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March 20, 2007

(Another) Price Cut at 46 Lefferts Place

A reader sent in a tip that prices at 46 Lefferts Place went under the knife last week, just in time for a building-wide open house on Saturday. Turns out this wasn't the first time: When we wrote about the 8-unit new building last Tuesday, we were unaware that The Developers Group had had the listing for a couple of months before Corcoran recently got it. TDG had done a price cut of its own to no avail. This latest move brings the average price per square foot from $526 to $474. Think this'll make a difference?
46 Lefferts Place [Brownstoner]
46 Lefferts Place [Easy Street]
Lefferts Place Listings [Corcoran] GMAP P*Shark

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Comments

it seems like part of the problem is that they're all studios...

Posted by: anon at March 20, 2007 9:14 AM

AYE is not an issue here. It is a poorly planned building (without going into the issues with the appearance fo the facade - all studios with pokey layouts and little closet space. Should have done one and two BRs and would have sold fine, just as others in the immediate vicinity have.

Posted by: Anonymous at March 20, 2007 9:17 AM

No kidding! I've heard real estate prices have been falling as far away as California! I mean, I knew AY was going to be a disaster, but this could take down the whole global economy. Damn you, Ratner! DAMN YOU!!!

Posted by: linusvanpelt at March 20, 2007 9:27 AM

"It is a poorly planned building (without going into the issues with the appearance fo the facade)..."

Hmm...related issues?

Posted by: Anonymous at March 20, 2007 10:06 AM

Shut the f#@k up already, with this AY bullshit!

Posted by: Anonymous at March 20, 2007 10:12 AM

Yelling 'Atlantic Yards' at every conversation doesn't seem very constructive. Nor does it seem to address the right set of people.

Atlantic Yards doesn't cross over Washington Avenue into Clinton Hill/Bed Stuy, does it? Aren't there lots of other reasons that people might not buy this particular place on Lefferts?

Even if all the 'Atlantic Yards' screamers are right, it would only mean that all of the downtown Brooklyn areas go down a notch in price, and that's still not an intersting conversation to have. It's like ending all discussions of physics once gravity is discovered.

Brownstoner- Couldn't you start some special ongoing blog where the AY screamers can post all day to their hearts content? Or, could you end every discussion invitation with the parenthetical phrase "ignoring the Atlantic Yards effect?" For Instance: "Think this will make a difference ignoring the Atlantic Yards effect)?

Posted by: Park Place at March 20, 2007 10:18 AM

first of all, the reason WHY the anti-ayers sounds so crazy on this thread and others is because they are a subset of the REAL anti-ayers. the people who are in opposition to AY and who have voiced concerns in a more civil way than writing (AYE) every other minute on brownstoner claim that atlantic yards is actually going to RAISE prices in the area.

which is it people? you might want to get your stories straight cause otherwise you sound like a bunch of old, outdated geezers that just don't like change.

Posted by: jm at March 20, 2007 10:25 AM

I dont get it... this is not even close to Atlantic Yards. How could this be an AY effect?! I think the building is ugly and the units are poorly designed.

Posted by: Brooklyn Zoo at March 20, 2007 10:38 AM

more and more price cuts being reported on brwnstnr. Its the economy, not AY.

Posted by: Anonymous at March 20, 2007 10:41 AM

Park Place -- why so sensitive? Why do you care if someone posts "AYE"? Just skip it.

Will this building be in shadows for quite a few months of the year once AY is built? Or is it far enough east to avoid the darkness?

http://www.brooklynpaper.com/html/issues/_vol29/29_25/29_25nets1.php

Posted by: SPer at March 20, 2007 10:46 AM

it's too bad a few trolls have to ruin it for the rest of us. if it's not the plg troll, now it's the aye trolls.

and now linusvanpelt is crying aye on the place in park slope on 3rd street?????

for god's sake. that is nowhere near atlantic yards.

Posted by: jm at March 20, 2007 10:52 AM

Brownstoner, this site is going downhill fast. Is there a way to stop all of the AY guano on every thread?

Posted by: Anonymous at March 20, 2007 10:54 AM

jm, you definitely have no sense of humor!

Posted by: SPer at March 20, 2007 10:55 AM

OK, but what about the building on Lefferts that B'Stoner is posting about?
Just for the sake of argument, what else (beside AY fever) could be contributing to the price drops? Location? Access to one train? The fact that other coops in the area are same price per square foot or less, but are in old brownstones? The talk of prostitution and drug deals on Lefferts? The fact that Fulton doesn't have a lot of services yet? The lack of a cornice? The more modern looking condo alternatives sprining up around FG and CH made of glass and aluminum panels?

