$1.15 mil for a Crown Heights Condo?

Another developer who can't bring himself to press recalc on his profit spreadsheet.

Posted by: guest at December 3, 2007 11:38 AM

not a referendum, just a bad market.

Posted by: guest at December 3, 2007 11:39 AM

This is a joke. Lets check back on this 9 months time and see how much they cut the price.

Posted by: guest at December 3, 2007 11:40 AM

Can't seee a lot of millionaires dropping this kind of dough to live in a condo at that corner. still very dubious to say the least.

Posted by: guest at December 3, 2007 11:41 AM

I can't fathom laying this kind of money to live in Crown Heights of all places. Mind you, you can sell pretty much anything to anyone if you're patient and/or tricky enough, but I feel sorry for anyone who blows this much money only to land in Crown Heights.

Posted by: guest at December 3, 2007 11:42 AM

it does look kinda nice though...

not familiar with that part of town.

Posted by: guest at December 3, 2007 11:44 AM

I don't know, I actually think this is a good spot. You're just around the corner from the subway in front of the Brooklyn Museum and this looks to be a nicely designed building from when I walked by the other day. It doesn't seem outrageous to me.

Posted by: guest at December 3, 2007 11:48 AM

This does seem a bit precious. I just don't understand who would buy THAT, THERE, if they had that kind of money to spend. You'd have to be someone devoid of taste or any kind of respect for the historical characteristics of the neighborhood. Or rent it out to college kids? I can't figure.

Posted by: guest at December 3, 2007 11:49 AM

I'm afraid I agree: This is way to much to spend for anything in CH. If CH were "up and coming" that would be one thing, but I think of it more as "down and languishing".

Posted by: guest at December 3, 2007 11:55 AM

I live around the corner and visited an open house last weekend.

The location is not bad: maybe a block further from Eastern Parkway than you'd like, but it's really as much prospect heights now as crown.

the problem I saw is that the apartments (at leas the one they showed) wasn't that nice. good light, yes, but very little closet space, nothing especially nice going on. these will sell eventually, simply because people will want to be close to the museum, subway, Eastern Parkway, etc etc....

Posted by: guest at December 3, 2007 11:56 AM

To those who say it "looks nice"---what does??? The artist's rendering?? The DRAWING of the apartment? There is not ONE photo of the actual unit. Drawings always look nicer than the actual, realized product. If you're trying to sell a luxury apartment in this part of town, you better try harder, Neinasts. It's outrageous.

Posted by: guest at December 3, 2007 11:57 AM

I visited the place a few weeks ago and the neighborhood is fine. It's not quite Prospect Heights, but very close. The light and views are great in the top units, but the problem is the bedrooms are tiny—barely enough room to fit a bed. It could fetch a good price if the place had proper sized bedrooms.

Posted by: guest at December 3, 2007 12:36 PM

12:36 = a broker

Posted by: guest at December 3, 2007 12:45 PM

What is the accepted eastern boundary of Prospect Heights? Washington Ave? Seems like realtors starting to push it ever closer to Bedford.

I walked by this building and if I recall correctly it's a few buildings east of Classon on St. Marks. I saw only the exterior and was far from taken with the design and its execution so far. What's the rest of the block like? Not sure I would pay $1mil for either the location and the construction.

I agree with 11:56, probably a bit further east than you'd want to be. I guess the asking prices beg the question: when will Classon start picking up some of the gentrification from Vanderbilt (where it's in full swing, but far from finished) and Washington (where you can see it in teeny bits and it's got a loooong way to go)?

Posted by: guest at December 3, 2007 12:47 PM

These have been on the market for a very long time and the units that sold were in the $600 per foot range, not really anything to write home about. The units are very bland and uninspired and anyone with that kind of money will be hard pressed to ever want to be at this location!

Posted by: guest at December 3, 2007 12:48 PM

11:56 again. I will say that when I went to the open house it was fairly crowded, but no one was hanging out too long. a quick glance around these apartments and you can tell that they're not worth this kind of money.

any one from (or familiar with) the nabe knows that these are way overpriced. the question is, can crockoran find enough suckers who think they're getting in early on a "up and coming" nabe and are willing to put up the dough...obviously a few have already bit...

Posted by: guest at December 3, 2007 12:59 PM

If you look a Brownstoner posts over the last 2 weeks the pattern is:

A. price cuts at development

B. new development

A.price cuts at development

B. new development

A. price cuts at development...

If i were looking for a place in a new construction I would certainly wait until the next crop of Brooklyn developments hits the market, at which point there will be a serious glut and prices will by neccesity be a lot lower.

