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March 4, 2008
Condos of the Day: Price Cuts at 433 Warren Street
The 14-unit, Scarano-designed development at 433 Warren Street in Boerum Hill has been on the market since October but thus far just one apartment is in contract and another three have just received price cuts. (This penthouse with mezzanine, for example, was just reduced from $465,000 to $397,000; this two-bedroom on the third floor went from $649,000 to $598,000.) Think this will have the desired effect?
433 Warren Street Listings [Douglas Elliman] GMAP DOB
Condos of the Day: 433 Warren Street [Brownstoner]
Development Watch: 431 Warren Street [Brownstoner]
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Comments
Between 2 huge projects? This gotta to be rental.
Posted by: guest at March 4, 2008 12:55 PM
no
Posted by: guest at March 4, 2008 1:03 PM
F*** no.
Posted by: guest at March 4, 2008 1:06 PM
This might as well be part of the projects.
Worst possible location.
I would not move my family there.
Posted by: guest at March 4, 2008 1:07 PM
hell no
Posted by: guest at March 4, 2008 1:08 PM
maybe if they cut them by 40% and then still only maybe
Posted by: guest at March 4, 2008 1:12 PM
I dont' know - is this zoned for ps 261? that's a great school and 1700 sq ft for less than 800,000 seems pretty good - although I imagine it will come down even more..
Posted by: guest at March 4, 2008 1:14 PM
I was there last week,
There is no mezzanine at all in this project, and i was bidding for this unit, and the broker told me that there are several offers for this specific unit.
Yesterday, it was around 420,000
Posted by: guest at March 4, 2008 1:17 PM
Why is this person allowed to unleash his fixation of cubes and glass all over Brooklyn?
Posted by: guest at March 4, 2008 1:19 PM
I live very close to this place. In fact and remember when it was a parking lot.
It has a few things not going for it: 1) Its really ugly. It looks bad from the street (and I'm not a scarano hater).
2) not the swankiest block in Boerum Hill. Its sammiched between two projects: The Gowanus Houses and the Wyckoff Houses
3) when its hot and people are getting nuts int he summer, you will hear gunshots. I'm sorry, but that is a fact of life around there. I'm local, I know. I hear the shots.
4) The 800 pound elephant on the block is the Vargas bodega at the corner of Bond & Warren. This place is just sketchy, which skechy characters hanging out in front of that place, and going inside. Vargas is pretty much attached to this place.
5) not the best layouts. And I'm sure its built like criz-ap. It took a lot of illegal workers a long time to build that place
6) they had to re-configure the foundation because they kept hitting the water table. That block is notorious for having floods (I think there are some underground streams or something). I'm sure this will haunt some future homeowners.
On the positive side, even though the block isn't great (location wise), it is a great block with a bunch of tight knit families.
Posted by: guest at March 4, 2008 1:19 PM
Missed opportunity by the developers on this one. They should have created more 3 bedrooms. I find it instructive that the 4 bedroom was the first apartment to go. Contrary to the negative posts above, there ARE people who would move their families to this location if the right sized space was being offered.
Posted by: crouchback 2 at March 4, 2008 1:19 PM
Crouchback 2:
You are right on. I would add, that a 3-4 BR at the right price will move like turbocharged Porsche. If they are not priced right, like the horribly named (Smith 'n Hoyt) or whatever its called, they will just sit.
They should have just called it smiffenwesson!
Posted by: guest at March 4, 2008 1:26 PM
Anyone who wants a two bedroom in this hood can rent one for 3K a month (sometimes less) and that is for best location, best finishes, and they don't have to tie up cash in an investment that doesn't have the rosiest of near term outlooks.
This location is terrible and just won't get better until they blow up the projects, which they won't ever do...so...what happens next? Rhymes with Schmental.
Posted by: kuroko at March 4, 2008 1:32 PM
Interesting. Could Gowanus (a few blocks south) be affecting the water table?
From the photo, I don't mind the looks of the place, but the location?! I spend enough time living near the projects, and I do not miss it.
Posted by: guest at March 4, 2008 1:32 PM
No way they sell at this price in that location. Have to drop by about 40% to sell them.
Posted by: guest at March 4, 2008 1:44 PM
Actually, selling at any price is going to be difficult. Anyone willing to live in that neighborhood (in the projects) isn't likely to have the credit required to get a mortgage in today's market, or the up-front cash to outright buy the place. Prices will have to be cut extremely drastically if they are to sell at all.
