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November 3, 2008

Tough Times at One Brooklyn Bridge Park

Sure, Elizabeth Stribling purchased a $6.05 million condo at One Brooklyn Bridge Park in March, but that didn't make her a trendsetter. Bloomberg News reports that two-thirds of the 449 units remain unsold. The reason: Wall Street's meltdown; OBBP's main customers worked at places like Lehman and Merrill Lynch. "We were killed," Robert Levine told them. "We have negotiated and done some contracts, but people are clearly much more aware of the current economy." Levine gets some of his development cash from a $300 million fund of American International Group Inc.'s real-estate investment sector. Oops. And here's another problem: "One Brooklyn faces a particular challenge because it's cleaved from the rest of Brooklyn Heights by the Brooklyn-Queens Expressway, said Cliff Finn, director of new development marketing for the New York real-estate brokerage Citi Habitats. In addition, since the Brooklyn Bridge Park itself won't be finished for a few years, current buyers need to have some vision.
One Brooklyn Bridge Condo Demand `Killed' as NYC Market Slides [Bloomberg]

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Ahem, pay attention! The value of your "investment" is in serious trouble.

It's Wrabbit season!!!

The What

Someday this war is gonna end...

Posted by: Return of The What at November 3, 2008 9:07 AM

I wonder what the going rate is for her penthouse now?

Posted by: dittoburg at November 3, 2008 9:15 AM

I never understood how they expected to sell condos in this location. It's not near *anything*, and it's certainly not in Brooklyn Heights.

Posted by: zinka at November 3, 2008 9:16 AM

the selling point is that the views are great.
Well, not if you look towarss the BQE, but otherwise they are.

Posted by: dittoburg at November 3, 2008 9:18 AM

Yeah, tough location. Great building though. And obviously the views must be stellar. But without street life to sustain it definitely a tough location.

Posted by: wasder at November 3, 2008 9:19 AM

A sound barrier wall and a covered overpass pedestrian crossing for residents need to be erected pronto, and a regular transport or water taxi to Lower Manhattan all are necessary but a lot to ask for in this economy. So much for speculation.

Posted by: cb6 at November 3, 2008 9:22 AM

Cliff Finn, director of new development marketing ... since the Brooklyn Bridge Park itself won't be finished for a few years, current buyers need to have some vision.

I never understood the "pay us $1,000/sf for the vision" thing.

How do you expect to sell these things if you price them as if the park and BQE construction were both finished and the marina is rockin'?!?!?!

Hey Cliff, give me a call in 2012.

Posted by: Mr Joist at November 3, 2008 9:37 AM

cb3, a pedestrian crossing is unnecessary. You can walk under the bridge and over to Brooklyn Heights. The real issue is that it's quite far from anywhere in Brooklyn Heights you'd want to go.

I also noticed the other day a "One Brooklyn Brige Park" shuttle around the neighborhood. That's a step in the right direction, I guess.

Posted by: alsawo at November 3, 2008 9:46 AM

All the PSers worried about crime could move here. No people = no crime.

Posted by: dittoburg at November 3, 2008 10:13 AM

I don't see why this is any less convenient or noisy than DUMBO. And it is literally just across the street from the rowhouses on Joralemon Street. How is that so distant and unreachable? The problem is the Park, which has yet to materialize and heavens knows when it will reach here. The great thing about this building is that it has parking so I would guess this appeals to folks who drive, or are driven, to work. It is ideally situated for that. Not everyone takes the bus or subway to work, Ms. Stribling certainly doesn't. Having said this, I do think the prices are high for a half-finished vision. I would live here in a minute if the price were right. It would be like living in the city but set apart from it too, and it isn't Williamsburg!

Posted by: sam at November 3, 2008 11:00 AM

Sam, you're right, it's a few blocks from nice homes on Joralemon, but when OBBP residents step out their door that's not what they'll see. They'll be in an abandoned industrial neighborhorhood with no shops, no residences, used needles on the ground (I see at least one every time I run down there), etc. So yes, it's a 5 or 10 minute walk away from the promenade and Montague Street, but if I were paying that kind of money I'd expect more in terms of location.

Posted by: alsawo at November 3, 2008 11:32 AM

@Sam:
Seriously? In DUMBO you are two blocks from both the F and A/C trains. What's the walk from 1BBP? 15 minutes?

Can't argue with about the noise, though.

Posted by: Rookie at November 3, 2008 11:35 AM

alsawo, I'm getting deja vu. Where's Robert Moses, Jr. to tell us that the OBB location is like Willow Street with respect to the noise and pollution? I've said all along this has great views and bad location. Seems like the buyers, or rather non-buyers, agree.

