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April 22, 2009

Condo of the Day: One Main Street, #9B

Are there still people around looking to buy a $4 million condo in Brooklyn? We'll find out. A very large, corner loft in the premier condo building in Dumbo hit the market last week for $3,995,000. The stylish One Main Street three-bedroom weighs in at 2,592 square feet, putting the valuation of the asking price at a, ahem, lofty $1,541 per foot. That's pushing it even for something this nice, isn't it?
One Main Street, #9B [Sotheby's] GMAP P*Shark

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Just. Plain. Pretty. Oh, the light that place must get on a summer day. I'm jealous. Closet space galore, bathrooms aplenty. I'm curious to see what bone the naysayers will have to pick on this one.

Posted by: InsertSnappyNameHere at April 22, 2009 12:46 PM

One bathroom for each bedroom and those killer views should get it over $1,000 psf. The taxes an CCs are not bad for a place that size.

Posted by: daveinbedstuy at April 22, 2009 12:51 PM

Snappy - my bone is price. If I had $4mil, or even $3mil to drop, it would not be on a big characterless box. Admittedly, that's my taste. I would much rather spend that kind of money on a whole house, and in that price range, you can get something pretty darn top of the line. Still, for anyone in this market, even those who love this kind of place, the price per sf is a huge stretch (understatement of the year?). (and Mr. B, you have a typo in that figure).

Posted by: Miss Muffett at April 22, 2009 12:53 PM

WOW - what views!
so good they almost make me sorta dizzy!
what amazing space - I would revamp it to make it a bit warmer feeling as I think it's a bit stark for me - but so what you have a lot to work with if you choose to
3 full bathrooms is a nice feature so are those closets!
and the Washer/dryer - ahem! - hahaha
does it come with parking? b/c parking down there is a nightmare during the day - it must, right??
I'd say if recent comps are close to 4 million I couldn't see why they couldn't get close to ask...

Posted by: gemini10 at April 22, 2009 12:56 PM

Miss Muffet, I agree too that if i had that much dough an apartment would not be what I was shopping for. But, aside from price, you don't like the place?

Posted by: InsertSnappyNameHere at April 22, 2009 12:57 PM

Muffet
agreed - i'd prob want a huge brownstone in prime park slope - I just think it's a super cool condo for someone who is not the house buying type... - that's all

Posted by: gemini10 at April 22, 2009 12:59 PM

Snappy - again, not my taste. Doesn't seem to have much character. But again, that's me. I'm a pre-war kind of gal, even if I don't need tons of detail. As for recent comps, I would not put much stock in them, since as we are seeing, comps are re-setting all over the place, as price cuts/declines continue.

Posted by: Miss Muffett at April 22, 2009 1:05 PM

Understood, Miss Muffet. I can respect that. I am a modernist myself so a plain box actually does appeal to me...I don't relish the thought of decorating around period details, etc. To each his own. But you gotta admit, the light and views are killer. I wouldn't mind spending a summer evening there just staring out at the city and the twinkling lights :)

Posted by: InsertSnappyNameHere at April 22, 2009 1:08 PM

Well, it is a prewar building . . .

Posted by: Nomi at April 22, 2009 1:08 PM

Actually the fact that its a pre-war build is better. I would bet that the struccture and "bones" of the building are superior to many new developments throughout Brooklyn. You don't have to worry about faulty curtain wall exteriors, improperly poured concrete, etc, etc, etc Besides, it was gutted which allows for the modern, "not pre-war" layouts.

Posted by: daveinbedstuy at April 22, 2009 1:11 PM

Dibs - couldn't agree with you more on your 1:11 post

Posted by: gemini10 at April 22, 2009 1:13 PM

Gemini10 - yesterday you said a 1.6M 3br2Ba apt IN Brooklyn Hts was WAY overpriced at $1066 a sq ft - now you are saying that an apartment in DUMBO (not nearly as convenient with way less amenities) is worth $1500 a sq ft.

They both have killer views, they both have similar CC and although this one has 3baths - it does not have any outdoor space.

