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November 10, 2008

Condo of the Day: 50 Bridge Street

50-Bridge-Street-exterior-1108.jpg50-Bridge-Street-Interior-1108.jpg
Even though 50 Bridge Street is on the wrong side of the tracks (in terms of property values), $600 a foot is still mighty low for Dumbo. Granted the layout is kinda long and skinny and it has a rental-caliber kitchen, but $699,000 for 1,164 square feet is eye-catching, especially given the combined monthly charges of just $286. Unfortunately we can't find any comps for this building. Are any readers familiar with it?
50 Bridge Street [Century21] GMAP P*Shark




Posted by Brownstoner at 12:38 PM | Comments (21)
Categories: Condos, Dumbo

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Comments

If your map is right, this isn't Dumbo is it?

Posted by: dittoburg at November 10, 2008 12:41 PM

that's not even a legal bedroom - no windows. price seems seems steep to me actually.

Posted by: gkw at November 10, 2008 12:53 PM

yeah, it's nice to have a window in your 1100 sq ft. you can keep it.

Posted by: noah at November 10, 2008 1:05 PM

I'd say everything west of Bridge is DUMBO. I would be inclined to rip out the "home office" -- it's not on the floor plan, so it may be a tenant addition -- and re-do the kitchen and suddenly the price is more than I would want to spend.

Posted by: altervoce at November 10, 2008 1:08 PM

"Calling All Investors!"

Huh? Is it currently rented, and is delivered with a tenant?

Posted by: broadwayron at November 10, 2008 1:19 PM

This is actually Vinegar Hill. I attended several open houses in this building and I'm glad we walked away. Most of the apts are "loft-like" spaces without separate rooms so this owner probably put up the walls to create the bedroom.

Posted by: jwald at November 10, 2008 1:21 PM

we looked at some apartments in this building about 8 months ago. The building is nice, but it's in a weird area for the following reason - a lot of the warehouses in Vinegar Hill that could be developed into really cool apartments are sitting vacant right now until the zoning laws are determined for the neighborhood - therefore, the buildings surrounding this one may sit vacant for a few years or may be knocked down and turned into big glass towers. It was hard for us to justify making an investment in a neighborhood that we might not like in 2 or 3 years. It's also pretty desolate around there, which is something we weren't entirely comfortable with.

Posted by: columbiatch at November 10, 2008 1:22 PM

This condo is within the boundaries of the Dumbo Historic District.

Posted by: downtownbrooklyn at November 10, 2008 1:23 PM

one thing about this building is I believe that only some of the floors are residential, while lower floors have remained commercial, right?

city planning's proposed rezoning of the area is definitely going to change some things for the better around there

Posted by: nycappraiser at November 10, 2008 1:59 PM

As downtownbrooklyn correctly points out, the building is in the historic district and from a typological standpoint, I would say it looks a lot more like DUMBO than Vinegar Hill. The paint job is an abomination, however.

"It's also pretty desolate around there, which is something we weren't entirely comfortable with." There's no accounting for (my questionable) taste, but I would rather be some place "desolate" then in the heart of DUMBO.

Posted by: altervoce at November 10, 2008 2:30 PM

Definately DUMBO, not Vinegar Hill -- which is really only that one street right by the Navy yard. But, this thing really is close to that electric station. I lived in DUMBO years ago, and that place (the electric station) always creeped me out with its strange pops and crackles. I'm sure its safe, but I always worried that my brain was getting fried as I walked by. Can't really imagine living beside it.

Posted by: aishling at November 10, 2008 2:47 PM

As per Wikipedia (I know, I know), Vinegar Hill stretches from the East River waterfront to Front St and from the Brooklyn Navy Yard to Bridge St, roughly comprising a six block area.

Posted by: jwald at November 10, 2008 3:25 PM

My 1940s guide has this as Vinegar Hill

Posted by: dittoburg at November 10, 2008 3:33 PM

According to the NYTimes Bridge street is the border:

Q. How did the waterfront area in Brooklyn known as Vinegar Hill come by its piquant name?

A. John Jackson, a speculator, purchased a large tract of land on Wallabout Bay from the Sands brothers in 1800. Hoping to attract Irish immigrants, Mr. Jackson named a small part of it Vinegar Hill after the site of a fierce battle in the Irish rebellion of 1798, where insurgents were defeated on a hill near Enniscorthy in County Wexford. In Ireland, the name ''Vinegar Hill'' was an English homonym for a Gaelic term meaning ''hill of the wood of the berries.''

The cobblestoned Brooklyn neighborhood, bounded by Sands Street to the south, the old Brooklyn Navy Yard to the east, Bridge Street to the west and the East River, was also known in the 19th century as Irish Town. DANIEL B. SCHNEIDER


Posted by: dittoburg at November 10, 2008 3:38 PM

To clarify, the Dumbo Historic District LPC map (PDF: http://www.nyc.gov/html/lpc/downloads/pdf/maps/DUMBO_map.pdf) shows that the buildings on the West on Bridge Street are in the boundaries, which includes 50 Bridge Street.

Posted by: downtownbrooklyn at November 10, 2008 4:20 PM

Just becuase its in "dumbo historic district" doesn't make it Dumbo. Dumbo is a neologism comapred to Vinegar Hill.

Posted by: dittoburg at November 10, 2008 5:59 PM

I think there is a big lawsuit against the sponsor in this building.

Posted by: Sunny at November 10, 2008 7:29 PM

Guttman. For shame.

Posted by: Ahh beer at November 10, 2008 8:05 PM

This building is a nightmare---I know (sane) people who live in it, and there have been major structural problems from the beginning---all sorts of sub-par building, countless ongoing lawsuits. Guttman seems to be a truly immoral man.

Posted by: kwar228 at November 10, 2008 8:44 PM

the last couple of commenters are right. I saw a unit in this building a few months ago and the broker straight up told me that half of the building was engaged in a lawsuit with the developer, over water and roof leakages, or something to the like. just sounded like a situation you wanted to stay away from. also the light in the building wasn't great.

and while this is technically probably vinegar hill, it's not as far from main dumbo as you'd think. In fact, it's probably closer to the F train than a lot of other developments in the neighborhood.

Posted by: wburger at November 11, 2008 1:09 AM

Guttman - oh dear. That man should be run out of town like Scarano nearly has been.

Posted by: dittoburg at November 11, 2008 8:05 AM

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