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September 8, 2008

Condo of the Day: 176 Johnson Street, #2C

toy-factory-0908.jpg
176-Johnson-Floorplan.jpgThe Toy Factory Lofts at 176 Johnson Street were the first new residential project in the downtown area when the building was converted back in 2005. Since then the Oro and Belltel have been completed, the Toren's getting there and the Avalon, Catsimatidis and Flatbush Flatiron projects are in the excavation or foundation stages. While all this development certainly helps validate the location, it also provides some stiff competition for the Toy Factory. The latest unit to come up for resale is Apartment 2C, a 816-square-foot loft asking $530,000. Sounds not unreasonable until you consider that this is on the second floor overlooking the projects and, perhaps more importantly, that you can get a 794-square-foot place in the Toren for $524,000 (well, you could have, but this one's in contract now) or a 768-square-foot pad in the Oro for $510,000. While our taste tends to favor conversions over new construction, it's hard to argue the Toy Factory listing is a good deal in light of those comps (or in light of the fact that the owner paid $380,000 for the apartment in 2005).
176 Johnson Street, #2C [Century 21] GMAP P*Shark
Condo of the Day: 176 Johnson Street Exit Strategy [Brownstoner]
Condo of the Day: Toy Factory One Bedroom [Brownstoner]




Posted by Brownstoner at 12:41 PM | Comments (14)
Categories: Condos, Downtown Brooklyn

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Comments

Not a legal 1-bedroom from the floorplan -- no window. The bedroom is just carved out of the living room. That said, nice studio.

Posted by: BH76 at September 8, 2008 1:00 PM

a century 21 broker has a listing with decent photos and relatively competent prose? i think i just saw a pig fly outside my window.

Posted by: z at September 8, 2008 1:05 PM

I mulled over the Toy Factory when it first hit the market. If I remember the C-line floor plan correctly, the "bedroom" is not original for the reasons alluded to by BH76.

Posted by: altervoce at September 8, 2008 1:32 PM

Weird that you'd bash an owner for being astute enough to make a profit in three years even while badmouthing his apartment because it overlooks "the projects." Weirder still that you'd omit mentioning that both the cost per square foot + common charges of the featured Toy Factory apartment are less than that of both the Toren + Oro condos to which you compare it. Weird, but sadly not surprising at all.

Posted by: imjustsaying at September 8, 2008 2:51 PM

Give Mr. B a break. The cost/sf for the Toy Factory may be less because it is not a legal one-bedroom, has no doorman and is on the second floor!

Posted by: BH76 at September 8, 2008 3:39 PM

Not to mention that the Toy Factory unit has cheap, Home Depot grade fixtures and probably gets little natural light.

Anyway, with the 25 year tax abatement at the Toren, the monthly carrying costs is less than $110 a month higher. I imagine the carrying costs are similar at the Oro as well.

I'd certainly pay that for a doorman, pool, higher floor, nicer fixtures, an actual bedroom, nicer architecture, etc.

Posted by: BK11201 at September 8, 2008 6:46 PM

high 3s - low 4s

Posted by: BrooklynLove at September 8, 2008 7:30 PM

the closing costs would be cheaper here as it is a re-sale. with the new construction, the buyer will probably be paying the transfer costs. perhaps there are window treatments and bathroom hardware installed too. a brand new apartment lacks that stuff.

also, new construction has a waiting period, and this is an up and running condo, so works for someone wanting to buy now.

wonder if there is still parking available in their garage. this could also matter to someone.

i don't think that this is a crazy price. could always offer less.


Posted by: wine lover at September 8, 2008 7:43 PM

this is a big studio on a low floor in a building with problems in an area that will be a construction zone for the next several years. this seller should be happy with a price that starts with a 4.

Posted by: BrooklynLove at September 9, 2008 6:38 AM

I have lived in Brooklyn since the early 90’s (Boerum Hill and Fort Greene) and have certainly seen neighborhoods transform. Take a walk around Downtown Brooklyn and you will know that the promises of a transformation will not be unfulfilled. Sure, right now it is a big construction site, but it is happening. The thing that never changes about any neighborhood is the transportation options. Downtown Brooklyn has real and convenient accessibility to the B, Q, R, N, F, A, C, 1, 9, 2, 3, 4, 5 J, M, and Z trains…hard to beat. I predict that once Downtown Brooklyn is fully developed it will easily eclipse other “established “ neighborhoods as a desirable place to live. For any New Yorker, accessibility is key. Sure, Williamsburg looks appealing now, but who wants to be stuck with the L train as your only option? As more retail, residential, and public green space comes to Downtown Brooklyn, the value of property will only increase (and quite possibly skyrocket).

I considered both Oro and Toren…both gorgeous developments. However, as wine lover mentioned above, closing costs in a new development average 5%-6%. When I subtracted that from the amount I have available for a down payment plus added in the high monthly common charges, it just wasn’t possible right now. With the Toy Factory listing, you get the benefits of relatively new construction without the high closing costs and high common charges. Seems like a better deal right now.

Posted by: imjustsaying at September 9, 2008 8:26 AM

imjustsaying: Downtown Brooklyn has accessibility to the 1 (doesn't go to Brooklyn) and 9 (doesn't exist) trains? Not to mention the J and Z.

Most of those trains are nowhere near the Toy Factory, and even those that are nearby are a grim walk away.

Posted by: zinka at September 9, 2008 12:26 PM

Zinka: You are right about the J, Z, 1 and former 9 trains…my mistake. However, all the other trains mentioned in my previous post pass through Downtown Brooklyn and are easily accessible to the area without the “grim walk” you claim. Sure, some trains are closer than others, but all are close enough if needed. To suggest otherwise is simply not true.

Posted by: imjustsaying at September 9, 2008 2:03 PM

imjustsaying--

It's half a mile to the Nevins 2/3/4/5 stop.

It's about a third of a mile to the nearest station at DeKalb. To suggest that it's "close", as you might say, is simply not true.

To put the distance in perspective, the walk from Union Square to Washington Square is a third of a mile.

A half mile walk will get you from Union Square to Shake Shake at Bryant Park.

Certainly walkable distances, but hardly close. And Zinka's right--the current walk along Flatbush is unpleasant at best.

Posted by: BK11201 at September 9, 2008 3:18 PM

BK11201-
Have a look at the following:

www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynintro1.shtml
www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynplan12.shtml
www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynplan17.shtml
www.mossgilday.com/projects/goldstreet.html

That “current walk along Flatbush” is about to change drastically.

Posted by: imjustsaying at September 9, 2008 5:13 PM

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