horses as well as the iron hooks in the walls to hook up the horses on the second floor. This place is so out of my league but if I won the Lotto....
Posted by: brklynsurfer at January 24, 2007 11:33 AM
mr. b: just to be fully disclosed, it's "only" 5,700 sf, not 7,500 sf as you state.
Posted by: anon at January 24, 2007 11:53 AM
Its not the best part of Greenpoint, theres a few empty shopfronts on greenpoint ave near there. It is an interesting building, but as noted above, it needs a whole lot of very expensive work. However, as for the benzene, thats way over the other side of Greenpoint, nearer whale creek. Theres no spillage under anything to the west of McGuiness
Posted by: loser at January 24, 2007 11:56 AM
You sure? Property Shark says 7,500...
Posted by: brownstoner at January 24, 2007 12:06 PM
Toxic waste makes anything in this part of Brooklyn a serious hazard, especially for kids.
Stay Away!
Posted by: Whitbo at January 24, 2007 12:27 PM
mr b:
i would imagine the broker would be more than glad to push it as 7,500 sf, but they are advertising it as 5,700 sf...check the listing.
Posted by: anon at January 24, 2007 1:23 PM
mr b: also, the lot is 2500 sf, so if it was 3 full floors it would be 7500 sf (property shark's #), but if you look at the photo you posted, you can see the 3rd floor is the full length of the lot accounting for the 1800 sf difference...prop shark is just wrong on this one.
Posted by: anon at January 24, 2007 1:25 PM
the most expensive home in greenpoint is the 1.7 million apartment in the "glass house" on green street which, not suprisingly, still hasn't sold.
Posted by: loser at January 24, 2007 2:13 PM
PropertyShark square footages are often incorrect although I think it is just the city data they are showing.
The sq footage is often listed as building length x width x no. of stories. However, it often doesn't account for partially built upper levels, light wells, buildings that get narrower as they go back, etc. Also, sometimes the garden level on brownstones is counted and sometimes it isn't.
Posted by: Anonymous at January 24, 2007 2:23 PM
i'm confused...many of you have said you have been inside and it needs a complete renovation, but bklynsurfer says "it's beautiful on the inside"...so which one is it?
Posted by: anon at January 24, 2007 2:53 PM
Indeed, this part of Greenpoint is a "cancer cluster", I read a couple of years ago. Apparently there are an exceptional concentration of cancer cases in the area.
However, according to whatever I read, they weren't sure it was from environmental toxins or simply the lifestyles of people in the area! (That's what they said!)
Anyway, I moved from Freeman St last year.
Posted by: david at January 24, 2007 3:29 PM
The asking prices for this property from March 2006 to today:
$2.2
$1.9
$2.0
$1.8
$1.75
$1.5
As you can see, I've been following it. The pics from the previous broker shows that it has potential, but needs LOTS of works inside to make it livable. Not sure what's it's zoned, but that may be an issue as well.
Franklin St, while it has improved drastically over the last 30+ years, is not prime. I've been in Greenpoint for 35+ so I remember back in the day. It's still very much an industrial feel. It will probably change over the next 30+ years, but if that's the case, it's worth waiting for the price to become more reasonable. Your potential upside is very limited at $1.5 + serious rehab.
If you have that kind of money, but a multi-family dwelling and collect the rent.
Posted by: Anonymous at January 24, 2007 3:59 PM
david:
no doubt the oil spill and the effects are a big part of greenpoint...but there is definitely no cancer cluster in this particular part of greenpoint...in fact, as far as i know, this part of greenpoint (alphabet streets) has been relatively unscathed from the oil spill and its effects.
Posted by: anon at January 24, 2007 4:04 PM
105 Freeman, classified as an E1: Fireproof warehouse, sold for $1M in Feb 2004
Posted by: Anonymous at January 24, 2007 4:11 PM
been looking for a warehouse/industrial space myself to make a huge loft out of. too bad i can't afford this place. anyone know where any good industrial areas are for good deals on warehouses. Newark anyone?
Posted by: anon at January 24, 2007 4:48 PM
If it sold for 1MM in Feb 2004, I'd be surprised.
1-The asking price was 850K in 11/2003. I just took a look at my notes. I actually had an appraisal done at that time.
2-Property Shark has the transaction in 12/2003.
The buidling at the time it was offered had a Commercial CO and a residential zoning, so converting it to residential was not an issue.
Posted by: Anonymous at January 24, 2007 6:49 PM
http://freemanstreet.50webs.com/
This is all you need for this property -
enjoy!
Posted by: Anonymous at January 24, 2007 8:17 PM
8:17....great job...mr. b. should hire you to track these things down...now that i see the place i don't think it needs as much work as everyone says...you can leave lots of this as open space...new floors, kitchens, baths, electrical, heating, plumbing and you could be set for around $200K.
Posted by: anon at January 24, 2007 10:36 PM
10:36 I have toured this property while it was raining outside and add to your list, two levels of new roofing, about 60% of the cross beams on every floor in the building replaced because of rotting from leaks, more than %70 of the exterior masonry replaced, and new all cornices. Anyone who is seriously interested in this building should make sure they get the owners to hand over the structural report they had done. If they don't hand it over trust me it aint pretty.
