« Brooklyn's Varied Real Estate Market A Call for a Moratorium on AY Demolitions »
April 7, 2008
Bridgeview Tower: Another One Bites The Dust, Goes Rental
Yet another new condo development has gone rental (see editor's note). Bridgeview Tower, nestled between the Manhattan Bridge approach and Brooklyn-Queens Expressway, has been on the market nearly two years, yet according to StreetEasy only four units are in contract and no sales have been recorded. While several brokerages still have for-sale listings up—the most expensive is a $1 million two-bedroom—rental listings have popped up on aptsandlofts.com and a number of other sites. That same two-bedroom rents for $3,900 a month, a whole lot cheaper than the monthly mortgage payments on a million bucks. At these prices, do you think Bridgeview will do any better as a rental?
Editor's note: Only a portion of the building has gone rental, according to aptsandlofts.com founder David Maundrell. He said an investor bought 20 units to rent, adding that his firm rented two the first week. Renters' "jaws drop" when they see that SubZero," said Maundrell, referring to the refrigerator and other high-end kitchen appliances.
Kodachrome Goes Rental [Brownstoner]
Scarano-Designed MYNT Now Rental [Brownstoner]
A Couple of Cuts at Downtown's Bridgeview Tower [Brownstoner]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/4447
Comments
Unlike the Oro, or the Toren been built near by, this building is so ugly and probably a worst location! I am actually so glad they weren't that successful!
Posted by: guest at April 7, 2008 10:04 AM
oh my god - that may be the worst architecture I've ever seen - love the vast expanses of wall without windows - great touch.
I was getting depressed about all the ugly architecture in brooklyn this weekend, then realized that it was really all just a part and parcel of the manhattanization of brooklyn - hideous architecture is part of the deal. somehow that compforted me a bit.
Posted by: guest at April 7, 2008 10:06 AM
Yes, we heard.
Posted by: guest at April 7, 2008 10:07 AM
I really dont think this is reflection of anything regarding the market - who even knew this property was on the market - if you couldnt sell this 2 years ago - you are a moron.
Even in good markets there are failures - this clearly is one of those.
Posted by: guest at April 7, 2008 10:07 AM
I always assume that this was a rental type of building. It is that ugly.
Posted by: guest at April 7, 2008 10:16 AM
This is a horrible, ugly, Soviet-looking building. What were they thinking?
Posted by: guest at April 7, 2008 10:18 AM
www.bridgeviewtower.com is incredibly amateurish. They even spell the name incorrectly in the page title ("BidgeView Tower"). The "Neighborhood" page includes this gem: "Our distinctive neighborhood allows for suburbian [sic] living with the same luxuries of being in NYC for less." Uh, yeah.
Posted by: guest at April 7, 2008 10:27 AM
there is another standard 1-bd for rent in this building for 3500/month. they must be crazy if they think they will get that rent. maybe 2500 but no way will thet get 3500.
Posted by: martis at April 7, 2008 10:30 AM
This is probably the worst tallish building ever built in Brooklyn, IMO.
Posted by: guest at April 7, 2008 10:35 AM
yep ugly.
Posted by: guest at April 7, 2008 10:39 AM
I went and saw inside. Biggest problem for the building is bit of walk to subway and at this point not much commercial close at hand.
Finishes and look not as nice as Forte. Living rooms seemed small.
The studios I thought were very nice size - with wrap-around terrace. That line of apts also has lots of glass and southern exposure.
Posted by: guest at April 7, 2008 10:40 AM
Why is everyone so hang up on the looks of this bldg, it's not ugly by any means. I like it better than the JayCondos or Forte bldgs aesthetically. It's the location and $3900 rent price that work against it. From my visits, the University Towers is a great deal if one wants the BEST deal in town. It close to the subway and everywhere else. Everyone else is overpriced - Oro, Toren, bellTel. Are they worth it?
Posted by: guest at April 7, 2008 10:43 AM
I've always loved the huge banner hanging from Bridgeview that reads: "If you lived here, you'd be home by now."
It would be cool if every building had that banner. And it would always be true.
Posted by: guest at April 7, 2008 10:47 AM
Oh, so they're trading in the over-priced condo for an over-priced rental. Got some real marketing wizards over there. I believe that, at least initially, these apartments were being developed for/marketed to Chinese...kind of East Chinatown, accessible via the B51 bus.