Posted by: guest at December 3, 2007 1:07 PM

This area is still home to a lot of low-income housing (read: crime). Check back in a decade or so when this area is safer.

Posted by: guest at December 3, 2007 1:15 PM

Boy crack is tasty! I would like to post the amount of subprime lender that are no longer with us

192. Charter One (Wholesale)
191. Wells Fargo - Home Equity
190. Paul Financial, LLC
189. Webster Bank (Wholesale)
188. Fieldstone Mortgage Company
187. Tribeca Lending Corp. (Wholesale)
186. WAMU Comm. Correspondent
185. Marlin Mortgage Company
184. Countrywide Specialty Lending
183. UBS Home Finance
182. MortgageIT-DB (Retail)
181. Edgewater Lending Group
180. ResMAE Mortgage Corp.
179. Citimortgage Correspondent (2nds)
178. AMC Lending
177. Southern Star Mortgage (Wholesale)
176. Liberty American Mortgage
175. Exchange Financial (Wholesale)
174. FirstBank Mortgage
173. Bank of America (Wholesale)
172. Diablo Funding Group Inc.
171. Honor State Bank
170. Spectrum Financial Group
169. National City - Home Equity, Correspondent
168. Priority Funding Mortgage Bankers
167. BrooksAmerica Mortgage Corp.
166. Valley Vista Mortgage
165. New State Mortgage Company
164. Summit Mortgage Company
163. WMC
162. Paragon Home Lending
161. First Mariner Wholesale
160. The Lending Connection
159. Foxtons, Inc.
158. SCME Mortage Bankers (Wholesale)
157. Aapex Mortgage (Apex Financial Group)
156. Wells Fargo (various Correspondent and Non-prime divisions)
155. Nationstar Mortgage
154. Decision One (HSBC)
153. Impac Lending Group (Wholesale)
152. E-Trade Wholesale Lending
151. Long Beach (WaMu Warehouse/Correspondent)
150. Expanded Mortgage Credit Wholesale
149. The Mortgage Store Financial
148. C & G Financial
147. CFIC Home Mortgage
146. BrokerSource (BSM Financial - Wholesale)
145. All Fund Mortgage
144. LownHome Financial
143. Sea Breeze Financial Services
142. Castle Point Mortgage
141. Premium Funding Corp
140. Group One Lending
139. Allstate Home Loans / Allstate Funding
138. Home Loan Specialists (HLS)
137. Transnational Finance Wholesale
136. CIT Home Lending
135. Capital Six Funding
134. Mortgage Investors Group (MIG) - Wholesale
133. Amstar Mortgage Corp
132. Quality Home Loans
131. BNC Mortgage (Lehman)
130. Accredited Home Lenders, Home Funds Direct
129. First National Bank of Arizona (FNBA) Wholesale, Correspondent
128. Chevy Chase Bank Correspondent
127. GreenPoint Mortgage - Capital One Wholesale
126. NovaStar (Wholesale), Homeview Lending
125. Quick Loan Funding
124. Calusa Investments
123. Mercantile Mortgage
122. First Magnus
121. First Indiana Wholesale
120. GEM Loans / Pacific American Mortgage (PAMCO)
119. Kirkwood Financial Corporation
118. Lexington Lending
117. Express Capital Lending
116. Deutsche Bank Correspondent Lending Group (CLG)
115. MLSG
114. Trump Mortgage
113. HomeBanc Mortgage Corporation
112. Mylor Financial
111. Aegis
110. Alternative Financing Corp (AFC) Wholesale
109. Winstar Mortgage
108. American Home Mortgage / American Brokers Conduit
107. Optima Funding
106. Equity Funding Group
105. Sunset Mortgage
104. Nations Home Lending
103. Entrust Mortgage
102. Alera Financial (Wholesale)
101. Flick Mortgage/Mortgage Simple
100. Dollar Mortgage Corporation
99. Alliance Bancorp
98. Choice Capital Funding
97. Premier Mortgage Funding
96. Stone Creek Funding
95. FlexPoint Funding (Wholesale & Retail)
94. Starpointe Mortgage
93. Unlimited Loan Resources (ULR)
92. Freestand Financial
91. Steward Financial
90. Bridge Capital Corporation
89. Altivus Financial
88. ACT Mortgage
87. Alliance Mortgage Banking Corp (AMBC)
86. Concord Mortgage Wholesale
85. Heartwell Mortgage
84. Oak Street Mortgage
83. The Mortgage Warehouse
82. First Street Financial
81. Right-Away Mortgage
80. Heritage Plaza Mortgage
79. Horizon Bank Wholesale Lending Group
78. Lancaster Mortgage Bank (LMB)
77. Bryco (Wholesale)
76. No Red Tape Mortgage
75. The Lending Group (TLG)
74. Pro 30 Funding
73. NetBank Funding, Market Street Mortgage
72. Columbia Home Loans, LLC
71. Mortgage Tree Lending
70. Homeland Capital Group
69. Nation One Mortgage
68. Dana Capital Group
67. Millenium Funding Group
66. MILA
65. Home Equity of America
64. Opteum (Wholesale, Conduit)
63. Innovative Mortgage Capital
62. Home Capital, Inc.
61. Home 123 Mortgage
60. Homefield Financial
59. First Horizon Subprime, Equity Lending
58. Platinum Capital Group (Wholesale)
57. First Source Funding Group (FSFG)
56. Alterna Mortgage
55. Solutions Funding
54. People's Mortgage
53. LowerMyPayment.com
52. Zone Funding
51. First Consolidated (Subprime Wholesale)
50. EquiFirst
49. SouthStar Funding
48. Warehouse USA
47. H&R Block Mortgage
46. Madison Equity Loans
45. HSBC Mortgage Services (correspondent div.)
44. Sunset Direct Lending
43. Kellner Mortgage Investments
42. LoanCity
41. CoreStar Financial Group
40. Ameriquest, ACC Wholesale
39. Investaid Corp.
38. People's Choice Financial Corp.
37. Master Financial
36. Maribella Mortgage
35. FMF Capital LLC
34. New Century Financial Corp.
33. Wachovia Mortgage (Correspondent div.)
32. Ameritrust Mortgage Company (Subprime Wholesale)
31. Trojan Lending (Wholesale)
30. Fremont General Corporation
29. DomesticBank (Wholesale Lending Division)
28. Ivanhoe Mortgage/Central Pacific Mortgage
27. Eagle First Mortgage
26. Coastal Capital
25. Silver State Mortgage
24. ECC Capital/Encore Credit
23. Lender's Direct Capital Corporation (wholesale division)
22. Concorde Acceptance
21. DeepGreen Financial
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

