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April 12, 2007

Townhouse Alternative: Red Hook Warehouse

146richards041107.jpg
Here's an idea for someone a little more adventurous than your typical brownstone buyer. This 5,000 square foot warehouse at the corner of Richards and King Streets in Red Hook is now available for $1.4 million. Though you wouldn't know it by looking at the photo, it's actually zoned for residential. Since it's an R5 zone, though, the FAR is only 1.25, making it less interesting to a developer. But for a ballsy, well-heeled owner, converting this could be a fantastic project. Imagine the possibilities. What do people think about the price of a little more than $200 per buildable foot?
146 Richards Street [Frank Galeano] GMAP P*Shark




Posted by Brownstoner at 11:31 AM | Comments (13)
Categories: Brooklyn, Development, Real Estate, Red Hook

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Comments

Whoa, holy bubblicious tokyo in the 80s..

With no water views, in fact, no views at all, (literally facing the projects), anyone with the required $3m budget and 18 months to supervise construction on this 100x50 block would either be insane, or the herald of a much needed valuation collapse!

Posted by: Anonymous at April 12, 2007 12:05 PM

this has been on the market for quite a while. it;s way over priced, that's one of the reason red hook has yet to get more development. most of the residential is zoned R5 which is the worst residential zoning you can have and the land should be closer to $100 sq ft. you cna get land in williamsburg, clinton hill and harlem for that price, sometimes even carroll gardens. the rest of the land is zoned for manufacturing and as we've seen getting variance hasn't been easy. it's too bad too, cause i think red hook is one of the most unique palces in NYC. the transportation is the only downside and there aren't any plans for a subway that i know of. but i guess the zoning is good, i'd hate to see it turn into williamsburg.

Posted by: anon at April 12, 2007 12:35 PM

Hey, they just need that special buyer....

Posted by: djr at April 12, 2007 1:54 PM

Poifect place for a strip club.
Badda Bing east.
Dead bodies could be buried in the cellar.
Red Hook Forever!

Posted by: Tony at April 12, 2007 2:20 PM

there are 3 or 4 oempty lots on this block. why not just buy one of those? any idea what the price per square foot is on those?

Posted by: anon at April 12, 2007 3:59 PM

I've always loved the idea of buying a one- or two-story manufacturing building and lofting it out, with everything mechanical exposed, maybe an interior courtyard kinda thing. But the price on this is too high, and the location doesn't do much for me, either.

Posted by: bob999 at April 12, 2007 4:21 PM

If I still worked downtown. I got close to doing something like this in Greenpoint. Either there or Williamsburg.

I happen to like Red Hook, but don't want to commute from there.

Posted by: flyintheointment at April 12, 2007 6:44 PM

Its right near the battery tunnel... not a the nicest part of Red Hook. I think they will be waiting a long time for the right buyer.

Posted by: Anonymous at April 12, 2007 7:01 PM

Actually, it's not right near the BBT. It's King and Richards, across the street from Coffey Park. Some trust funder will buy it and fit it up. We'll read about in Dwell.

Posted by: Anonymous at April 12, 2007 9:13 PM

Just imagine some bonus baby turning that into a frat boy house for his dudes. Could happen 15 minutes to Wall Street.

Posted by: pd at April 12, 2007 11:17 PM

No the property is not worth $200 per sq ft. I am a realtor in dt Brooklyn, the
price is totally off the wall. Please check out the neighborhood at night, when the drug activity in the area is visible.
New Yorkers, not people who have been here five = ten years are interested in location, location, location. Smart money,
versus not smart money,wouldn't touch such
a deal. I don't know who is fueling this market. But then again, I don't know why the cafes on Smth Street are doing so well. Maybe if you have an out of state perception of what food and service should be, it is fine dining. In reality, i am being kind to say that the food is just so so, because most of it is not acceptable to an educated palate.
I believe the real estate deals in the area will give many heartburn in the long run. My question is whether the houses are worth the sales price, or whether the dollar isn't worth anything.

Posted by: Anonymous at April 13, 2007 8:27 AM

No the property is not worth $200 per sq ft. I am a realtor in dt Brooklyn, the
price is totally off the wall. Please check out the neighborhood at night, when the drug activity in the area is visible.
New Yorkers, not people who have been here five = ten years are interested in location, location, location. Smart money,
versus not smart money,wouldn't touch such
a deal. I don't know who is fueling this market. But then again, I don't know why the cafes on Smth Street are doing so well. Maybe if you have an out of state perception of what food and service should be, it is fine dining. In reality, i am being kind to say that the food is just so so, because most of it is not acceptable to an educated palate.
I believe the real estate deals in the area will give many heartburn in the long run. My question is whether the houses are worth the sales price, or whether the dollar isn't worth anything.

Posted by: Anonymous at April 13, 2007 8:28 AM

"i don't know why the cafes on Smith Street are doing so well"? perhaps because they serve a need in the area for good food at decent prices. i'd love to hear your pitch when you are showing clients real estate in downtown brooklyn - "this property is walking distance from smith street, which people in the neighborhood seem to like but which i find distasteful. really, you're better off living somewhere else."

Posted by: Anonymous at April 13, 2007 2:43 PM

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