« More Shenanigans at 339 Greene Avenue Clarett's Big Plans on Lawrence Street »
August 3, 2007
One BBP: 100 Contracts in 100 Days
At least week’s real estate round table, Robert Levine gave an upbeat update on his firm’s progress at 449-unit One Brooklyn Bridge Park. As of next week, they will gone into contract on 100 units in 100 days (how convenient for marketing purposes!). The average price on units in contract so far? More than $1,000 per square foot. Contracts that have gone out in the last couple weeks have been at above $1,100 per square—that’s after seven price increases since sales launched in April. Perhaps most amazingly, Levine reported that some non-waterfront units have gone in the $1,200 to $1,300 range. In addition to a 500-space public parking facility being constructed, there are 132 condo parking spaces that are now selling for $170,000 (a bargain compared to the rooftop cabanas in Dumbo). As of now, they’re targeting first move-ins in late October or early November. Demolition on the park is expected to start in 6 to 8 weeks and 85 to 90 percent of the park is scheduled to be complete by 2010, according to Levine. As for the controversial tower to be built in the park, Levine said he didn’t think the RFP would happen anytime soon.
Wanna See One BBP? Get In Line [Brownstoner] GMAP
Stribling Sells Herself Two Penthouses at 1BBP [Brownstoner]
‘Park’ Condos Selling Fast [Brooklyn Paper]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/1772
Comments
Good luck with that!
Posted by: The What at August 3, 2007 10:53 AM
Good for them, hope they choke on their sacks of cash in the bank. And hope the people realize they are being taken for a ride. Oh well, life goes on - there's a new idiot born every minute.
Posted by: DH at August 3, 2007 10:55 AM
Who peed in your coffee, DH? I'd be buying here if i could remotely afford it.
Posted by: Anon at August 3, 2007 11:02 AM
1300 sq/ft for a view of the BQE? 100 units in 100 days??? Is it possible somebody's not telling the truth? Who cares, so long as there are greater and greater fools lining up.
Posted by: anon buyer at August 3, 2007 11:05 AM
i agree with you, 11:02.
i can't for the life of me figure out why there is such hatred for this place.
other than pure jealousy, there isn't a whole lot of reasoning behind it.
Posted by: slopehead at August 3, 2007 11:05 AM
Hope they enjoy the long slippery walk uphill in the winter. I look forward to seeing them walk by my much more attractively priced rental.
Just remember: Efficient tiling of $100 bills is only $900PSF. Paying more than that is crazy.
Posted by: Anonymous at August 3, 2007 11:07 AM
blah, blah, blah. Some bitter fools posting here.
IMO, it's a win-win. Brings new wealthy residents to the neighborhood while not displacing anyone (industrial area, etc.).
New rich residents will pay to support the park.
I say welcome!
The complainers are either jealous or NIMBY wealthy BHeights residents.
Posted by: Anonymous at August 3, 2007 11:17 AM
Wow. so many suckers. They will be underwater for years.
Posted by: Anonymous at August 3, 2007 11:18 AM
the 100 bill comment has GOT to be one of the most asinine i've ever heard on this board.
seriously.
Posted by: slopehead at August 3, 2007 11:19 AM
It's not jealousy mr broker. It's a sloppy product and the developer and the brokers (have to second guess any project that has involved the developers goup) have stretched information about progress, price per foot, units in contract, to suite their marketing babble. This is a lame duck that is having trouble. You'll see.....Oh and the RFP for 3 towers is being worked on.
Posted by: Anonymous at August 3, 2007 11:20 AM
Can someone please explain what is meant by RFP for 3 towers? What is the story with the "Controversial tower" in the park?
Posted by: anon at August 3, 2007 11:28 AM
ooooh, you got me! I disagreed with your babble so I must be a broker! dork.
Posted by: Anonymous at August 3, 2007 11:28 AM
11:20am I heard the same thing about this project that the developers group is grossly exaggerating but Brownstoner just keep regurgitating all the crap he gets from brokers.
Posted by: anon at August 3, 2007 11:29 AM
Why is the construction work proceeding so slowly?
It seems to be stop-and-go. What's with that?
Have the developers resolved their issues with the longshoremen?
Something's going on. It is not progressing like a normal job.
Posted by: Anonymous at August 3, 2007 11:39 AM
not for nothing but how do you assert that work is going slowly? putting in fixtures, details, etc on 449 apartments is not an overnight job and pretty invisible to anyone walking by.
