Crown Heights Condos Fly Off the Shelves

If you click on "directions" on their website, it appears as though they have the A and C trains running on Eastern Parkway... clever.

Posted by: guest at August 16, 2007 11:20 AM

These guys are lucky they got these transactions done. I guarantee there are multiple sub-prime borrowers in that building and they'd all be SOL in today's climate.

Posted by: guest at August 16, 2007 11:25 AM

"Anyone feeling non-buyer’s remorse for missing out on this one?"

That would be a 'no'. You get what you pay for. And even less if the market falls, a scenario that I would not sleep on.

Posted by: guest at August 16, 2007 11:28 AM

I used to live on this block and I can tell you, it ain't a bed of roses. It can be pretty seedy and very nsoisy as well.
I can't say i am impressed by the apts either but to each his own.
But to answer your question no non buyers remorse here aprticularly with the direction the market is going.

Posted by: guest at August 16, 2007 11:57 AM

I agree with the poster about this block. It's loud, dangerous, and littered with trash. Residents don't care about the appearance of the area. These new condo dwellers had better get used to their walls vibrating from the sounds of car stereos blasting at 11:30 on a work night. Literally.

Posted by: guest at August 16, 2007 12:08 PM

So after reading this board for sometime it occurrs to me that most commenters here are...well I was going to say something nasty...but I'll refrain from it. I think a lot of you are trying to be politically correct, and won't come out and say what you really think so I'll leave that alone.

What does 250K in Park Slope buy you? Nada. Not even a studio that needs work.

I can see making horrible comments about these places if they were asking for 350K, 400K. I could understand it perfectly. The fact that they aren't and that they are priced according to the neighborhood they are in, means you all are a little "off."

This is a nice looking, pre-war building, and has provided homes for first time buyers it sounds like at reasonable (dare I say bargain prices, considering the rest of new york).

I think it's digusting that you'd come on here and basically tell people they should regret buying something that they went to see, obviously liked enough to spend their hard earned money on.

I wonder how you would feel if someone told you that now that the market is tanking, that the 2 million dollar brownstone you just purchased will be worth 500K in 6 months.

No, I did not buy one of these places, NO I not the developer, NO I don't have any connection at all to this place.

I just wonder exactly what you expect to pay for such a place. Ok...I get it...the neighborhood is rough. That's why the prices are low.

When do the complaints stop? When they are giving them away for $1 in a city auction?

Posted by: guest at August 16, 2007 12:21 PM

"Anyone feeling non-buyer’s remorse for missing out on this one?"

I went to an open house in July. All apts are 1 bedroom, appliances are low grade stainless look-alikes and so is the "granite". If the building was one block further on other side of Bedford ave I would have purchased and made upgrades myself.

Posted by: guest at August 16, 2007 12:23 PM

Just a bit of advice to the "first time buyers" in this area. Shut your windows, and doors and don't go out past 9pm. That's if you want to stay alive. Check the crime statistic for the neighborhood. Let's just say it ain't no Disneyland.

250k to live in a crime ridden ghetto, no thanks.

Posted by: guest at August 16, 2007 12:33 PM

"So after reading this board for sometime it occurrs to me that most commenters here are...well I was going to say something nasty...but I'll refrain from it. I think a lot of you are trying to be politically correct, and won't come out and say what you really think so I'll leave that alone."

Ironic that you are criticizing others for "not coming out and saying what they really think" when you are doing precisely the same thing.

If you think that "most commenters" are "something nasty", then say so.

Posted by: guest at August 16, 2007 12:35 PM

Uhhh...earth to 12:12. The Dow has been down six days in a row. The shoe shine boys and girls who caught the falling knives over at 794 St. Johns Place have "no idea how bad it is out there! NO IDEA!..." Even Jim Cramer cries 'foul' in the New York market.

http://nymag.com/news/businessfinance/bottomline/35813/

B-b-b-b-b-b-buy later...

Posted by: guest at August 16, 2007 12:42 PM

"250k to live in a crime ridden ghetto, no thanks."

People are already paying upwards of 800K for single family homes in this neighborhood, so I don't see your point.

People pay nearly a million dollars to live in parts of Bed Stuy with equally high crime rates. Same goes with Harlem or PLG.