Please explain how you can possibly rectify this discrepancy

Posted by: fsrg at April 22, 2009 1:13 PM

Fair enough, and don't get me wrong - I like mid-century modern and actually don't like *excessive* period details (which can be oppressive). My ideal is a blend, but somehow this space is too sparse for my taste and while Nomi's point is well taken that the building is pre-war, the interior looks to me like a lot of other cookie-cutter plain boxes a la new construction. But sure, the light and views are great. I guess the bigger question really is price and how many buyers there are out there for this kind of thing. Friends of mine trying to sell these days (with NICE places to sell in prime Brooklyn) are finding the market to be all but dead as buyers are incredibly resistant to current asking prices (and I count myself among that pool of buyers).

Posted by: Miss Muffett at April 22, 2009 1:16 PM

i saw this space. it felt really small. i have 3 kids, so 2 of them would have had to share a room - or give one of them the office (windowless bedroom). after we each took a room, the common area would have not been comfortable for all 5 of us. and from the price perspective - for $4 mil, i think a family with 3 kids should be comfortable, no?

Posted by: merchantress at April 22, 2009 1:17 PM

i firmly believe that families these days only wants a bathroom a bedroom cuz they dont want to deal with thei bulimic kids. im being serious. 1 bathroom a small family has never been an issue before until everyone needs their private eating disorder time these days.

*rob*

Posted by: PitbullNYC at April 22, 2009 1:22 PM

FSRG:
This is what I said on yesterdays post:
ok - it has amazing views and great space am also hoping they throw in that copy of Us Weekly casually escanced on the "ladies vanity" in the bathroom"...

but um if I am paying 1.6 I want my own Washer/dryer in the apt and to live in an building that doesn't look like it was leftover from the Lefrak Housing plan

I think maybe 1.2 moves this

Let's get the record straight - I am casually commenting on these condos b/c like most posters here, that's what we all do!
My problem with yesterday's condo/coop was that it was in a horrifyingly UGLY building that was my only gripe oh! and that it didn't have a W/D.

I said the condo will go for 400K less than asking and guess what with this condo I put my widget at $400K less than asking which for a place asking 4million is close to ask!

Posted by: gemini10 at April 22, 2009 1:23 PM

Oooh - also, no private outdoor space at this price point is an absolute deal breaker for me.

Posted by: Miss Muffett at April 22, 2009 1:24 PM

Hmmmmm....Yes, private outdoor space would be the icing on the cake here, and at that price, it should be automatic. Ok, there's a bone I'll agree to pick as well. I still love it though!

Posted by: InsertSnappyNameHere at April 22, 2009 1:29 PM

This is a pretty fabulous apartment. I would prefer this to a townhouse for a variety of reasons. first, the monthly maintenance will work out to a lot less than what one would have to pay on taxes, water, and maintenance on a Brooklyn house, two: it is all on one level, three: the incredible views, four: the convenience and security of living in a full-serve building.
If I lived here, I would probably sleep in the windowless room. Think of the perfect quiet, and because the building has modern hvac it would always be perfectly comfortable in that room. I just love it actually.
If a family of 5 cannot be comfortable here, then they are really looking for a McMansion somewhere, which is OK, the suburbs are cool. But you cannot expect to have the same amount of room in the city than in a town with an ninety minute commute each way.

Posted by: mcKenzie at April 22, 2009 1:30 PM

Oh, I forgot, I think it is worth 3.2 million or so. No way 3.9 million.

Posted by: mcKenzie at April 22, 2009 1:35 PM

mcKenzie...you should invstigate RE taxes throughout Brooklyn, they vary widely. Mine, on 2,560 sq. ft. are less than $2,000.

Posted by: daveinbedstuy at April 22, 2009 1:35 PM

If it had a terrace I think I'd faint!
What a great place.

Posted by: bayridgegirl at April 22, 2009 1:38 PM

yes a terrace would be key

Posted by: gemini10 at April 22, 2009 1:42 PM

> "If it had a terrace I think I'd faint!"

I'd swoon right along with ya, BRG. Lack of a terrace or deck is the only flaw. Well, that and the price...

Posted by: SnarkSlope at April 22, 2009 1:44 PM

gemini10 - ok but I definetly took the tone of your posts yesterday to indicate you thought that the place was way overpriced and that this one isnt so much.

Rob - did you forget to take your medication this morning?

Posted by: fsrg at April 22, 2009 1:45 PM

dave, are real estate taxes the only out of pocket expense you have? I thought you wrote you were re-painting the exterior of your house. Do you have fire and hazards insurance? Do you ever have to call in a plumber? replace windows? re-do sidewalks? garden? Who pays for that? Santa?
I consider that to be part of the maintenance of a house.
RE taxes can be the least of it.