I've seen single home renos going on for longer than this huge project...transformation from warehouse to upscale housing.
This building is far out of price range for most of us - so all the hostilty? if you think developer and realtors can really hoodwink all these rich folks that manage somehow to earn a hell of a lot more money than I do,
I'd say so what. But I doubt they are really doing that.
Posted by: Anonymous at August 3, 2007 12:00 PM
11:29, Mr. B attributes the comments to the building developer and provides the context, a quarterly meeting of the Brooklyn real estate industry. If you don't believe Levine's statement, fine, but "regurgitating" is perjorative. If you think Brownstoner is just a shill, find another way to spend your time.
I have concerns about being in the coastal zone. Never being able to open the windows (on the eastern side of the building) would drive me out of my mind. But if I could afford this building, I'd check it out and then make up a mind. I like the location, among other positive attributes. And those last two comments are just my opinion, not marketing by a broker, so spare us all that weak response.
Posted by: Anonymous at August 3, 2007 12:21 PM
The reason I say it is going slowly is because work advances one week and then stalls dead for two. I assume they have to close up the building before they start putting in fixtures and details.
It is the exterior work that seems to be advancing in fits and starts. It is odd to see a large piece of the building opened up and left like that for weeks, then see a portion infilled, then left like that for weeks. etc. It is not proceeding like a regular job where the exterior is buttoned up expeditiously and then the more laborious interior work can proceed. I live nearby and there are weeks that there is no sound coming from the site. I have absolutely no hostility to the project. Sometimes honest observations are seen as hostile on this site, which I guess is really just for real estate professionals trying to hustle their clients' projects. I don't care about whether this sinks or swims, i prefer that it be a success, but I really don't care.
I do think that the pace of work seems odd and I heard that the longshoremen were causing trouble and shutting down the perimeter access, thought someone else may have heard the same thing.
Posted by: Anonymous at August 3, 2007 12:22 PM
Good for them. More rich people will bring more shops, etc.
I went to look at these units and was sorta shocked by the sales pitch. They presented a lot of park info as a done deal that isn't at all a done deal.
But they're pretty units (on the waterside) and welcome them here.
Posted by: Anonymous at August 3, 2007 12:46 PM
the sales person I talked to gave me what I later found out was wrong info about which school it's zoned for and also wrong info about height of athletic center/building to be built on pier in btw One BBP and the harbour
Posted by: Anonymous at August 3, 2007 1:01 PM
If the developers want a cash cow they should double the number of garage spaces. They will go like hot cakes. There is no parking in Brooklyn Heights any more. It is a huge inconvenience. A big, big garage, with an Avis or other rental as part of it, is what the area needs. Fill up the back of the building near the highway with this. A perfect use.
Posted by: Sam at August 3, 2007 1:01 PM
hey 12:22. i can give you a very simple explanation why the exterior might stop and start.
it's called summer humidity.
paint can not dry properly when it's 80% humid and they are calling for afternoon rain showers.
i would have thought that was common sense, but guess not.
i actually was shocked when i read this article today saying that move ins would be as soon as they would. i think it's advancing at a quite "normal" pace. you want to see taking a long time you should go take a gander at the richard meier project at grand army plaza or the former vermeil condos and 7th and sterling...the list goes on.
Posted by: slopehead at August 3, 2007 1:03 PM
I looked at this project a couple of weeks ago and the broker told me it was almost 50% sold and now i hear 100 of 449 have been sold quite a big difference. My point is never believe what the the broker tells you. They will tell you anything to get you suckered in. having said that we had been considering this building but based on whats happening in the market now, we'll just wait and wait.
Posted by: anon at August 3, 2007 1:15 PM
i spent a lot of time looking at this building, which is marvelous, the views: priceless and the cheap pricing provides good upside potential. one can truly afford to get a ton of space here and even a cabana and parking and all for far less than a smaller space in manhattan. they will even let you buy 2 units and combine - very flexible. where else can you find these views and quality of remodeling for such a great price per sqft? (if anyone knows please tell) The issue: the facade of the building cannot be touched - meaning the small square windows looking out onto the harbor with thick metal cross beams remain as it. The thick beams happen to be exactly at eye level - so to get your gorgeous view you either need to bend down or stand on your toes. for me that was a deal-breaker which is too sad.
