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August 6, 2007
One Hanson Update: Smaller Units Selling Best So Far
After combining some units on the upper floors recently, One Hanson Place now has a total of 178 units, 101 of which have contracts signed on them, according to the update given by project manager Kristin Neil last week at the real estate roundtable luncheon at the Brooklyn Historical Society. Interestingly, the smallest units have sold the best so far: Of the apartments that have come on the market to date, 100 percent of studios are sold compared to 75 percent of one bedrooms and 50 percent of two bedrooms. The biggest unit in the building won’t be on the market until the fall: The developer has combined four full floors in the clock tower to make one giant “townhouse in the sky.” The price is anybody’s guess, but we won’t be surprised to see a 20-handle on it.
As for the demographics of buyers, 45 percent have been from Brooklyn and 31 percent from Manhattan. The developer is projecting an average sales price of $900 per square foot when all is said and done, though they’ve been getting in the $1,300 to $1,400 range on the upper floors so far. (It's not all peaches and cream though: Remember that there have been a bunch of price cuts on one- and two-bedrooms in recent months.) As for the switch from Corcoran to Stribling, the explanation was that Corcoran was used during initial phase that focused on the smaller units; Stribling’s being called to go after the bigger fish. And speaking of big fish, it’s not looking like Magic Johnson, who lent his famous mug to the project early on, will be ponying up for a condo himself.
Available Apartments [One Hanson] GMAP
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Comments
Of course Magic Johnson is going to get a piece of the action also Mr. Jay-Z who wouldn't if they could afford jump on One Hanson? I would if I had the cash
Posted by: Sarah at August 6, 2007 10:10 AM
Any word on what's going into the retail space (former bank lobby) since Border's backed out?
Posted by: Anonymous at August 6, 2007 11:00 AM
According to Neil, they're still looking.
Posted by: Brownstoner at August 6, 2007 11:23 AM
Borders backed out because of AY. I suspect a lot of people will. Many others will take a sever beating after AY is built.
Posted by: anon at August 6, 2007 11:28 AM
11:28, kindly provide proof of your contention about Borders backing out simply because of AY.
Posted by: Anonymous at August 6, 2007 11:44 AM
Yeah, Borders pulling out must be about AY.
It couldn't possibly have anything to do with them losing money for over a year and closing a bunch of stores.
Posted by: K777 at August 6, 2007 11:52 AM
Maybe I'm missing something glaringly obvious, but what's a 20-handle?
Posted by: Amy at August 6, 2007 11:52 AM
According to Neil, Borders backed out because they were going through some company-wide restructuring and they had essentially backed out of all new stores around the country until the restructuring is done. Nothing to do with AY. Actually, for a retailer, the extra foot traffice from the arena and the 7,000 residential units would be a big plus, not a minus. Isn't there currently a Borders across the street from MSG? I don't think Borders has an aversion to be near an arena at all.
Posted by: Dave at August 6, 2007 11:55 AM
The anit-AY people think they're pretty slick lol...Dave is correct. Border's backed out because the company is having financial issues and has considered closing/delaying other locations as well.
Posted by: Anonymous at August 6, 2007 12:05 PM
20 handle
handle is the # before all the 000,000's
so 20 handle = 20 million
Posted by: busta at August 6, 2007 12:06 PM
Ah, thank you!
OK, now that I know what number we're talking about, that's insane!
Posted by: Amy at August 6, 2007 12:25 PM
My girlfriend's brother works for Borders and says that it was indeed because of Atlantic Yards. He says that they are indeed going through a restructuring at the moment, but that is merely incidental. They closed this particular store because of AY.
Posted by: Gumby at August 6, 2007 12:58 PM
the store never opened gumby.
nice try, though.
i think the word you were looking for 12:05 was not slick.
it's sick.
Posted by: slopehead at August 6, 2007 1:06 PM
So that's what they have done with that building? What a travesty. It's a lovely building architecturally, but who wants to live so centrally on Flatbush Ave? Talk about no peace of mind...
Posted by: Maria at August 6, 2007 1:09 PM
Well one reason to live there is that you're on top of just about every possible subway line and the LIRR. Talk about convenience.
Posted by: Anonymous at August 6, 2007 1:25 PM
Just wondering. Our coop's insurance (building not homeowner) rates went up after 9/11. When you have all these apts sitting on top of a transportation hub across from an arena -- does that make insurers nervous? In all honesty, I might be...
Posted by: Anonymous at August 6, 2007 2:23 PM
If Borders backed out because of AY, then what were their specific reasons? It makes no sense. Dave's 11:55 post makes the most convincing argument in this thread.
Posted by: Anonymous at August 6, 2007 2:29 PM
You'll find all kinds of little anti-AY posts on this board trying to be clever by casually mentioning that such and such happened because of AY. They're fanatic shrill tactics didn't work so now they're trying what they think is subversion.
Mostly they're just sad.
Posted by: Anonymous at August 6, 2007 2:42 PM
If Borders backed out because of AY(which i doubt) then they deserve to go out of business. As someone mentioned, increased foot traffic would mean more buyers and revenue.
Full disclosure:
1)I am anti-AY.
2)I was fired from Borders for telling off an incompetent manager (and they're are many of them).
Posted by: Anonymous at August 6, 2007 4:35 PM
Yep, there's a Borders at Madison Square Garden. 7th Avenue side, in what actually is the 2 Penn Plaza building.
Seems to be doing land-office business, as it looks like they're busy.
Posted by: 5w30 at August 6, 2007 10:24 PM
How does bashing Atlantic Yards make any sense?
Am I the only one who is stating the obvious? Gehry designed structures (or anything for that matter) = Gentrification = Sweet $$.
What am I missing? That old, crumbling buildings with people hanging out on stoops and abandoned railroad tracks are charming and nostalgic? Who cares?
Posted by: guest at August 15, 2007 11:33 PM
Although it is disconcerting that borders backed out, i'm sure that there will be an equal contender in the space. There is no way of knowing whether AY hinders or aids in the business activities of something like this. I'm more concerned with the sell out of those many million dollar apartments, brooklyn has definitely changed face for me.
Posted by: guest at September 17, 2007 1:10 PM
I heard Borders is now selling ammunition because of AY...and Fig Newtons (FN).
Posted by: guest at December 20, 2007 1:52 PM
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