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June 21, 2007

In Dumbo, 5 Percent Price Cuts at The Beacon

While they may already be flipping units at the J Condo, the neighboring Beacon Tower in Dumbo is still trying to move its sponsor units and having to resort to price cuts in the process. Just yesterday a couple of reductions showed up on Natefind (screen capture on the jump). The two-bedroom pads were cut from $995,000 to $950,000 and from $960,000 to $920,000 respectively. Given that both apartments are 1,165 square feet, those asking prices are still feeling high to us. How're sales at the Beacon doing in general?
Beacon 2BR for $950,000 [Corcoran] GMAP
Beacon 2BR for $920,000 [Corcoran]

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my predicition is another reduction by end of september. too many of these hip, "comfort inn" inspired condos are finally hitting the market all over the city.

Posted by: anon at June 21, 2007 12:23 PM

rip DUMBO

Posted by: mumbo jumbo at June 21, 2007 12:41 PM

This is the one residential building in DUMBO that might be uglier than the J.

Posted by: Anonymous at June 21, 2007 12:57 PM

Goes to show you, quality still matters. I'm glad boymelgreen is getting screwed by building shit where all the other condos (70 wash, J condo, sweeny, 1 main) are having no real difficulties selling.

Posted by: nick at June 21, 2007 12:57 PM

I look at this building every day from my office. It is so awful looking can't imagine what the inside looks like.

Posted by: Anonymous at June 21, 2007 1:08 PM

All in all the posters are 90% spectators and haters who have to "imagine" cause they don't know, Sheeeeeeep!!! Baah....keep payin your rent like a good CC using debt lover..Baaahhhh...

Posted by: heart_h8trz at June 21, 2007 1:32 PM

Maybe so, but the Beacon still blows. How's the city view from there? Oh wait, that's the side that doesn't have windows.

Me, I'm just one of the thousands of people happy about putting their money into a non-Boymelgreen building over the last couple of years. How many satisfied customers does he have? Ask the poor chumps still in contract at The Smith, or the happy residents of 57 Front, a building with four bedrooms spread across 50 apartments. The Nexus and this tower of Bacon are what pass for success stories in Boymelgreen's recent history, and they both price-chopped before it was over.

Posted by: h8r at June 21, 2007 1:50 PM

This building has been a disaster from the get-go. They started construction more than six months before J Condo, yet it is now lagging way behind. There are rumblings on the dumbonyc blog of a lawsuit by the residents.

The J is no great work of art but it's not nearly as ugly as some say (nor anywhere near as bad as it could have been), and when viewed from the street (the corner with the entrance) it really does appear to have--or at least attempt to have--a relationship to its surroundings.

Posted by: Anonymous at June 21, 2007 2:03 PM

That's still A LOT to pay for a 2-bedroom in that area. Is Hanson Place even charging that much??

Posted by: NK at June 21, 2007 2:17 PM

THAT IS IT HEART ALL RENTERS ARE POOR SCLUBS WITH MAJOR CC DEBT?

you are a fool and probably a broker with no cmmissions of late.

the tone of your post gave you away

Posted by: a renter with $ and no debt at June 21, 2007 2:44 PM

Wow, only $920,000 for 2 bedrooms! I'm glad these are for teachers and other low level white collar jobs.

Posted by: Donald Frump at June 21, 2007 3:58 PM

HEY HEART, I can imagine alot. One is all the Freakin money I wil have in my bank account when I sell my brownstone that I have owned since 1994 and have had the renter pay about 75% of my mortgage. Still I'd rather be a renter than buy some overpriced crap IN DUMBO NEXT TO THE LOUDEST BRIDGE IN THE WORLD.

Posted by: Anonymous at June 21, 2007 4:46 PM

I'm surprised someone would lump 70 Wash into the non-shit category. They're still re-doing people's floors because the majority were installed incorrectly.

Posted by: Anon at June 21, 2007 5:03 PM

In a word, karma. I wouldn't take a condo from Boymelgreen for free.

Shaya and Scarano should be imprisoned (along with a third, maybe Babs Corcoran?) in that two-dimensional prison from Superman II and cast into outer space.

Posted by: Gary at June 21, 2007 5:28 PM

post #1 is dead-on with the Comfort Inn comment -- these places look like stretched out HoJos on the side of the interstate in some late 90s-era suburb.

Posted by: Jeremy at June 21, 2007 7:05 PM

Wow, that's way under $1,000 psf for a luxury building. Sounds cheap to me.

Oh, wait a minute, it's in a shitty neighborhood in Brooklyn.

Never mind.

Posted by: Anonymous at June 21, 2007 9:06 PM

blah blah blah - everybody sucks - renters are stupid, buyers are stupid, water drinkers are stupid, oxygen breathers are stupid, everyone is going to lose all their money b/c they are stupid, and am i right and everyone else is wrong.

Posted by: blog shlep at June 21, 2007 10:10 PM

who wants to live directly next to the loudest bridge in the city anyway??

Posted by: gbug at June 22, 2007 10:03 AM

OK, so, i have been to the open houses at beacon, and it's way better from the inside, then from the outside. it feels loftlike, and nice... shocker. Boymelgreen may be bad people, but if I had the money, i'd put it at the beacon before that monstrosity of a J condo.

Posted by: anonymous at June 22, 2007 12:30 PM

I agree... I live at Beacon now, and I love it. The developers stink, but the finished product inside is as nice, if not nicer then all the other condos in dumbo. don't judge a book by its cover.

Posted by: anon at June 22, 2007 12:43 PM

The posts from 12:30 and 12:43 were from the developer.

Fact: construction was WAY behind and had big troubles along the way

Fact: sales have dragged, there are still unsold units and those prices have dropped

Fact: it is badly designed as there are few windows facing the WATER but plenty facing the BQE, and there is a Zen garden under the bridge

Fact: there is great unhapiness with other Boymelgreen buildings all over the place

So anyone claiming that this building is 'nicer than all the other condos in dumbo' or that they would put their money at the Beacon is full of it. ANyone looking to buy in Dumbo looked at the J, Beacon, and 70 Wasihngton. The buyers have spoken.

Posted by: Anonymous2007 at June 22, 2007 1:30 PM

First of all if you want to live in the D you know there is no room to get in thats why the rental at Nova is coming. Only a few units left in each of the 4 bldngs (price chop or not). There aren't too many options people its a small hood and will be unbuildable after the historic zoning gets locked and at that point if you got $ anywhere in D you are chill. 85 interiors are better than J and 70, and J exterior is better than the others but then again thats my opinion and we all know why we all have opinions right?.....cause they're free...

Posted by: ShepardSH0wWasSik at June 22, 2007 3:52 PM

glad you have no idea what you're talking about.

The housing stock went up like 500% in just a couple of years. There are empty apartments aplenty, and thats why folks are renting (because they can't sell).

Tons of the apartments in the finsihed buildings are empty. Someone even opened a DAY CARE in one of the ground level apartments at the nexus.

These folks are clearly desparate, and there is only going to be more glut of apartments when the rest of apartments are finished. hell, 70 washington still can't sell their stuff (after YEARS).

Not to mention, the Beacon is one UGLY freakin' building.

Posted by: Anonymous at June 22, 2007 4:30 PM

Why is it that all these people just can't get Brooklyn right? Even ABC botched it with that stupid store.

Posted by: anon at June 22, 2007 5:09 PM

« Video: The Closing of the Empire Skating Rink Co-op of the Day: 75 Livingston, #22C »

June 21, 2007

In Dumbo, 5 Percent Price Cuts at The Beacon

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