Posted by: akiro at August 3, 2007 1:17 PM
I'm surprised only 100 sold with all the hype when it first went on the market.... Is that good sales?
It is a very unique location and view if you can afford the units facing the water, and with terrace would be great because the windows are pretty high. But lot of the units facing BQE and very noisy (despite what the NYT said few months ago). The common charges are high too, so not sure if it's worth it.
Posted by: Anonymous at August 3, 2007 1:25 PM
1:17: had exactly the same experience. liked the building very much BUT the windows start right too high to see out of while seated or -- if you're 5'5" like me -- if you're standing more than 5 feet away. Closer up, the fat beams hit right at my eye level.
btw, my sales person said they were 20% sold out. this was on my last visit 2 weekends ago.
and hey, while I think 100 units is a LOT, don't you think a developer would want to sell more than 20-25% in first 3 months? At this pace they won't be half sold when closings begin
Posted by: Anonymous at August 3, 2007 1:28 PM
Considering the more desirable units probably went first, its not that surprising to me that 100 units sold that quickly. It would be interesting to see if that $1000+ psf holds for the remaining 300+ units
Posted by: Brooker at August 3, 2007 1:32 PM
I have a friend that was there last week and told me that he was offered a unit at around $850 a foot. I told him that that was impossible, because I was there the first day and they were offering BQE views in the back part of the H at $1200 a foot.
Price chopping or what? Sounds like a lot of hype to me.
Posted by: Anonymous at August 3, 2007 2:36 PM
I do not believe anything I hear about this development. I think there has been a lot of horse-trading within the RE community. And I think there has been a lot of hype.
Posted by: Anonymous at August 3, 2007 2:44 PM
I certainly do not believe some of the weird comments posted here.
....Humidity?
Posted by: Anonymous at August 3, 2007 2:48 PM
Clearly visible on the website there is a $650sq ft on 4th floor highway side.
And another above $1000 sq ft sw corner which should have great views (8th floor I think).
To me construction seems to be moving quickly. But I'm not a construction person and just an ordinary observer unlike the other experts here.
Posted by: Anonymous at August 3, 2007 3:01 PM
Been in there two weeks ago.
I can not imagine that in three month anybody will move in. At this point it is not even remotely visible how the internal hall ways will be laid out.
Seems as lots of internal sqf haven't been touched at all.
Posted by: Anonymous at August 3, 2007 3:24 PM
I am very familiar with the project and most of you have not a clue what you are talking about. So lets clarify a few things, shall we? First, the building is moving along at quite a rapid pace. It is union labor and there are approximately 400 workers at the building each day. The East side (Bklyn heights) of the building is almost entirely sheetrocked, kitchens are going in, and that will be the first side to close starting at the end of this year.
The quality of work is quite good, as are the finishings. Whomever said the product is crap has either never been to the building, or just knows nothing about construction and or real estate in general.
The ppsf in the building varies drastically depending where in the building you are situated. There have been no, and I repeat, NO price cuts in the building. There have always been units being offered from 650 psf to 1500+ psf. There has, however, been several price amendments (read:increases) on several lines in the building.
Lastly, there are indeed 100 units off the market in the building. The large majority of them are executed contracts, and, as stated by Mr Levine, the remaining few should be retured next week.
I am all for people expressing their opinions and views about this building and all real estate in general, but why do you all insist on bending the facts or coming up with complete fabrications?
Posted by: Anonymous at August 3, 2007 4:36 PM
I though closings were in october? Is october the end of the year?
Posted by: Anonymous at August 3, 2007 4:38 PM
Why all the conjectures, innuendos, negativity, misinformation,etc? Because they are losers that could never afford to live there.
Posted by: Anonymous at August 3, 2007 4:48 PM
why are the windows so high?
Posted by: Anonymous at August 3, 2007 4:50 PM
What happens when the subsidy for the water taxi ends, and the BQE is diverted onto Furman st.
You won't be able to leave...
Posted by: Anonymous at August 3, 2007 5:55 PM
I sense a good deal of defensiveness from 1BBP. I think someone may have hit a nerve by questioning the apparent delays in construction. The building is still wide open in many locations.
Posted by: Anonymous at August 3, 2007 7:20 PM
the key drawbacks to me for this building have always been hurricane exposure/sea level rise exposure from global warming/lack of actual ownership of property under the building, just a 99-year ground lease from the park development corp or something like that.
