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October 10, 2008

One Sunset Park Hits the Market

Back in 2006, developers purchased 702 44th Street, aka One Sunset Park, for $6.08 million. Since then, they've been converting the 54 rental units into condos as they become available (which hopefully doesn't meant they're pulling a Stuyvesant Town and trying to pry people out of their apartments). Now, the first five units are on sale, for between $300,000 for a one-bedroom to $475,000 for a two-bedroom. Only one unit has been completely remodeled, which they're using as a sales office, and the four others are under construction; 16 more are slated for reinvention. If you buy early enough, you can have a say in their remodeling.
702 44th Street [Halstead] GMAP

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Comments

I think the map is of Sacramento or at least, not of Brooklyn.

Posted by: trippetta at October 10, 2008 10:50 AM

That's one heckuva commute.

Posted by: SnarkSlope at October 10, 2008 10:56 AM

The apartments and website look nice. The floorplans and layout are very sensible...I'm not sure about living in Sunset Park though, the commute to Manhattan looks long...

Posted by: Dan76 at October 10, 2008 10:56 AM

It does look like a long commute but apparently on the express line its not that many stops into the city. Don't know myself cause I don't live out there but that is what I have heard.

Posted by: wasder at October 10, 2008 11:06 AM

I was talking about the commute from Sacramento, which is what the map displays. A failed attempt at a joke. Perhaps more coffee will help.

Posted by: SnarkSlope at October 10, 2008 11:14 AM

it's half an hour to midtown via express at 36th street. but this is closer to local r train station.

Posted by: moocow at October 10, 2008 11:17 AM

I live in the neighborhood and the commute isn't bad. The walk up that huge hill to get to the building though might be a pain for some. However, if you have a few facing the park, I'm sure you'll get a city skyline or a great view of Sunset Park. The school across the street is always kept clean and unless you work from home noise shouldn't be a problem. My only issue with this building is the rooms like tiny and there are not much amenities for the price. The website tells you about Sunset Park's swimming hole, but unless you love long lines and public pools then I doubt you'll ever go. Its a very diverse neighborhood. This would be perfect place for a starter home, but I doubt many people who can afford this would take this over other deals closer to bars and a nightlife.

Posted by: DizzyNYC at October 10, 2008 12:03 PM

theres a place larger than these one bedrooms right on the park thats 169k right now. its a all cash deal tho.

i can see these 1bedrooms being halved in a few months.

Posted by: Santa at October 10, 2008 12:09 PM

The second bedrooms have no closets. WTF??

Posted by: InsertSnappyNameHere at October 10, 2008 12:18 PM

Well, this will take about forty years to become mostly owner-occupied. Whoever buys into this building should understand that they will be at the mercy of the sponsor, both in terms of building improvements as well as finances. Should the sponsor go belly up, they're in for hard times.

Posted by: sam at October 10, 2008 12:42 PM

"its a all cash deal tho."

Um, that is a pretty big BUT in your little comparable. All of those cash sales are deeply discounted like that... because who has 165K lying around? There are a lot of coops that don't allow mortgages in Sunset Park, and they are all priced way below market rate for that reason.

Posted by: BrooklynZoo at October 10, 2008 12:52 PM

best tacos in brooklyn are at matamoros - 5th ave (45-46) a few blocks away. i crave them all the time.

views from the top of the park are amazing - city, harbor and nj. reminds me a little of sf.

if i hadn't bought already i'd consider this neighborhood. no idea how the schools are though. express train to 36th st is fast and one local stop to 45th st.

there are at least 2 other 1br's in buildings facing the park. both around 200-210k range. neither is all cash. one needs work but is on the top floor and has great views of the city and harbor (not the park though). the other is on the ground floor.

Posted by: winthropst at October 10, 2008 1:57 PM

"best tacos in brooklyn are at matamoros - 5th ave (45-46) a few blocks away. i crave them all the time."

I second that. Matamoros is seriously amazing. I think i went there once with 5 friends, we ate the entire menu, and the bill was like $35. I dont know much about sunset park based on my limited time walking through, but i can tell you that there are some nice brownstones around there and no shortage of great mexican food. 435k for a 2BR condo doesnt seem so bad, especially if it eventually comes down 10-15%.

Posted by: bktycoon at October 10, 2008 2:49 PM

Best taco in Brooklyn is this Mexican chick I used to date on 37th and 4th ave.