Now, what is the Atlantic Yards Effect? Can someone spell it out? Does everyone agree on the same definition? This is a development that will go on for ten years. It would be nice to track the progress agains the hypothesis.

For instance, it would also be easy to agrue that some of the development that's going on in this part of Clinton Hill and Bed Stuy is happening because banks and businesses believe that this area is 'developable' because of big projects like Atlantic Yards nearby.

You could argue that the Richard Meiers building is happening in part because of the Gehry building going up down the street.

If prices go down because of too much inventory, then Atlantic Yards is only partly to blame. Boymlengreen and Scarano and Bricolage have also saturated the area with product, and theirs are already on the market.

Posted by: Park Place at March 20, 2007 10:57 AM

Do I really have to start using emoticons every time I make a joke? No thanks!

I know a lot of posts here verge on self-parody to begin with, but I thought Brownstoner fans had above-average reading comprehension.

Posted by: linusvanpelt at March 20, 2007 10:57 AM

it's not amusing when every single property listed on this website has someone cry aye, then the conversation stops. yes, it would be great if it could be ignored, but people respond because it's just so idiotic and ignorant.

this isn't 3rd grade. some of us actually like talking about the buildings, the architecture, etc.

this isn't about humor. it's about not being a moron.

Posted by: jm at March 20, 2007 10:58 AM

"...some of us actually like talking about the buildings, the architecture, etc."

There's no evidence in the archives to support this claim.

Posted by: Anonymous at March 20, 2007 11:01 AM

Not trying to be overly sensitive- by the way. I'm just trying to make sure that I understand what people are trying to talk about. Problem is that when people start using the AY, other posters start cursing and screaming too. Then no one is talking about the same thing and everyone is yelling.

Maybe this is the 'Brownstoner' effect.

I'll be in 'the shadow' once the thing is built too, but I still don't get how people talk about 'the shadow' like it's a dust cloud from a comet impact.

Posted by: Park Place at March 20, 2007 11:04 AM

boy, bearer or bad news, you sure are gullible!

lol. lmao. rofl. rofl. lol. idiot.

Posted by: amit at March 20, 2007 11:11 AM

i personally wouldn't mind a little shadow on my place to beat some of the afternoon sun. i'm far enough away that i won't be impacted unfortunately.

maybe i'll need to get some awnings.

the "shadow" stuff is pretty ridiculous. there are shadows all over manhattan and it seems like a few people want to live there.

Posted by: anon at March 20, 2007 11:13 AM

Park Place --

Is a dust cloud better or worse than building shadows? I guess a dust cloud from a crashing comet would eventually disperse. Tall building shadows from Sept. to March are forever.

Posted by: SPer at March 20, 2007 11:18 AM

"it's about not being a moron." boy, does that ever sound like the 3rd grade, or maybe junior high school at the latest.

"AYE, Captain, I don' know how much longer the shields are goin'ta hold."

Posted by: Anonymous at March 20, 2007 11:18 AM

all trolls on this site are loser real estate agents with no business . . . who else is dumb enough to post such stupid comments?

Posted by: Anonymous at March 20, 2007 11:20 AM

Anon at 11:13 -- those shadows won't be in the summer, they'll be in the fall, winter and spring. It's one thing to buy a place in Manhattan knowing that you'll never have the sun shining in your window -- that wasn't one of the selling points to begin with. In contrast, some folks in Fort Green who are used to the sun shining in their windows during the winter are going to lose that altogether. Are you seriously sorry that your home will stay bright in the winter? Don't be an ass.

Posted by: SPer at March 20, 2007 11:24 AM

OK. There's now a lot of anonymous posts calling people names. Clearly that's part of the Atlantic Yards effect too.

Still no talk about Lefferts Place. Doesn't this block interest anyone? How much would the place be going for if we succeed in shutting Ratner down?

Posted by: Park Place at March 20, 2007 11:27 AM

Park Place --
Since you asked, this block does not interest me and I would never buy one of these apartments. For the same price as one of these CLOSET-LESS (???)studios sandwiched between the currently hideous Fulton Street and the forever highway of Atlantic Ave, you can buy a four room apartment with four large closets in my building in Sunset Park overlooking a park, nestled in an actual neighborhood.