Can you tell me, when NOTHING is on the market for 250K anywhere in Manhattan or within 30 minutes of Manhattan by subway, what price exactly you think these are worth?

While 250K is still a lot of money, especially for first time homebuyers, you clearly don't have much of a sense of the New York City real estate market to make such a statement.

Posted by: guest at August 16, 2007 12:42 PM

Amazing the amount of block by block expert experience and information that appears on this board. One would have to think that there are anon/guests who have lived literally EVERYWHERE, in order for them to consistantly have such intimate knowledge of a neighborhood at their command.

If someone who actually lived on a certain block makes a comment, I can give their remarks some credence. I wish all of these doomsayers such as 11:25 and 12:33 would just put up or shut up. If the apt owners are happy with their purchases, and they have every right to be, what's the problem?

Posted by: guest at August 16, 2007 12:45 PM

12:35....it's because this is not a blog about race. It's a blog about Brooklyn brownstones and real estate.

Do you have anything to add to that line of thinking or you just want to start a fight that has absolutely nothing to do with the thread at hand?

And btw, you took my words completely out of context. I said I was going to say something nasty (and then decided not to). I did not say that commenters here were "something nasty."

Is Karl Rove posting on here?

Posted by: guest at August 16, 2007 12:50 PM

Two hundred and fifty thousand dollars is a lot of money to most people in this country, including most people in New York. Not everyone is a Wall St. whiz making big bucks. That's a quarter of a million dollars. The fact that that amount of money doesn't go too far in this city is pitiful. Be that as it may, I see no reason why anyone should get beat up on a blog for investing in a home, and getting to enjoy the perks of a tax break and the other pluses of ownership. The virulent naysayers, who practically foam at the mouth whenever any one moves into the hood, and is perfectly content, are probably more dangerous than the neighbors.

Posted by: guest at August 16, 2007 1:01 PM

Oh, sorry, 12:50. Saying something nasty and calling posters "something nasty" are two vastly different things. And it must not matter that both would be insulting. When painted into a corner, hairsplitting is the technique of choice.

Is Norman Oder posting here?

Posted by: guest at August 16, 2007 1:04 PM

I bought an 8 family on St marks between rogers & nostrand and I dont regret it. My tenants are all working professionals and in the three years that I have been here, it is getting better all the time. Has it been rough at times? were there problems? you bet. but I bought early and by the time it is "safe" enough and gentrified enough for the most timid, prices will be sky high and you will regret the opportunity you had in Crown Heights. Ditto williamsburg, red hook, Bed sty, etc. etc.
People who pay good money for a building arent about to let the drugs and crime continue around their property. Eventually things get cleaned up.

Posted by: guest at August 16, 2007 1:04 PM

12:35/1:04

you are the only person to not seem to be able to contribute ANYTHING to the dicussion of St. John's Place.

Any particular reason why?

Posted by: guest at August 16, 2007 1:08 PM

That 250 thousand is being divided by 2 since most if not all the buyers who purchased a 1 bedroom unit are couples. I’ll wait to see the resell value increase when these young couples start having kids.

Posted by: guest at August 16, 2007 1:45 PM

So the biggest hater on here, the guest at August 16, 2007 12:33 PM who so eloquently said, "250k to live in a crime ridden ghetto, no thanks" lives in STATEN ISLAND... TALK ABOUT A PLACE THAT SUCKS... YOU SHOULDN'T EVEN BE ALLOWED ON THE BOARD

Posted by: guest at August 16, 2007 2:11 PM

This block is not the greatest nor are the appliances top of the line. The block on which I purchased my first home was very similar and I therefore negotiated a good price because of the location. As other bargain hunters moved to the area we joined the already established block association to improve our services and living conditions. I later sold because I wanted a larger place for myself and I made more than four times what I paid for the home. That house was the best investment that I made. I am sure that the neighborhood will change for the better and those who got in on the ground floor will reap the benefits. Remember Park Slope in the early 70's? I do.

Posted by: guest at August 16, 2007 2:12 PM

Kudos to Crown Gardener for having the balls to register. It took immense courage to do so. Now we know her gender, profession, and neighborhood. Wow, so much braver than us lowly guests. Just as brave as Nelson Mandela or Gandhi.