Posted by: guest at March 4, 2008 1:46 PM
1:26 - but I dont think Smith -n Court have/had 3 or 4 Bedrooms
Posted by: guest at March 4, 2008 1:58 PM
1:58. They have a few townhouses with 3 or 4 BRs.
Posted by: guest at March 4, 2008 2:11 PM
It won't be difficult if the price is right - even if it's next to projects it's smack in the middle of several great neighborhoods, near subways etc.
Posted by: guest at March 4, 2008 2:17 PM
"It won't be difficult if the price is right - even if it's next to projects it's smack in the middle of several great neighborhoods, near subways etc."
You mean like a 40% reduction?
Posted by: guest at March 4, 2008 2:25 PM
$600 psf is much less than the $800+ they are asking for the 4th Ave condos.
Still though, 1:32 is right. You have to have a $100K in cash and good credit to a 30-year mortgage on this place for $3K a month, NOT including common charges. Personally, I don't feel like ponying up $100K and an extra $500 a month for the privilege of taking the ownership risk away from the developer.
Posted by: Polemicist at March 4, 2008 2:31 PM
"$600 psf is much less than the $800+ they are asking for the 4th Ave condos"
and the 4th ave condos are not selling either.
Posted by: guest at March 4, 2008 2:47 PM
I think it looks pretty good. I don't mind living near the projects. I'm FROM the projects. I'm not scared.
Posted by: guest at March 4, 2008 2:48 PM
SOLD! to 2:48, who is not scared.
Posted by: guest at March 4, 2008 2:55 PM
This site has become for sissies. Not going to say this is a good location since it is 1/2 block from The Gowanus Houses which are unsightly but not dnagerous. Would point out that a good portion of Smith St. is one block from the Gowanus Houses.
Posted by: guest at March 4, 2008 2:56 PM
I think the facade is pretty nice. It has a good visual balance. But the location is from hunger. No way. The Wyckoff houses are pretty bad.
Posted by: guest at March 4, 2008 3:07 PM
"This site has become for sissies."
Actually, the "sissy" quotient has always been rather high here, from where I sit.
Posted by: guest at March 4, 2008 3:35 PM
Look at good old "alphabet city" - projects galore. The more yuppies, the less crime. the projects are ugly - that's the main problem. I don't think crime is an issue in this area. It's certainly nothing compared to the upper east side (and all of Manhattan for that matter) in the 70s and 80s.
Posted by: guest at March 4, 2008 3:53 PM
Compared to what?
Compared to most other projects. The absolute worst that I know in the areas we discuss are the Farragut houses, the Wickoff project are almost as bad. They tie for second with the Red Hook Houses.
You are reading from a resident about gun shots at night for pete's sake, Really like the upper east side alright.
Posted by: guest at March 4, 2008 3:56 PM
"Compared to most other projects. The absolute worst that I know in the areas we discuss are the Farragut houses, the Wickoff project are almost as bad. They tie for second with the Red Hook Houses."
Why aren't we hearing daily tales about Boerum Hill (and Lower East Side and Harlem) brownstone residents being carried off by marauding project dwellers to be raped, robbed and killed? There are projects close to all of those areas. I'm not saying housing projects are safe - some are not, compared with other areas, but some are relatively peaceful. Just because a place is near a project doesn't nearby resident must invariably live in fear. There are shootings all over the city - should we all walk around with our heads ducked? When you say the projects are "pretty bad," how do you know? Have you ever been in a project? Or were you simply attacked by a project dweller? Just what sort of information are you basing your opinion on?
Posted by: guest at March 4, 2008 4:05 PM
3:56 - I lived on the upper east side in 70s and 80s and you may not have heard shots but you were guaranteed to have your car broken in to if you parked it overnight on the street. And people were mugged ALL the time. I never hear of people getting mugged in this area.
Not saying the price is right - I bet it will come down a lot.
Posted by: guest at March 4, 2008 4:16 PM
Wycoff and Farragut is like kindergarten and 1st grade compared to the mega projects at Red Hook. RH is like little city. dont let Whole Food and the Queen Mary fool you.
Posted by: guest at March 4, 2008 4:23 PM
Rental rhymes with Schmental and these two bedrooms will fetch $2,500 a month from a revolving door of young turks who think it is sweet/cool/badass to be living that close to sketch city. They'll tell themselves "It's got the best access to trains!" until they get their heads kicked in one night stumbling home from Boat.
Posted by: kuroko at March 4, 2008 4:26 PM
4:28 is right. Red Hook makes Wyckoff and Farragut seem like a kindergarten. RH is very rough.