Posted by: mcKenzie at April 22, 2009 1:48 PM

"I'm curious to see what bone the naysayers will have to pick on this one."

You mean other than the pricetag? :)

I agree that it's very nice. It's nothing I would ever spend that kind of money on, but I can see why some people would consider it.

Posted by: cwbuecheler at April 22, 2009 1:48 PM

Fsrg -ok gotcha - my point was I hated the outside of that bldg from yesterday so if I was a buyer who had millions to throw at a condo, I probably would want a nicer looking facade(and a W/D) - that's all
I think if i had 3 million and looking to buy a condo I would love a place like this - that's all

Posted by: gemini10 at April 22, 2009 1:49 PM

I'm a brownstone kid born and raised but damn, if I had a spare $3 mil I'd scoop this place up. I'd love to look at the Brooklyn Bridge every day while sitting on my couch.

Yeah, me being me I might not buy this as a primary residence if I had the coin, but I sure as shite get why people do. At $3 mil I am more impressed with this than most of the recent things posted...

Posted by: christopher at April 22, 2009 1:49 PM

don't understand Dumbo prices. always amazed at the premium it can get so can't comment on price too much. if I had the cash and want to bid on it, $1k per sq ft or ~$2.6M.

price aside, this is a killer pad. views, light, ceiling height, massive sq ft,...

how are the schools in dumbo? private school?

Posted by: more4less at April 22, 2009 1:50 PM

I thought Rob's comment was great. (maybe a bit truthful but i think more is rich people like private pooper seat otherwise blow the myth that their s**t don't smell).

Difference with this bldg and yesterdays is in this building you rub elbows with other rich fols- and yesterday lot of old and working class stiffs.

Posted by: Petebklyn at April 22, 2009 1:56 PM

I love views and views of the East River Bridges more so - but I suspect (cause I never lived in a place with such views) that after awhile its like having a very hot wife.....the grind of everyday life subtly causes you to stop appreciating really the beauty and then it ultimately just becomes something that you like showing off to guests .....(not the best analogy but you know what I mean)

Posted by: fsrg at April 22, 2009 1:56 PM

"Difference with this bldg and yesterdays is in this building you rub elbows with other rich fols- and yesterday lot of old and working class stiffs."

- which makes this more attractive??????? to whom, an a$$hole?

and I think people like having more bathrooms so there is less likelihood of having to wait when you want to take a $hit

Posted by: fsrg at April 22, 2009 1:58 PM

Most of Dumbo is zoned for ps 8 (in fact I think all of except the projects) which is considered good. But I have to imagine that anyone plunking down $3M+ would likely be planning on private school.

Posted by: pmmtenement at April 22, 2009 2:04 PM

This place blows yesterday's postwar BH place out of the water. The views are amongst the absolute best in all of NYC and won't ever be blocked.

Of course, this one is overpriced, too, just by a smaller percentage.

Posted by: Kris at April 22, 2009 2:09 PM

These views will be enough for someone to jump in. At what level, it's hard to say. Think someone will come in at the mid to low 3s on this. I like it a lot. Don't show the wife - we'll have to move again....

Posted by: 10thStreetReno at April 22, 2009 2:12 PM

I was prepared to dislike this place as I don't think a high floor is a home. But once I saw the bridge extending out like that - holy cow.

Whoever buys this place will be an exceptional person with an exceptional life.

Posted by: infinitejester at April 22, 2009 2:15 PM

fsrg: are you saying you had a very hot wife? and then you just used her to show off to company?

Posted by: Petebklyn at April 22, 2009 2:15 PM

As they say about any hot woman, "someone's tired of ****ing her."

Posted by: infinitejester at April 22, 2009 2:17 PM

Does it strike anyone but me that for an apartment this big and this expensive the kitchen seems kinda small?? Looks like the took a standard 1BR new development condo type galley kitchen and plopped it into this otherwise magnificent apartment.

Posted by: clintonhillbuyer at April 22, 2009 2:19 PM

Clintonhillbuyer - you know what.. i see your point
I would redo the kitchen and make it more spacious and grand I think

Posted by: gemini10 at April 22, 2009 2:21 PM

The guy bought the place for $3.1mm as per propertyshark closing on it in March 2007. Do you really think this place is worth $1mm more approx after the biggest financial collapse this city has seen in a long time. Honestly. Fine, you want to keep it flat, I get it. To ask for a premium is ridiculous!