Posted by: guest at August 16, 2007 2:31 PM

Remember Park Slope in the early 90's?

Posted by: guest at August 16, 2007 2:40 PM

16 apts times an average price of $240,000 means that this buiding is worth $3,840.000 does that make sense to anyone, i think that is what the market is discovering its not worth it to spend all your income to sleep in a beed just to go back to work modern life is insane

Posted by: guest at August 16, 2007 4:32 PM

way too many rich people.

at least I have a semi fulfilling job...

if only it paid $500,000

Posted by: guest at August 16, 2007 7:32 PM

are you saying people who pay $240K for an apartment are "rich"?

Posted by: guest at August 16, 2007 8:20 PM

I have just started looking at and enjoying this blog & was kind of taken aback to see 794 St. Johns Place here. I bought an apt. on the block in question three years ago. 794 was a shell that had a basketball hoop hanging from the delapitated scaffolding. I can say for sure, living here has been hard, but If these apts were a few blocks closer to Washington Ave, they would be selling for $400,000. I think Crown Heights is a great investment and like so much of Brooklyn, getting better and better. I am very interested to see who bought these new apts. and how they fit in with the residents, many of whom have lived here a long time. To all the 'hood haters, clearly you are ignorant and quick to bash any neighborhood that isn't Park Slope or Brooklyn Heights - just move to the burbs already.

Posted by: guest at August 16, 2007 11:40 PM

Actually, I have to ask Brownstoner why he is posting a puff piece directly from the broker? Are there no other worthy stories to write about? It just seem's like slimy shilling! I have to say that I have flipped a few properties in this area a block and a half away from this project and condos in the area were going for over $300K for the same amount of space. If they had actually used a broker that new the market and the neighborhood they would have sold for a much higher price, at least 315K. In reality the developer got screwed by selling so low. I bet half the purchasers are going to rent out the apts. There is no product for under $290K anywhere!! You would think they would know this! I guess they learned on the developer's dime for the next one.

Posted by: guest at August 17, 2007 1:03 AM

Just alittle inside info. A major NYC brokerage firm qouted the units at being worth $190k. aptsandlofts.com pushed up the numbers to an average of $490 psf on average. If the units were listed at $315k that would translate to $646 psf (which im sure would create an uprising here). I think the current broker understands very well the market and you are remembering the prices of 1.5 years ago. Give credit where credit is do.

Posted by: guest at August 17, 2007 10:34 AM

I think the most of the posters here are not familiar with the neighborhood, and are quick to generalise with stereotypical comments about black brooklyn. My husband and I just bought a place nearby btw Franklin and Bedford and moved in during July. We are both amazed to see the parade of "all sorts of folks" as one long time resident put it, meaning - asians, latinos, whites etc. who have moved to Crown Heights because they are displaced out of Manhattan. These are mostly young, single people who are renting because they cannot yet afford to buy. I tell you this neighborhood is quickly changing. I love the mix of the old timers and the new transplants. Sometimes when I look around it reminds me of Williamsburg of old, or the East Village 15 years ago (when it used to be affordable and a cool place to live). While walking home the other day, on Franklin, I saw no less than 3 residents (African American) of different multifamily buildings sitting outside with laptops picking up free wifi.. So much for stereotypes....I think you guys should take a walk around the nabe and you will see what I am talking about....Besides, I hear that park slope had quite a drug problem 20 years ago, too bad we all didnt take a chance on that nabe then !

Posted by: guest at August 17, 2007 10:40 AM

Yeah, the units are cozy and the price isn't bad for that particular block... I do believe that the neighborhood is on an "upswing"...There is visible police, hence the "skypolice" on the corner of Park Place/Nostrand Ave. due to the community's outcry and concern for quality of life.

However, the agency that's selling the units are VERY VERY SHADY! I heard through the grapevine that another agency had a cobroke agreement with them, A&L pulled a fast one and wanted to pay the other broker a "finder's fee"...the deal apparently tanked...b/c of it... If this is true, that was pretty stinky..

