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June 9, 2008

Development Watch: Hasta La Vista, Mayfair

172-Nassau-Street-0608.jpg
As of last week, the Mayfair building (seen here) is toast. In its place will soon rise a 12-story building designed by Karl Fischer for developer Isaac Hager. If, that is, DOB ever approves it. The plan was originally filed more than three years ago but so far nothing.
Development Watch: 172 Nassau Street [Brownstoner] GMAP
Nassau Condos Resurrected From Fischer's Shelf [Brownstoner]
Development Watch: What's Holding Up 168 Nassau Street? [Brownstoner]




Posted by Brownstoner at 12:00 PM | Comments (16)
Categories: Development, Downtown Brooklyn

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Comments

Happy to see development in Brooklyn, but can this isolated corner of RAMBO/Vinegar Hill really use another building right now? We'll see--but I see it as a tough sell until the next boom.

Posted by: guest at June 9, 2008 12:24 PM

Worst location EVER.

Posted by: zinka at June 9, 2008 12:50 PM

zinka - have been over there recently?

Posted by: BrooklynLove at June 9, 2008 1:21 PM

I disagree with zinka. In fact, it is exactly the type of neighborhood I seek out. But not at the prices that Michael Tong is asking for his POS (on right in picture).

Posted by: guest at June 9, 2008 2:37 PM

BrooklynLove -- yes, I have been there within the last month or two. It's traffic-choked and near virtually nothing besides the bridge entrance. Is there anything else I should have noticed?

Posted by: zinka at June 9, 2008 2:43 PM

zinka - the location of this building has very little traffic or noise. this portion of duffield and bridge north of tillary is tons quieter and greener than the stretch where oro, avalon and toren are going due to the signifcant setback from the manh bridge approach, and nassau is buffered from the bqe onramp by a grassy hill and tons of trees. are you sure that you've been there? i have frequently.

Posted by: BrooklynLove at June 9, 2008 3:33 PM

Yes. I am sure that I've been there. The Manhattan Bridge entrance is right there, at Nassau and Bridge. Moreover, there are no shops or restaurants to speak of nearby, and it's a slog (and an unpleasant one) to transit. It's true that Flatbush is set back a bit, but not by much -- maybe 150 feet.

The stretch where oro, avalon and toren will be is also awful; I'm not disagreeing with you there. The only bright spot there is it's more convenient to transit. (The Willoughby entrance to the DeKalb stop is quite close to Toren.)

Posted by: zinka at June 9, 2008 3:55 PM

it's 10 minute walk to the F at york and 10 minute walk to the dekalb entrance at albee. maybe 10 minutes to R at lawrence but not sure. 3+ million dollar townhomes in central park slope are similarly equidistant to 9th street F, grand army plaza staton, 7th ave B/Q and 4th ave/union R. as for stores etc, they'll be a flood of them there w/n 10 years.

Posted by: BrooklynLove at June 9, 2008 4:15 PM

I hope you're right about that flood of stores, BL--did they ever lease out the commercial space in the BridgeView tower (the pink monster in the above photo)? Not that it would be convenient to anyone but BridgeView residents...

Posted by: guest at June 9, 2008 4:36 PM

Is this the same developer that developed Bayard Street?

Posted by: guest at June 9, 2008 5:18 PM

BL -

Yes, on paper $3mm townhouses in Park Slope are as far from transit. The key difference is that they're in a beautiful, dense, walkable neighborhood with tons of stores, restaurants, cafes, and services. That is simply not the case in this location. It's not a viable place to live for someone who enjoys an urban lifestyle -- now, not (maybe) in 10 years.

Buying based on speculation about what will be there in 10 years is not desirable for most people. 10 years is a long time to live in a truly unpleasant environment with one's fingers crossed for improvements that may or may not come.

Posted by: zinka at June 9, 2008 5:43 PM

10 minute walk to dumbo, 15 minute walk to brooklyn heights, 5 minute walk to downtown brooklyn, 20 minutes to boerum hill and carroll gardens. and there will definitely be plently of stores in the immediate area of this building - you have these 2 buildings, bk flatiron down the block, the 2 buildings going up a few blocks over across from McDs and then the slew of development across tillary - 2xOro, hotel down the block on tillary, toren, avalon, massive cats development. doesn't take much vision to see this.

not buying on speculation re the future is fine if you're able/willing to buy in a completely transitioned area. by your logic few would've bought bownstones in the slope in the late 70s, ft greene in the late 80s, clinton hill and bed stuy in the mid to late 90s or in plg over the past 5-10 years. if you need to see an example of this logic on steroids, take a look at the shells getting 1.5 mill in central harlem.

4:36 - space doesn't seem to indicate so but i'm not an insider so couldn't tell you for sure. anyway, i think it's going to take some time before a business comes into this space. need the nassau condos and bk flatrion people there as well to give enough customer base i would think.

Posted by: BrooklynLove at June 9, 2008 6:58 PM

I didn't realize "stores, restaurants, cafes, and services" is the definition of "an urban lifestyle." There are lots of reasons to enjoy living in cities besides rampant consumerism.

Posted by: guest at June 9, 2008 8:00 PM

one also consumes culture (the arts, historical elements, etc) if that's what you're refering to ...

diverse and dense population is one of my favorite characteristics however, but i mention the above items b/c that is what people generally pay up for.

Posted by: BrooklynLove at June 10, 2008 7:28 AM

Sure, you can walk to all those neighborhoods. But it's a really unpleasant walk around overpasses, past aggressive drivers furious they can't get on the BQE 5 minutes ago, etc etc.

I just don't see much future for this area, given how far it is from urban fabric.

But if you like it, I suggest you move in -- my guess is that the condos will be on fire-sale.

Posted by: zinka at June 10, 2008 1:54 PM

Yes zinka, the condos will be on fire-sale (sarcasm dripping)

That's why they're selling so relatively well (particularly given the economic conditions).

I less than 3 months more than half of Toren's apartments are in contracts and Oro has sold quite well.

Few places in the city more convenient to transportation (you can get almost anywhere in the city with a sub-10 minute walk and one subway ride).

+ BAM culutural district, albee square mall, the NYU school accross the street

You obivously have very little idea of what you're talking about, at least when it comes to this particular area.

Posted by: guest at June 12, 2008 11:44 AM

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