Posted by: LincolnSlope at April 22, 2009 2:57 PM

As much as we've laughed at the ridiculous prices, to ASK is not ridiculous but to PAY the $4M is stupid. Nothing wrong (except long long long wait to sell) with sellers asking for pie in sky prices. What would be wrong is a buyer paying that ASK knowing econ is terrible and will be terrible for a long time

Posted by: more4less at April 22, 2009 3:33 PM

I know two familes who live in DUMBO, they both send their children to private school in Manhattan.

I like small kitchens. The bigger the kitchen the more to clean up. It's usually men who like really huge show-off kitchens.

Posted by: mcKenzie at April 22, 2009 3:49 PM

just noticed, there's no room in this $4M pad for the maid or butler to sleep in

Posted by: more4less at April 22, 2009 4:00 PM

No Pete - just have a few hot married female "friends" who love to soak up the "appreciation" that their jaded husbands now neglect to give....

Posted by: fsrg at April 22, 2009 4:01 PM

This is pretty much the perfect loft. But I work in a beautiful modern loft space and I don't want to live in one. Too cavernous, not cozy enough. If you've ever been out to eat in Dumbo, you'll see most of the restaurants have the same problem.

Speaking of cozy, I saw a real estate ad recently that describe the property as a "cozy bank owned home."

Posted by: mopar at April 22, 2009 4:04 PM

fsrq: Over on the open thread (a place few dare to tread) there's a discussion of heterosexual dating...I'm one of the available singles for those "friends"!

Posted by: sixyearsandcounting at April 22, 2009 4:10 PM

the picture you see of the living room and kitchen is the only room you'd have as the common area. i don't need a mcmansion. but you can get more than 2500 sq ft for this price if you got a brownstone, no? and more4less - you would need to give one of the 3 bedrooms to your maid or nanny. the view is spectacular. i know a few families in this building. no question.

Posted by: merchantress at April 22, 2009 4:10 PM

merchantress, that would be 1 lucky nanny / maid cause most maid's qtrs are tiny (ie 6 x 10) and no to bad views

Posted by: more4less at April 22, 2009 4:37 PM

well, you get a lot of stairs and hallways in a brownstone. If you like to hang out on the stairs I suppose you could call it common space, but what a house has to offer is outdoor space. that is true. I'm sure people who live in apartments like this have a weekend house, so they really don't need nor want yet more landscaping costs and hassles.

Posted by: mcKenzie at April 22, 2009 4:38 PM

I'd prefer the same amount of space, much lower common charges, this Brooklyn location, and a buy back option, for more than HALF the price:

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1524780

Posted by: frugal at April 22, 2009 5:06 PM

Another advantage to this building over a brownstone -- no flights of stairs to maneuver, which could be an issue if it were an older buyer or anyone else with limited mobility. Not everyone prizes a backyard above all else.

I've been in other apartments in this building that feel cozy yet spacious -- just because this owner went ultra-minimal doesn't mean the buyer would have to.

(Plus, Bubbie's downstairs! Hot and cold running pie!)

Posted by: phbalanced at April 22, 2009 6:24 PM

more4less - i agree! as i said before, i was there. i'm telling you all, the kitchen/dining/living room area is small!

Posted by: merchantress at April 22, 2009 6:25 PM

>"i was there. i'm telling you all, the kitchen/dining/living room area is small!"

I agree -- if I had three, or even two kids, for this kind of money, I would want additional separate common area. With one child, I suppose one of the bedrooms would do, though, even that would not be ideal.

Posted by: Nomi at April 22, 2009 9:36 PM

No, I take part of that back. The bedroom that adjoins the living rooms works well for additional common space. So, with one child, or maybe even two who don't mind sharing a room, I think it would still feel spacious. Three kids -- no.

Posted by: Nomi at April 22, 2009 10:41 PM

I wonder what the original owners paid for this place and will they reap a tremendous profit in this market? One never knows, you really have to love the views. I don't know anyone who would really love living in DUMBO with all the rats running the streets in the night.

Posted by: CECILIA at April 22, 2009 10:46 PM

« Brooklyn Food & Drink Round-Up House of the Day: 65 Prospect Park West »

April 22, 2009

Condo of the Day: One Main Street, #9B

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