I hope this get on. Folks, money is running out for BS like this. Hoo Boy!

The What

Someday this war will end...

Posted by: guest at December 3, 2007 1:28 PM

For those who say it's priced too high for the location: Where can you get 3 br and 2baths for 1 million? Here you have it with subway access and all the things park slopers claim make their property worth $2-3M. Park, BBG, museum, library, farmers market are all within walking distance.

For prospect heights fans, I think interest pushed further into crown heights as the threat of AY construction hassle takes over.

Posted by: guest at December 3, 2007 1:55 PM

1:55 = broker

Posted by: guest at December 3, 2007 2:08 PM

This area is fine. Access to everything. Classon isn't the nicest but it is also near Franklin Ave. where new shops, restaurants and a bar has opened. Also on Franklin and Eastern the ground breaking has begun on a new residential building. I have lived here since June and I definitely see things changing for the better.

Posted by: guest at December 3, 2007 2:42 PM

Great spot. It's 2-minutes to Brooklyn Museum and Prospect Park. 2,4 and 4,5 trains are two blocks away. The condos are a little on the small side. But a 3-bedroom for under a million is a deal. Despite what the naysayers think. Crown Heights is the next spillover point from Park Slope. It's the next closest neighborhood after Prospect Heights.

Posted by: guest at December 3, 2007 2:54 PM

The Crown Heights vs. Prospect Heights label is really stupid. For some reason people get so hung up on this one and seem to feel that because a building is on one side of a street it should be worth far less than one on the other side.

This building is very close to the subway, the museum, botanical gardens, grand army plaza, prospect park, etc. It is a very short walk away from Meier's On Prospect Park where the crappy units with no view are selling for this price.

When you walk down eastern parkway and cross over washington ave you don't step into a war zone or anything. There's really no reason prices should be significantly less.

And no, I'm not a broker.

Posted by: guest at December 3, 2007 2:54 PM

while, there are no pics on the website, the amenities (esp. central air and fireplaces) look good on paper and the layout is terrific, imo. i bought in the last year, and finding a layout that worked (in a condo) was really hard.

obviously, not currently in the market, but i would have been interested in this altho i would offer much less.

i would not be so worried about the crown hts thing, but it is too much money right now for a neighborhood that offers less than a built up hood (ie: williamsburg) that has apts at a similar price point.

Posted by: guest at December 3, 2007 3:02 PM

Since moving into the neighborhood two years ago, I have already seen it change dramatcially. It seems to me that most of the new people moving in were priced out of Park Slope and Ft Green, as were we.
I saw these condos. The finishes are fine. They are very bright with good windows. I don't know if they are priced right but they are very close to all the Park, Museum and four express trains, plus there is a new Starbucks going into the yet to be built building at Franklin Ave and Eastern Pkwy. Yippee...