Other than that, the units are nice and I see improvements in the area in the future! Think it's a great investment for anyone that can make through this mortgage nightmare!

Posted by: guest at August 17, 2007 11:27 AM

"crack whore as an amenity" I love it! while Crown Heights is, indeed, enjoying an early period of (dare I say it) Renaissance, us local residents are still sadly subjected to ne'er do wells, crackheads/whores, normally "quiet" side-streets overrun by double parked cars BLASTING their stereos when the local motorcycle club/ SUV club bar (?! pathetic!) opens it's doors once a month on Sat. In this day and age of exorbitant RE prices, make no mistake- YOU GET WHAT YOU PAY FOR! I wish the best of luck to the new residents of the St. John. Hopefully the trash on Lincoln Pl. (not far off) will give them a reprieve...

Posted by: guest at August 17, 2007 2:31 PM

I still want to know why Brownstoner posted this info directly from a broker and wy the broker is posting on here under another name asking for credit. Both are in bad taste. Why is this project significant? The units were underpriced and it's not sold out after 5 months on the market!

Posted by: guest at August 17, 2007 4:45 PM

A negative for these units is that it's on a two-way street. Also the B45 bus runs right in front.

gary
brooklyn

Posted by: guest at August 19, 2007 11:55 AM

I like most of you didn't think they would sell these apartments as the location of the building is over run with teenagers and loud noise. But I have seen many people touring these building and guess what, no one is forcing them to buy. They are touring during the day and night and see the element and still BOUGHT. To each it's own. So I have to give a thumbs up that they were able to sell.

I can say this because I live down the block on the same side of the street as the building, in one of the only houses on the block. When I moved there I was a little worried about the area. I've lived on that block for the last 2 years and I have to tell you, it's actually not as bad as we thought or was told. With the exception of the loud unbearable music on saturday nights (during the summer) No one bothers us, our car or our property. Granted the trash on the street can be annoying but I can't total blame the people because if sanitation cleaned up trash properly or the street cleaners really did their job it wouldn't be so bad. And I don't see crack whores. When the kids are in school it really isn't that bad. Thank god the summer is almost over LOL. I think if enough people start to value where they live, things will change. We thought we would have a hard time renting an upstairs apartment but guess what, we didn't and the person is Asian. There is always someone that looks at the bigger picture and is not afraid to step out of the box. What some call a ghetto others call home.

Posted by: guest at August 20, 2007 11:53 AM

I was thinking about buying a unit in this building. I am from Austim,Texas and am having a hard time deciphering the realtors neighborhood labels, because none of them seem accurate. This will be my husband and I's first home. Can y'all give me an accurate assessment of this street, and building, so that I can determine whether this is a good place for me to live?

Posted by: guest at October 1, 2007 7:15 PM

I bought the last remaining unit here, and have no buyers remorse. We got a good deal, and low interest rate mortgage. We will now be paying per month the same as most of our friends pay in rent (in various non-fancy brooklyn hoods), plus receiving tax benefits. I could care less if the appliances are not top-of-the-line. All I wanted was a nice little place I could call home without worrying about some asshole landlord raising my rent hundreds of dollars each year. Yes, it's loud (Umm, it's New York City). Yes, the block is a little dirty. It's also surrounded by beautiful historic architecture, close to multiple subway lines, near one the most famous parks in the world. Yes, I do believe the neighborhood will become more gentrified over time, but I also like it just the way it is. I have been looking for about 6 months, and have not found anything better in this price range.

Posted by: guest at December 1, 2007 5:11 PM

I was one of the first people to move into the building and all I can say is that the neighborhood is great. Everybody from the guy at the fish store on Nostrand to the owner of the laundromat across the street is friendly. I was walking further out on St. John's yesterday to stop at the Rite Aid and saw that Corcoran thinks the same thing about the neighborhood and is renting (what'd I guess to be too high prices) in an older building between Nostrand and New York)

Posted by: guest at December 12, 2007 5:48 PM

(5:11) - does that mean there are no more apts left? I seems like there's still one listed on the APTnLoft site. How many sq ft are the average apts? Are the bedrooms small, they don't show a photo. I tried calling but I still haven't heard back...

Posted by: guest at January 6, 2008 4:10 PM