Posted by: anonymous at August 3, 2007 8:24 PM
7:20 we are busted! How did you know we hired a full time staff just to monitor blogs and post anonymous responses to defend our development!
Posted by: Anonymous at August 3, 2007 9:08 PM
8:24. The building can then purchase the property for $1 after the 99 years. It is a non-issue.
Posted by: Anonymous at August 3, 2007 11:54 PM
hey 8:24....if that REALLY is the key drawback for you, you better also stay away from most of manhattan and a large majority of brooklyn as well.
you might want to try the catskills, because in the event of sea level rise, new york city will be no longer.
Posted by: slopehead at August 4, 2007 11:24 AM
Here's the rub. Brooklyn Bridge Park itself ain't happening anytime soon. Quite apart from financing issues arising from state and city budget deficits (revenues are about to take enormous shots across the bow that will delay a large majority of ambitious construction and infrastructure projects for many years to come), there's the issue of BQE repair and construction.
Brooklyn Bridge Park will not be finished until the BQE in the Heights is rebuilt.
Leave the issue of the quality and price of 1 BBP apart for the moment. Are you prepared to sit in an isolated building on Furman Street, surrounded by abandoned Port Authority piers, through the next cycle, and wait for the next upturn?
Who's got five years? Separately, into what school district does 1 BBP fall? Whichever it is, it sure is a schlep, and I wouldn't envy anyone bringing a small child there from 1 BBP at any time of year.
Posted by: BillyJack at August 5, 2007 1:02 AM
these are all questions I'M SURE the buyers ask themselves when they buy. so maybe you don't like it, but believe it or not, most people spending 1000 a square foot on a home don't do so blindly.
people love clinton hill and it's not near a subway or good schools. and certainly doesn't have this view. avenue c in manhattan is far from transportation yet people seem to love living there.
oh and btw, i have a couple friends who live and work in the heights (one at fulton ferry landing which will be in the midst of the park, so he should know...) and both have said that the park will be mostly finished by 2010. they want to FINISH the park so that they can use it as a staging area for the bqe improvements.
people LOVE to make shit up on here.
Posted by: slopehead at August 5, 2007 11:50 AM
So, do you work for the NYC Parks Department or are you just talking out of your ass? I would tend to think it's the latter. There is already a time line set in place to have the park mostly completed by 2010. I believe a few people in the Parks Department have also purchased in the building. That certainly won't hurt the cause either. I don't know why you have such distain for developments, but stop bending the truth. It is beyond annoying.
Also, what makes One Brooklyn isolated? You do realize that you can literally cross the street and you are in Brownstone Brooklyn Heights, right? But, I see your point, thats a whole 15 feet you have to walk. On a hot day, like today, thats a killer.
Posted by: Anonymous at August 5, 2007 11:58 AM
When I first moved to Brooklyn Heights in 1989, the first thing i was told was that the new park and residential development was just about to start down by the old docks and it would block my views.
I have heard that the park, or the development, was about to start just about every year since. I have been told this by reporters, by community activists and by employees of constructions companies who assured me that this was a DONE DEAL.
News Flash: Don't hold your breath!
The Port Authority makes glaciers seem speedy. Whatever problem exists with the cantilever of the BQE, which we will never know, will dictate what happens down there.
200 million dollars in park designer fees so far, that is the one knowable fact.
A scandal in my opinion. A boondoggle.
A pork fest. The ghost of Boss Tweed lives in the Brooklyn dockkyads.
I think at this point we ain't heard nothin' yet. The Port Authority of NY and NJ makes the Kremlin look like a well-oiled Swiss watch.
Who know what will ever happen down there? The PA is the great bottomless toilet of money and proposals.
Posted by: Sam at August 5, 2007 7:28 PM
Agreed, we will all be dead and buried by the time they get around to breaking ground on this so called park, slopehead: you are dreaming
Posted by: Anonymous at August 5, 2007 7:42 PM
Yes, Thank you.
Dead and buried.
The PA could not build a doghouse in
under twenty years.
Posted by: Anonymous at August 5, 2007 9:50 PM
i bought one town houses in park building. i heard from building broker: park will finish in 2008 November and will have duck pond and gloden fishes and boat house. now i hear this is not real truth - is disapopintment
Posted by: hirekko-sushi at August 6, 2007 4:34 PM
Post a comment
Please be patient while your comment is published. It may take a moment.