Posted by: guest at April 7, 2008 10:47 AM
It's very unpleasant walking around over there -- you're held hostage by speeding trucks and cars from all sides, and there's nothing to do! IMO, not artsy enough for the loft types and not nice enough for those seeking creature comforts.
Posted by: guest at April 7, 2008 10:56 AM
I really do hope this serves as a lesson for other developers. Building any old crap is not going to fly anymore, people will not be plunking down 6 or 7 figures jsut because it has 4 walls and a crappy balcony.
Sad that this should be common sense, but hopefully a few of the developments out there in pipeline will take notice. Not likely though, most developers are idiots that only know how to save a buck, only to lose 2.
Posted by: guest at April 7, 2008 10:57 AM
This may be the ugliest or worst located or whatever, but the the whole genre of new, smallish, marginally located condos is going to go underwater for awhile.
Posted by: guest at April 7, 2008 11:04 AM
i know someone who lives here and is very happy with the bldg
Posted by: guest at April 7, 2008 11:14 AM
no you don't
Posted by: guest at April 7, 2008 11:46 AM
The Bridgeview is not ugly. I tell you what's ugly - You.
Posted by: guest at April 7, 2008 11:53 AM
From the website: "Close enough to enjoy all the fine cuisine, boutiques and arts that our surrounding neighborhoods have to offer, yet far enough to escape from all the chaos of everyday city life."
I can't think of too many places that are more chaotic than the Flatbush Ave. Ext.
The first time my boyfriend and I saw this building, we had a great time coming up with various locations where the building might have been more aesthetically appropriate. Like the Gaza Strip. Or Bucharest, 1973. Or Reno.
Posted by: guest at April 7, 2008 12:23 PM
The location and design may not be that well but the real problem was (and still is) the price. There are so many other aesthetically challenged buildings residing on bad locations but did sell/rent well. It's greed that sunk this puppy.
Posted by: guest at April 7, 2008 12:32 PM
11:53 = Mike Tong
Posted by: guest at April 7, 2008 12:35 PM
not surprising - this place makes much more sense as a rental. demo is getting ready to start around the corner on the nassau street development, bk flatiron is down the block and there are the 2 buildings going up on the other side of mcds. this cluster will be a fine lil chunk 10 years from now, the developer can build a nice rent roll over time, and then sell the building off for some decent buck in 25. not so bad.
Posted by: BrooklynLove at April 7, 2008 12:45 PM
This building will be a partially collapsed, rat infested, hell hole in 25.
Posted by: newsouthsloper at April 7, 2008 1:28 PM
"At these prices, do you think Bridgeview will do any better as a rental?"
Absolutely not. These are fantasy rental ASKS and will get pounded on as this sale-to-rental phenomenon continues to drive up inventory. They're better off cutting their losses and "dumping" these units on the sales market at fiercely competitive discounts.
There is no endless supply of renters and many will be buyers as the market gets softer and softer. I seriously doubt we will see 2007 real prices again in our life times. I'm sure their profits are tied to sales and not rentals. The rental market is also in bubble mode, albeit not as irrational as the sales market.
Posted by: guest at April 7, 2008 1:49 PM
How can a rental market have a "bubble"?
A bubble is when people are willing to overpay for an asset because they think they'll be able to sell it to someone else for even more. "Real estate always goes up" "The risk has been diversified away in collateralized mortgage securities" "Over ten year periods the stock market always goes up" "Tulips are a sure thing" . If you believe this stuff, you should buy things that are overpriced with money that you don't have and can't afford, because the more you buy the more you'll make.
But you can't sell your lease, so why would anyone overpay for a lease based on what other people are doing? Do people rent apartments they don't need/want because they are worried that if they don't they will get locked out?
Posted by: guest at April 7, 2008 2:56 PM
i don't think this building is representative of the whole market. it's a horrible location and probably incorrectly priced.
i was out at a ton of open houses in williamsburg recently, and things are selling there.
Posted by: guest at April 7, 2008 5:14 PM
It is irresponsible to write a "story" without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can't think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
Posted by: guest at April 7, 2008 6:35 PM
It is irresponsible to write a "story" without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can't think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
Posted by: guest at April 7, 2008 6:36 PM
It is irresponsible to write a "story" without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can't think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
Posted by: guest at April 7, 2008 6:37 PM
It is irresponsible to write a "story" without getting the facts.
