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June 9, 2008
Condos of the Day: Still No Action at 364 Myrtle Avenue
This is one developer who must be wishing he'd never crossed paths with architect Robert Scarano. After finding buyers for all three units at 364 Myrtle Avenue in early 2007, the developer had to let all of them out of their contracts when Scarano's high-profile problems with DOB got in the way of a C of O on the property. He then tried to rent the units last fall for very un-Myrtle-like prices before putting them back on the market in January. Then in May, with none of them sold, he actually hiked prices. Now he's gone and cut prices to slightly below where they were in January. (The three apartments are now asking $885,000, $825,000 and $749,000.) Meanwhile, you gotta assume the two years of carrying costs are starting to hurt.
Kara Kasper's Listings [Corcoran] GMAP
364 Myrtle Avenue [StreetEasy] P*Shark
Condos of the Day: Whiplash at 364 Myrtle Avenue [Brownstoner]
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo [Brownstoner]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What's Up With The New Building on Myrtle? [Brownstoner]
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Comments
Yes it’s defiantly been a long road. No doubt it has been hard on the builder. He purchased the house behind him, transferred the air rights to this lot and put an easement on that one. It took a long time to work that out… but now, happy to say he has his permanent C of O and the final approval on the tax abatement. And he is certainly more the ready to sell.
Posted by: guest at June 9, 2008 1:59 PM
outrageous. the ridiculous prices on the endless slew of subpar brooklyn condos is starting to make me feel nauseous. when will these developers get a clue.
Posted by: guest at June 9, 2008 2:02 PM
I have zero sympathy for the developer. I'm sure he, like most of Scarano's clients, selected his architect on the basis of his "magical" ability to get more SF built than would appear to be allowable under zoning. Sane people don't believe in magic. Magic is the extremely skilled presentation of a lie. The developer deserves his agony just as much as Wesley Snipes and the other clients of that crooked tax attorney.
Posted by: johnife at June 9, 2008 2:38 PM
This place makes NO sense and needs to come down a few hundred thousand more before it can start making sense.
The C of O wasn't the only issue that let the buyers out of the contract, the building had issues. It was poorly built, had problems (leaking roof, etc), and will continually have issues.
Also, don't forget this place is across the street from the projects.
Take your down payment and invest it. Rent a higher quality unit from the chocolate factory, and be thankful you didn't get trapped owning in this dump.
Posted by: guest at June 9, 2008 2:43 PM
2:43 - they are not across from the projects but across from the new building. and walgreens. it will be interesting to see what happens when they both open. i've heard next week is their goal to open...
Posted by: guest at June 9, 2008 3:15 PM
I love the description on the broker's website:
"Located on a busy commercial stretch of Myrtle Avenue between Clermont and Adelphi. . . this new construction attempts to set itself apart from the others."
It sounds like a review of a mediocre movie.
Posted by: cortnyc at June 9, 2008 3:26 PM
Ok, not across the street... but kitty-cornered.
Posted by: guest at June 9, 2008 3:46 PM
it's a safe corner to live on, I've been there 8 years with no problems.
Posted by: guest at June 9, 2008 4:50 PM
The units are also available to rent (still with Corco, but different broker) - also for very un-Myrtle-like prices. However, imho 10% off and they will sell.
Posted by: MrMinerva at June 9, 2008 4:57 PM
Kara-yuch!
Posted by: guest at June 9, 2008 5:16 PM
I went to the open house here and some other places and the spaces are really really nice… have you seen them? We’re not ready to buy but of everything we saw these were way nicer (I mean a lot nicer) and confusingly cheap. They have a 1688 sq ft 3BR really cool duplex for $749K. Around the corner… across the street… you can’t get basic boring 1000 sq ft 2BR for that price.
Posted by: guest at June 9, 2008 5:44 PM
Yeah okay, broker at 5:44. You gave yourself up somewhere between 'went' and 'open.'
Posted by: guest at June 9, 2008 7:02 PM
"this new construction attempts to set itself apart from the others..."
By not selling?
Posted by: guest at June 9, 2008 7:14 PM
Or by imitating Darth Vader.
This photo in contrast to the one from the post above is the best argument for landmarking, which I never thought I'd like.
Posted by: cmu at June 9, 2008 9:06 PM
How many USB ports on that thing?
Posted by: guest at June 9, 2008 10:25 PM
NY loves the crack...
Too much to live in da hood.
When will you learn you cant gentrify everything.
Posted by: guest at June 9, 2008 10:40 PM
If he had done six or seven 1BR's or a combo of floor-thru 1-2 BR's he likely would have sold out long ago. Three duplex 3 BR's on that block? C'mon.
Posted by: guest at June 9, 2008 10:42 PM
10:40: Obviously you are beyond gentrifying. The ghetto is gone. Get out.
Posted by: guest at June 9, 2008 10:44 PM
also, it is way too far from the subway.
Posted by: guest at June 10, 2008 7:56 AM
why not 3 duplex- 3 bedrooms in this block?
Posted by: guest at June 10, 2008 1:03 PM
If we were going to buy anything other than the house we did buy, it would have been a 3BR duplex. And I'm sure we're not the only buyers like that in this Brooklyn market.
Look at all the ads for the new condo buildings in Manhattan lately, in the interior design magazines. It's ALL about the large, family-sized units. It's what people want. In Manhattan, people are buying two apartments or two condos and combining them, just to get that kind of space.
No I'm not the broker. Just somebody who doesn't want the kids sharing one bedroom all their lives.
Posted by: guest at June 10, 2008 1:58 PM
I am looking for a 3 bedrooms condo because all the houses I have seen so far are too dark and narrow and do not have the time + money to redo the all house from scratch.
I like light and open space and the formula of 3 bedrooms with an outdoor space is for my family ideal.I agree with 1.58pm there are more and more family who looking for 3 bedrooms appts this day and not for houses!
Posted by: guest at June 10, 2008 2:10 PM
10:44 U GET OUT! 10:40 was right.people who were born and raised in BK deserve to live here.not u god dam gentrifyers.every time i hear a story of one of u yuppies getting robed on the street,i cant help but smile.it needs to happend more often.
Posted by: guest at June 10, 2008 7:41 PM
If I'm getting robed on the street, that robe better be Egyptian cotton.
Posted by: guest at June 11, 2008 9:52 AM
and what about your grand grand parents ?(7.41pm) are they Indian American? (the only ones who have a real right to say that this country were their own land). All the others have no priority over others.
Posted by: guest at June 11, 2008 2:12 PM
actually 2:12 my great grand father worked construction and helped build some of these brooklyn streets u walk on.i think that gives me the right.u new comers dont care about the culture,character or the people of BK.like i said,may all of u get robbed and victimised.that was a typo 9:52 u smart ass
Posted by: guest at June 11, 2008 7:41 PM
DEATH TO YUPPIES.MAY U ALL GO TO HELL.STAY IN MANHATTAN IF U KNOW WHATS GOOD FOR U.OR BETTER YET GO BACK TO THOSE SMALL TOWNS U ALL CAME FROM.HOPE TO SEE U AT 3AM ON A DARK BK STREET.BYE
Posted by: guest at June 11, 2008 7:45 PM
Good lord, 7:45, you are really a dumbass. Your great grandfather..., blah, blah, blah. Why don't you talk to your neighbors who sold their brownstones about preserving the culture, character, or people of Brooklyn? BTW, are you Dutch? That would be the people who founded Brooklyn. This is ridiculous.
Posted by: guest at June 13, 2008 4:51 PM
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