Posted by: Anonymous at January 24, 2007 11:45 PM
The stories about the cancer cluster and toxins are being pushed by Williamsburg developers trying to cover up the cancer cluster that was reported on Devoe Street in Williamsburg, not Greenpoint. These scare tactics have been going on ever since Greenpoint was able to get it's East River waterfront rezoned. The NYC Dept of Health studies are available at www.nyc.gov and show that the cancer rates in Greenpoint are no higher than the rest of the city, and that the rates of certain types of cancer are dramatically lower than the rest of the city. There is an underground oil spill however, but it is nowhere near north Greenpoint. The spill is under the mostly eastern industrial section near the creek and the East Williamsburg Industrial Park. There are homes on Morgan, Sutton and Van Dam in that area which may be affected by the spill.
Posted by: Greenpoint Archives at January 25, 2007 12:08 AM
Thank-you for that clarification and explanantion of the health effects. I have called the city to get my home tested (I live on Clay between Man/McG) and they said we were too far outside the "spill zone" to qualify for testing, so this property too is outside the zone. The only other health concern here is the waste water treatment plant, very rarely there are some very strong odors in the air, do you any info. on health effects from that plant?
Posted by: Tara at January 25, 2007 8:42 AM
Anon 4:48, yes Newark, and try Jersey City too. Also Staten Island has some old industrial buildings people are making into loft live/work spaces.
Posted by: Anonymous at January 25, 2007 8:46 AM
Tara, bad odors don't hurt you. Just ask any ruddy-faced pig farmer. You more likely to get something from the second-hand smoke which seems to be an omnipresent hazard in the neighborhood.
Posted by: loser at January 25, 2007 8:56 AM
Greast link anon 8.17. Shame about the horse head going missing.
Posted by: loser at January 25, 2007 9:00 AM
re: the CANCER CLUSTER issue.
I don't WANT Greenpoint to be a cancer cluster--I love Greenpoint!
But I think some verification of the cancer cluster issue is needed.
The published maps I saw--in some local paper--showed Freeman Street distinctly within the cancer cluster area. (NOTE: not ALL of Greenpoint, that northern area in particular.)
Also, the sewage stench on summer nights could be overpowering.
Jen-koo-yeh. (sp?)
Posted by: david at January 25, 2007 11:24 AM
re: Williamsburg Cancer cluster (Not Greenpoint)
The NYC Dept of Health completed health studies in 2003 and 2006 available at nyc.gov. Both studies showed cancer rates in Greenpoint (and it specified all variaties of the disease) are no greater than anywhere else in the city and in some cases lower. The rare sarcoma cancer cases that were found on Devoe Street and Grand Street in Williamsburg were actually trying to be portrayed as occuring in Greenpoint in some papers and by some elected officials. People have to understand that there is a tremendous amount of money being invested in sections of Williamsburg south of the bridge that really have no pubic transportation or neighborhood amenities. These developers are well aware of the challenges that the quick access to mass transit and solid neighborhood environment that Greenpoint has pose on their developments created in less attractive areas. And yes, these developers have friends in high places. Connect the dots!
Posted by: Greenpoint Archiver at January 25, 2007 12:27 PM
Hey - Nobody seemed to report about the Radioactive Waste Facility (RADIAC) on Kent Avenue being just down the block from the new luxery highrise being built on Williamsburg's waterfront. Seems like maybe the developers do have influence over the press! Maybe it would have been a story if it were located in Greenpoint?
Posted by: Anonymous at January 25, 2007 12:32 PM
Jen-koo-yeh ----> Dziękuję
Posted by: Anonymous at January 25, 2007 12:37 PM
when you were going to "bot" it you mean?
what are you, a botfly?
Posted by: Anonymous at January 25, 2007 4:10 PM
Sorry, some trading shortcut lingo.
Posted by: Anonymous at January 25, 2007 6:46 PM
Went into this when it was first listed at 2.1. I think it does need an awful lot of work. There appeared to be water damage and structural issues. But I'm not engineer. The second floor is really nice with the huge skylights. The third floor is nice but pretty small. But the first floor is very dark. It seems like crazy money to me (and the market agrees because it has been on the market for a year now). A woman used to live on the top floor, but one of the windows had no glass. It must have been rather chilly. I wonder what it last sold for and when?
Posted by: x at January 25, 2007 9:29 PM
I was interested in the building as well when it first hit the market...the fact it was a carriage horse stable in the early 1900's explains the layout.
Posted by: smoosh at May 17, 2007 2:26 AM
I have an old fire door in my building. The address of the manufacturer is 155 Freeman Street in Brooklyn. The name of the manufacturer is Alliance Fireproof Door Company. I have no idea how long they were located in this building or even what year it would have been, but the fire door is pretty old. I thought this was pretty interesting and some of you may be interested in this bit of information.
Posted by: mmartin306 at October 22, 2009 4:08 PM
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