Posted by: Xander Crews at October 10, 2008 3:09 PM

made a mistake on the prices for the 1br co-ops. they are on craigslist.

the one with views is 225k with a maint of $180 (20% down)
the ground floor one is 209k with a maint of $245 (10% down)
the one listed by another reader is $169k on the craigslist header but when reading the ad it really is 190k all cash
all 3 with corcoran. have never seen them but sound good.

re: matamoros - have yet to try anything beyond the tacos on the menu since i get so full from them. tamales are great if not a wee bit dry. shrimp cocktail is good. byob keeps the cost down. waitresses are super friendly but speak limited english. luckily they have some menu translations now.

have yet to explore the chinese food on 8th ave. suggestions anyone? i had heard that a slew of them had been closed down for health code violations though in the past month...

Posted by: winthropst at October 10, 2008 3:27 PM

It really is a beautiful area. The condos look amazing!

Posted by: greenwood_heights_boy at October 10, 2008 5:27 PM

I went to their first open house last weekend and the units look great. I liked the location and the way the model was staged. In refernce to all the above about them selling they have that guy I have seen on here on site Brian Scott Cohen from Wells Fargo who was giving out great finanicng information and answering questions. he mentioned they had a full approval on the building..Take a look at the place worth seeing

Posted by: jackie loves at October 10, 2008 6:59 PM

jackie loves, it's annoying when you brokers post on this site and pretend to be real people.

Posted by: pfa at October 11, 2008 1:42 AM

I lived in SP. Definitely a Long-Ass commute to manhattan. 45 minutes when all the planets are in alignment. 1 hour normally (and it's a long-ish walk to the train station from the address in question). great mexican/latin-american cuisine, a few good pizza joints, not much else. Very working-class and immigrant demographic. Depending on your proximity to the train station, your commute can take just as long from Bay Ridge, the next neighborhood over.

Posted by: pfa at October 11, 2008 1:43 AM

I find neighborhoods on the cusp to be very interesting. I remember when Dumbo was just beginning to be populated in the early 1990s and when Williamsburg/Greenpoint began to take off. Sunset Park is somewhat different. It is not a deserted and thinly populated neighborhood but rather a very vibrant and diverse community. While it is currently very Asian and Hispanic this is beginning to change. More and more people are discovering this neighborhood. The park itself is a real oasis. It offers wonderful views of the skyline and is a great place to hang out. Although I would not consider living in this neighborhood since I'm very happily ensconced in Dumbo, I've looked at several apartments in this neighborhood. This is probably the best building in the neighborhood. It's located on the top of the hill which gives a great views. Also, unlike many other buildings in the neighborhood, this one has an elevator. I visited the model unit this morning and thought the work and renovations were well done. The pricing compared to some of the other newly constructed buildings is reasonable. It is a bit of a schlep to the subway but it's proximity directly next to the park is perfect for those who appreciate the park. Marketplace, I am curious to see if these units will sell.

Posted by: urban pioneer at October 11, 2008 12:51 PM

The neighborhood will only get nicer from here! Rumor has it Starbucks was looking at Rainbow Cafe. Anyone know anything?

Posted by: greenwood_heights_boy at October 11, 2008 2:50 PM

I also saw the model. I agree that it looks really good. It does have some nice amenities for this price, like the washer/dryer. Most buildings in Sunset Pk have no elevator, so that's a big plus. I think the area will come around.

Posted by: rufus at October 11, 2008 10:31 PM

OK, this is the bottom line: NEVER BUY AN APARTMENT IN A COOP THAT IS LESS THAN 75% OWNER OCCUPIED.
Everything else is cool.

Posted by: Inigo at October 11, 2008 11:35 PM

I would agree with Inigo, but this is a CONDO, not a co-op. Totally different animal. The majority of condo conversions do have 75% or more units converted at the outset. The fact that renters are still in the building does not make it any more risky. More important to examine the taxes, common charges, etc. and make sure everything is viable, and make sure the sponsors are able to perform.

Posted by: rufus at October 12, 2008 6:29 PM

Yes I think these are priced really well - but I also think the fact the building remains the same and they just refurbed the inside is a big draw!
i think this nabe is REALLY starting to pick up as it's price point is riiiight!

Posted by: gemini10 at February 2, 2009 11:27 AM

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October 10, 2008

One Sunset Park Hits the Market

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