Posted by: guest at December 3, 2007 3:05 PM

I thought this was Prospect Heights. I'm 34, so I remember when it was Crown Heights. When I moved into the nabe after college in '95 they were calling it Prospect Heights, so who's right here?

BTW Live across the street from this building
Plus Access to subway, bus & cultural

Minus Watched them build it, wasn't impressed by the materials going in. Block is still 'gritty' so price is too high. Hope you like the sound of the Fire Dept's sirens - they are accoss the street too.

Posted by: guest at December 3, 2007 3:52 PM

I have enjoyed living in Crown Heights for the past 3 years. I'm a physician and my wife is in state government. We own a 7 BR 3 bath 4 floor brownstone. We have had no problems. Mostly working class people. There is a constant influx of people interested in the fabulous houses and most of us take leadership roles in building up our community. Friday and Saturday evenings we get together for the best jazz in Brooklyn @ Tavern on Nostrand. We had our first house tour this year! Yea! Sushi Tatsu opened recently and delivers. Crown Heights gets the spill over from Prospect Heights of folks wanting more house. Where else can you buy a large house for 700k so close to Manhattan?

Posted by: guest at December 3, 2007 4:02 PM

I can't believe ANYONE would compare Richard Meier's On Prospect Park to this buildings.

Absurd.

Even if you hate OPP, it's ridiculous to say. That building is extremely high quality, if not to your personal style.

Posted by: guest at December 3, 2007 4:48 PM

3:05 and 4:02 are obviously brokers. Shameless.

Posted by: guest at December 3, 2007 5:04 PM

I posted at 12:36 and got called a broker... What's up with that? And I love how folks just keep dissing the neighborhood. Granted, I technically live in Prospect Heights, only a few blocks away, so it does make me laugh when people think they need a bodyguard or something to walk past Washington Ave.

Posted by: guest at December 3, 2007 5:32 PM

this is nothing, 5:32.

these comments are totally g rated compared to what is usually said when crown heights comes up.

consider this a pretty thoughtful thread.

Posted by: guest at December 3, 2007 5:47 PM

Crown Heights is all that. I live there.

Posted by: guest at December 3, 2007 5:48 PM

I live right next to this building, never had any trouble with crime or feeling at all uncomfortable. A little scruffy-looking, sure, but full of character and with lots of friendly people around. It's a little ways away from the Jewish Hospital colony to the north and feels far more real--I looked at apartments there and was really put off.

To be honest, I love the nabe; it makes me ridiculously happy to be living here--and if I want an overpriced pizza or cupcake, it's a five minute walk to Vanderbilt. is this place worth the price? dunno. but I felt a need to correct the constant bad-mouthing of the neighborhood.

Posted by: guest at December 3, 2007 6:30 PM

Crown Heights gets some pretty good press on this site...much better than it deserves. I feel sorry for Crown Heights and for the people who live there, but I will not sugar coat the neighborhood's problems or play along with any charade about how it's "coming along." It's not coming along, not even close. No one hopes more than I do that this will change one day, but it's going to take more than wishful thinking to make it happen.

Posted by: guest at December 3, 2007 7:16 PM

7:16 lives in Bed-Stuy and is jealous because it isn't changing as fast...

Posted by: guest at December 3, 2007 8:35 PM

7:16 why do you feel sorry for me? I choose to live here in Crown Heights.

Posted by: guest at December 3, 2007 8:48 PM

"What - people buying 7 figure condos weren't/aren't doing it courtesy of a subprime mortgage."

Oh no huh??!!! The difference between A paper, Alt-A and Subprime is the FICO score! Not because of money. Got it!!!

Brooklynlove go away, you are out of your league with me. When you sell houses and hold a Brokers License then, you can talk to me.

The What

Someday this war is gonnha end...

Posted by: guest at December 3, 2007 9:33 PM

7:16 here. You're speculations about my motives are disappointing to say the least. I've lived in Park Slope since 1977. I also wish nothing but the best for Crown Heights, but I don't think the "best" will be realized until people are willing to make frank assessments of the hurdles to be overcome.

Jeez, you people are hateful.

Posted by: guest at December 3, 2007 9:46 PM

Hey Brooklynlove, Wrap your mind around this.

Subprime Debacle Traps
Even Very Credit-Worthy

http://online.wsj.com/article/SB119662974358911035.html?mod=googlenews_wsj

As per your dumbassed comment

"What - people buying 7 figure condos weren't/aren't doing it courtesy of a subprime mortgage."