Posted by: guest at March 4, 2008 6:47 PM
All of these projects are very rough, they were built at a time when society had lost all hope in the inner cities and were ready to hand them over to the underclass lock stock and barrel. The irony is that today really affluent people are buying super expensive homes right near these terrible highrise reservations. it is like the 1960's and the 2000's on a weird collision course. I have no idea how this will turn out. However as a historian I am not optimistic about human beings' abiities to tolerate each other and get along.
Posted by: guest at March 4, 2008 9:23 PM
While I won't defend the horrible Scarano building, as a resident of said block I feel I do need to defend my neighborhood.
No one loves the projects, but they've never given me any trouble. My wife and I walk through them all the time, at all hours of the day and night, and no one's ever given us the least bit of trouble. I haven't heard the gunshots that some people have (maybe I sleep too soundly), and I won't claim there's never any trouble in the projects, but all these scaremongers get on my nerves. It's a lovely block, with wonderful people living on it, and a fully functional building, Scarano-built or otherwise, can only help improve the area.
And hey, having a brand-new shiny building next to the Vargas mini-mart will probably be the best thing to scare those "sketchy" types away. Maybe they'll head for the Slope?
Posted by: guest at March 4, 2008 9:35 PM
Oh, and the water-table issue supposedly only affects the south side of the street. Our basement (on the north side) is generally dry as a bone.
Posted by: guest at March 4, 2008 9:40 PM
Huh, I've walked through the Red Hook projects at 1 AM, jog past em a few times a week (after dark), and have never felt even slightly threatened or uncomfortable. White laydee that i am....
Posted by: guest at March 4, 2008 9:45 PM
right on, 9:35, I agree with everything you said. I live across from one of the Boerum Hill projects and have never seen, heard or felt anything close to danger. Attribute the "sissy" factor to uptight yuppies scared of a concentrated mass of black folks. But that's fine, let them pay three times as much for half the space in Park Slope, God bless.
Posted by: guest at March 4, 2008 10:38 PM
9:23, your history needs some correcting. PJs were NOT built to warehouse the poor, they were built to give the working poor a better life. They were the result of 'slum clearance' where old housing stock was knocked down (for better or worse) and replaced with new, clean, well maintained buildings. The well maintained and well managed hasn't worked out everywhere, but it has in NYC.
PJs were built with parking lots, for chrissakes, it was a way to let the working poor it was still possible to keep a piece of the American dream.
Not everything worked out the way it was planned but there are still an awful lot of people living in the PJs that work for a living and are decent people.
Posted by: denton at March 5, 2008 6:21 AM
Anyone who purchases at 433 Warren is an idiot. They will never recoup their investment - even at a forty percent reduction. The builder is mysteriously holding off selling parking spots. Ghee - I wonder why. The one unit that is in supposed "contract" is probably the builder himself or a close relative. This is a sales tactic often used to get others to buy. 433 Warren will end up being low-cost rentals - probably to local transient ghetto scum in the vicinity who will move their whole family into a one bedroom apartment.
Pat
Posted by: guest at April 3, 2008 8:53 PM
Good luck selling these - there is no price on life!
Farragut
Posted by: guest at April 3, 2008 8:55 PM
To the writer of:
"right on, 9:35, I agree with everything you said. I live across from one of the Boerum Hill projects and have never seen, heard or felt anything close to danger. Attribute the "sissy" factor to uptight yuppies scared of a concentrated mass of black folks. But that's fine, let them pay three times as much for half the space in Park Slope, God bless."
You are obviously black and probably live in the projects or making under $20K yearly working as a "sales manager" in Sports Authority. Keep in mind it's the same uptight yuppies that pay your taxes fool. And yeah, you are damn right to be scared in a concentrated mass of black folks in the projects - last time I looked the majority of crimes in New York were committed by blacks. Get the facts!
Yuppie
Posted by: guest at April 3, 2008 9:05 PM
Dear "Yuppie"
That was my post to which you refer, and wow, you could not be more off base. Not a single one of your wild guesses is correct. What was that about facts, now?
Posted by: guest at April 17, 2008 11:23 PM
Dear "Yuppie":
I HATE that racist bigots like you still troll around this city, let alone my neighborhood. You would think that with your supposed socio-economic affluence, you could buy yourself some education and class. In my opinion, offensively ignorant people with money and an undeserved sense of entitlement like yours are equally destructive to the city.
Posted by: guest at June 16, 2008 11:03 PM
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