The photo of this building misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can't think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
Posted by: guest at April 7, 2008 6:38 PM
looks like the condo dec was recorded in feb 2008 ...
what's the deal b-stoner?
Posted by: BrooklynLove at April 7, 2008 7:59 PM
funny comments on bridgeview:
http://www.onehansonplace.com/2007/01/new-strategy-bridgeview-tower-at-189.html
http://www.onehansonplace.com/2006/10/bridge-view-tower-condos-in-dumbo.html
Posted by: ltjbukem73 at April 7, 2008 8:33 PM
I would buy or rent in there. I think the building looks really nice from the outside. Looks like plenty of the units will have great views. They should change the sign though, it looks like its falling down.
Posted by: guest at April 7, 2008 9:12 PM
I would buy or rent in there. I think the building looks really nice from the outside. Looks like plenty of the units will have great views. They should change the sign though, it looks like its falling down.
Posted by: guest at April 7, 2008 9:13 PM
It says Downtown Brooklyn, but i think this is really DUMBO. The location looks awesome on the map, so close to Manhattan. Id rather live here than in Fort Greene or Clinton Hill.
Posted by: guest at April 7, 2008 10:18 PM
Ugly building in an uglier neighborhood. The price per sq feet is too high for such crap. A buyer would be getting better deals in Downtown Brooklyn proper with subway access and stores.
Ugly building! Why would anyone want to spend their hard earned money on this when better offerings are available?
Posted by: guest at April 7, 2008 10:34 PM
"How can a rental market have a 'bubble'?"
Speculation that rents only go up and never go down. Pop!!!
Posted by: guest at April 7, 2008 10:54 PM
Bk Heights, DUMBO, Downtown Brooklyn, and Williamsburg will always hold its value and appeciate no matter what the design is. If i had money saved, id buy NOW.
Posted by: guest at April 7, 2008 10:55 PM
"Scared money makes no money"
Posted by: guest at April 7, 2008 11:05 PM
10:55 This is not in any those neighborhoods, although they want to say it is in DUMBO. I am curious, though, how does that shuttle bus work? Does it only run during rush hour? Where does it go?
Posted by: guest at April 8, 2008 12:09 AM
10:18 has clearly never been to this location. It's a traffic-choked hellhole. The fact that they need a free *shuttle bus* to the subway says it all -- it's near nothing.
Posted by: zinka at April 8, 2008 12:48 AM
Hideous building, crappy neighborhood, way overpriced--what's not to love?
Posted by: guest at April 8, 2008 11:48 AM
I like the neighborhood. I have a bunch of friends that live on Nassau Street. There is an awesome park nearby too.
Posted by: guest at April 8, 2008 10:26 PM
I just moved into the building and I love it. The exterior may not be all that great, but the finishes inside are beautiful. Everything is very comfortable and pleasant and the people living there now are great. All you people need to get a life and do something more productive then sit in front of a computer and comment on something you cant afford.
Posted by: guest at April 9, 2008 1:02 PM
I just moved into the building and I love it. The exterior may not be all that great, but the finishes inside are beautiful. Everything is very comfortable and pleasant and the people living there now are great. All you people need to get a life and do something more productive then sit in front of a computer and comment on something you cant afford.
Posted by: guest at April 9, 2008 1:04 PM
I just moved into the building and I love it. The exterior may not be all that great, but the finishes inside are beautiful. Everything is very comfortable and pleasant and the people living there now are great. All you people need to get a life and do something more productive then sit in front of a computer and comment on something you cant afford.
Posted by: guest at April 9, 2008 1:04 PM
I just moved into the building and I love it. The exterior may not be all that great, but the finishes inside are beautiful. Everything is very comfortable and pleasant and the people living there now are great. All you people need to get a life and do something more productive then sit in front of a computer and comment on something you cant afford.
Posted by: guest at April 9, 2008 1:08 PM
somebody's renting out on Craig's List; check it:
http://newyork.craigslist.org/brk/abo/680671566.html
Photos are the same from the BVT website
Posted by: guest at May 15, 2008 4:41 PM
Post a comment
Please be patient while your comment is published. It may take a moment.