Posted by: SPer at March 20, 2007 11:35 AM

i was making a joke about the shadows.
jeez. it seems pretty assinine to me to be talking shadows before a building has even broken ground. while you can speculate all you want, you make it sound as if the empire state building is going to be built. you don't know to what affect the shadow/s will cast...especially since in the next 10-20 years that this project is built, it's going to undergo SEVERAL changes as the market changes, etc. i'm sure.

the way you all talk about the shadow it's as if it's going to sweep down over all of ft. greene, park slope, prospect heights and clinton hill.

ONE building is going to be of significant height....another similar in size to the williamsburgh bank builing, albeit more of a presence. to say such a building will cast a shadow so as to draw fear that all houses within a mile will no longer have sunlight from sept-march is just plain crazy talk and beyond an exaggeration.

the sun would bypass said building in about a half hour. so you'll be dealing with an hour or less sun per day.

not a big deal in the grand scheme of life.

Posted by: anon at March 20, 2007 11:36 AM

It's one thing to already live close to AY, I wouldn't up and move if that were the case. I can say personally that, as someone who is actively looking to purchase in the Lefferts price range, I can tell you that the impending construction makes a difference. I want to leave my rental apt right now due to the constant construction noise on my street, lack of parking due to huge dumpsters and contractor vans, which also block the road for deliveries and traffic.
So as i go to make a home purchase, i do take into consideration that i could possibly be living with/near a construction site for years to come.
That is why, even though the Lefferts condos are in my price ranges---i will not think about buying there.
And that is an honest AY effect for you...

Posted by: Anonymous at March 20, 2007 11:39 AM

Anon at 11:36 -- I don't believe that what you have posted is accurate, other than that this project will take a long time to build. But as to the shadows, have you looked at the simulations? Did you read the article? Have you read the FEIS? Even that document acknowledges that the playground across Atlantic from AY will be in complete shadow all day long during the winter.

How can you say that no one knows what the shadow effect will be? There are plans that have been given the go ahead, and those plans have been evaluated and they show chunks of Fort Green in shadow for many months of the year. I can understand not liking this, but to say that there's no way to know what the impact of the project will be in this respect is silly. The sun travels a very predictable arc, and AY is a very large project of 16 high rise buildings. The simulations are out there for all to view.

Posted by: SPer at March 20, 2007 11:41 AM

It's very amusing to see how the anti-AY army has changed gears. Until recently, they were fond of making statements about the legal cases (e.g. "If you knew of all the legal hurdles Ratner is facing, you wouldn't be so glib" or "The courts will decide..."). Now that the outcome of these cases is grim, anti-AY screamers have shifted to armageddon predictions about traffic, pollution, shadows, plummeting property values, etc.).

Posted by: Anonymous at March 20, 2007 11:50 AM

"plummeting property values"

yes, which is the exact opposite of what they were screaming about a year ago.

interesting, huh?

wish they could make up their minds.

oh wait, that would imply they had one.

Posted by: anonymous at March 20, 2007 11:57 AM

I think these units aren't selling because the layouts are just big boxes with no character and for me, it's really weird that new construction would have no washer/dryers in the units or even in the building. You buy a coop and you expect that you might have to take your laundry out, but you buy a brand new condo, and you're still lugging your laundry bag around? I think at this price they could sell though. $299 seems reasonable for the area and size, but we'll see.

Posted by: Anonymous at March 20, 2007 12:05 PM

I saw these spaces probably back in Dec. 2006, when they were being shown by TDG. The 600-ish sq. ft studios are nice (aka: not offensive) enough... nice fixutres, simple layouts, nice natural light (but the stairways were not very homey -- kind of cold and industrial, and I agree, that facade is not great--but I'm kind of finicky) ...but I thought it was nothing spectacular to warrant what I thought was a high price for that kind of space in a neighborhood that might be affected by AY.

I do like the neighborhood though, and the property is actually on a very nice and quiet street with some brownstones, far away enough from the hustle and bustle on Washington Ave. About a 5 minute stroll from C-train.

The smallest and cheapest studio is the ground floor/front apt. and that was tiny with little natural light, and the salesperson couldn't tell me what was going to happen in front of the windows (lawn garden? bench? or garbage area?) Plus, there's an empty lot to the left... which to me signaled future construction with a lot of noise to deal with.

The price drop helps, but for po' little ol' me it's still too rich when you factor in closing costs.

Posted by: W at March 20, 2007 12:33 PM

keep price cutting this POS until we are close to the demo number.

Posted by: Anonymous at March 21, 2007 11:11 AM

I own a house in the neighborhood. I am glad Atlantic Yards is coming.

Posted by: anon at March 21, 2007 12:37 PM

12:37 has to be some sort of big brother automated comment.

Posted by: the thread has eyes at March 21, 2007 3:17 PM