Posted by: Biff Champion at November 3, 2008 11:46 AM

The walk from here to the subway is no further than from Willow Place, or Columbia Place, or Grace Court. It is a shorter walk to Boro Hall than if you live in the north Heights (Middagh, Cranberry, Poplar). It is ten minutes to boro hall, if you walk slow. The Witnesses used to walk back and forth twice a day for meals at the Bossert. It is a five minute stroll to Montague Street. And a ten minute drive to the Battery Tunel, the Brooklyn Bridge and Fairway. The building should have private docks for residents to keep their private sailboats or yachs. It should also build a covered "porte cochere" for taxi drop-offs, I agree they need to build up the luxe, but the location is not one of their problems, and the views are unsurpassed.

Posted by: sam at November 3, 2008 11:47 AM

Here's what they have to do: approach Packer (or similar) to put in a 100-seat+ preschool in the ground floor. Free rent for 10 years. Free build out. Views. Park (someday).

Next thing you know you have 100 strollers making there way up/down there 4x a day (AM session, PM session). This the kind of crowd you need to attract. This is the way the neighborhood grows to embrace Furman St.

Posted by: Ringo at November 3, 2008 11:48 AM

Biff, agreed. And I'll throw in (again) that it's a good choice for those looking for an exclusive building with nice ameneties not too far from Manhattan, but a bad choice for those who value being part of a neighborhood.

Posted by: alsawo at November 3, 2008 12:06 PM

also:

lower your prices

Posted by: Ringo at November 3, 2008 12:09 PM

You think the people who bought the ten million dollar house on Remsen Street are looking to be part of a neighborhood? Ha!

Posted by: sam at November 3, 2008 12:12 PM

It is probably safe to assume that a buyer of a $10MM house understands what value is and how it might be protected. A 2003 study by the Independent Budget Office concluded that although prices for historic properties have at times increased less rapidly than for similar properties outside historic districts, overall price appreciation from 1975 through 2002 was greater for houses inside historical districts. While some may value being part of a neighborhood and some may not, the important concept to understand is that a community with an active, organized and established voice such as the Brooklyn Heights Assocation is a major contributor to real estate value stability. Landmark district, low crime, minimal graffiti, etc. all yield a better quality of life. Being part of the BHA is not very glamorous voluntary work, especially considering the occasional bashing the association administrators take on this blog and others, but those that do are very appreciated by those who understand the impact this organized voice indirectly has on the value of their homes. Unfortunately, OBBP isn't now and will never be part of a neigborhood. This project along with others of this type will suffer more as the knowledgeble buyers will seek the security of stable real estate investments. Views alone do not provide for price appreciation.

Posted by: ITM at November 3, 2008 1:54 PM

From the Bloomberg article: Stribling Marketing Associates, exclusive broker for the property, has sold just 18 units since March, compared with an average of 14 a month in each of the prior 10 months.

So velocity went from 14/month to 2/month. They are so f'd. Can you rent these units yet?!!

Posted by: chasa at November 3, 2008 1:56 PM

If they sell one to each Stribling Marketing Associates associate they might just make it.

Posted by: dittoburg at November 3, 2008 3:54 PM

Why is it that people don't like this location? is it too close to Brooklyn Heights? Is it too far from the
schmutz-o-rama of Fort Greene/Clinton Hill?
I like this building. I think it's classy. it isn't juvenile or hipsterish. Even the units facing east have great views of Brooklyn. You think you're breathing Alpine air because you live near Flatbush or Murder Avenue? Honestly, the mean-age on this blog certainly is apparent on certain threads. Listen, if you're 17 waiting to get your first big break on a skateboard competition or your first blow job fron the neighborhood lolita, I understand why you don't like the idea of living with the grown-ups in Brooklyn Heights, but everyone else should check it out, I was impressed, and I'm kind of picky in a non-teen way.

Posted by: Inigo at November 3, 2008 7:07 PM

Why is Cliff Finn commenting on this? What does Citi Habitats have to do with it? Must be going rental. I'm pretty sure Cliff Finn has never been to Brooklyn and would probably soil himself out of fright if he were taken there.

Posted by: babs at November 3, 2008 8:07 PM

dammit - 2 posts on OBBP the week i'm away.

biff - my comments stand. it's a 5 second walk to willow under the bqe from here. how really is that any different in terms of noise, pollution, and distance to boro hall (7 min vs 7 min 05 sec)

not talking about price or anything like that.. if it was cheaper id move there in a second b/c it's a sweet building with sweet views. but it's not, it is too exp.

Posted by: RobertMosesJr at November 10, 2008 4:03 PM

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November 3, 2008

Tough Times at One Brooklyn Bridge Park

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