Yes they are. Why do you think we are in this mess.

The What

Someday this war is gonna end...

Posted by: guest at December 3, 2007 10:40 PM

crown heights is one of the most beautiful neighborhoods in brooklyn.

yes, its rough, but there is no way a neighborhood with this architectural infrastructure stays down forever...

still, since i've been working there for about two years: my guess would be that it'll take five years before people take it seriously...

still, there is a ton of beautiful buildings that are (relatively) reasonably priced: if you have a million dollars, why not buy a four family and reno?

Posted by: guest at December 3, 2007 10:56 PM

Who am I? No one special. Merely a fellow traveler. But then again, who do I *have* to be to engage in civil discourse? Someone very special it would seem. Perhaps you should provide a list of all the conditions one must meet.

It's a pity you can't translate your passion over what is said on an anonymous blog into a something bit more practical and constructive. However, since you apparently can't, I suppose we can return to a state of denial if that what it takes to make you 'comfortable'. Lucky for you, there are probably others in Crown Heights who aren't satisfied sticking their heads in the sand. While you vent hot air on Brownstoner, they're going to be working to make Crown Heights better. All I can say is good for them.

Posted by: guest at December 4, 2007 8:15 AM

This is an awesome area, I don't know what some of you guys are talking about. I stopped by this jobsite about three months before it was completed to see about renting the commercial space. The foreman walked me through the building and I have to say the construction quality was excellent. I've been running restaurants in NYC for 20 years so I spend a LOT of time dealing with bad plumbing, electric, corner cutting landlords, etc. Say what you will about the style but this was several steps above the norm as far as the building systems.

Unfortunately I was outbid on the space. I think its going a French cafe which will totally change the charactor of that block. Plus with all the money the city's putting into the park and the museum a block away it's not going anywhere but up.

Posted by: guest at December 4, 2007 8:19 AM

They have photos on Corcoran listing now, check out the Mommy-daughter realtor team - HA!

Posted by: guest at December 4, 2007 8:29 AM

There seems to be a new affordable luxury development that just hit the market in Crown Heights. http://www.nycaffordableliving.com gives all the details. Studios for $179,000 and 1 Bedrooms for $237,000. I checked out their open house this past Sunday and the apartment was great. A very nicely done and clean condo conversion. Granite, stainless steel, hardood floors. I was rather impressed for the price.

Posted by: guest at December 4, 2007 8:52 AM

8:52 = nycaffordableliving.com

These are scary foam-stucco rennovations. Don't get involved if you don't want to deal with 20 years of leaks, failing structure and bad plumbing. You get what you pay for.

Posted by: guest at December 4, 2007 9:46 AM

10:40, 1:28

To the subprime mortgage doomsayer, I have no idea what motivates people like you. When I bought my first townhouse on w81st street there were guys just like you screaming in the wind that NYC was going down the tubes and anyone with money was going to lose their investment. It was 1978 and I paid well under 300K and guys just like you were telling me I was crazy for paying more than 75k (the price 10 years earlier). Since then my investment has increased well over 10x in value.

I just don't know who you're trying to scare or impress with your tenuous grasp of historical market prices and high school level economics. The fact is that the New York rental market is one of the tightest in the world with no signs of changing or slowing down. In fact the mayor's office is predicting an average increase of 50,000 new taypayers moving to NYC per year, which is still a far faster rate than condos are being built at. Population world-wide is increasing exponentially and NYC will always be the financial center of the Americas.

Any developer who's already sold half their units like this one will be just fine renting out the rest. Real estate has always been a long-term play any investor with two braincells is ready to ride out the highs and lows. So it ridiculous to me that you guys are forecasting doom and gloom and huge price drops when there are plenty of folks still dieing to buy at a price anywhere near their rent.

Posted by: guest at December 4, 2007 10:06 AM

8:19....how interesting.

i was told no food in the commercial space.

Posted by: guest at December 4, 2007 12:02 PM

12:02
No commercial ventilation. Still plenty of options.

Posted by: guest at December 4, 2007 12:44 PM

Montrose Morris, why do you always assume that anyone who considers Crown Heights to be unsafe must not live there? Want "frank assessments" of people "who actually live in Crown Heights"? Read the Brooklynian.com board, where Crown Heights residents regularly post about muggings, shootings, assualts, and other fun activities by the upstanding youth.

http://www.brooklynian.com/forums/viewforum.php?f=4&sid=8c5fc11eec4ddab03383313d6dbfe3f9

Will you accept something that you don't want to hear if it comes from bona fide Crown Heights residents?

I didn't think so.

Posted by: guest at December 5, 2007 3:43 PM