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July 22, 2009
Dying Breed: One of the Last Boom-Era Scaranos Revealed
We had become used to the development site at 267 1st Street, between 4th and 5th avenues, being up to whole lot of nothing—when we last checked in on it two years ago, it had already been in suspended animation for a spell—but now the scaffolding has come down and Park Slope can welcome one of the last Scarano-designed developments it's likely to see for some time to come. According to a DOB filing in March, it will be a 10-unit condo. This building is next door to another site that's seen no action in years, but construction workers say the two developments are unrelated. GMAP P*Shark DOB
Development Watch: Still No Action at 267 First Street [Brownstoner]
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Comments
I don't hate it.
Posted by: 11217 at July 22, 2009 10:35 AM
A fitting monument to the Boom--t'was a Golden Age on so many levels, no?
Posted by: Brenda from Flatbush at July 22, 2009 10:37 AM
Future Montrose Morris. You're nobody until you're dead.
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 22, 2009 10:38 AM
that is right down the block from me. me and my homies like to crawl under the fence and drink our 40's in there. jk. tho i guess it's possible, and sounds like it would be fun. snappy, dipster? wanna throw a scarano rave this weekend!?
*rob*
Posted by: PitbullNYC at July 22, 2009 10:39 AM
Looks like Japanes bubble architecture from 1989.
Posted by: daveinbedstuy at July 22, 2009 10:40 AM
Well the two may be unrelated now - BUT they were definitly one development when they started - in fact I beleive it was Scarano issues with the height/size of the (now separate) other side that put this development into its holding pattern. Possibly the subsequent market meltdown resulted in foreclosure and splitting of the developments but make no mistake - these were at one time on development.
Btw - can you imagine the original developers here having to explain to their friends and family that they started a small condo project in Park Slope Brooklyn in the year 2006 and they LOST money.....You almost have to work at it to be that unsuccessful.
Posted by: fsrg at July 22, 2009 10:42 AM
I kinda like it, at least from the angle of the photo. Shows some innovation and interesting design detail. It's not a square condo box, and that is a very good thing.
It's a shame about Scarano's rise and fall. I always liked his office headquarters in Dumbo, and thought it was an interesting addition to a building in less than a great location - directly under one of the busiest bridges in the country. A lot of his designs were also much better than most of the hacks putting up condos all over town. If only he had paid less attention to his ego and pumping up his bank account, and had been more concerned about doing what was right, both legally and morally. A cautionary tale, to be sure.
Posted by: Montrose Morris at July 22, 2009 10:53 AM
Hahah Rob - always doing your part to degentrify Park Slope!
maybe it's just me, but I don't mind alot of Scarano's stuff. Karl Fischer on the other hand......*puke*
Posted by: dirty_hipster at July 22, 2009 10:54 AM
DH, but do you like it enough to pay the premium price too? if prices weren't ridiculous, only those fedder houses are truly ugly. Many new construction ppties are decent - if not for the hideous price.
Posted by: more4less at July 22, 2009 11:41 AM
If I bought in the Elan I'd be SO PISSED that I could have owned a new condo on the same block, but with an abated burger smell.
Posted by: bkbornandbred at July 22, 2009 11:52 AM
why do condos have to have names? especially ridiculous pretentious names? why cant it just have an address. so cheesy
*rob*
Posted by: PitbullNYC at July 22, 2009 11:56 AM
fo sho m4l
i was also surprised to learn that a couple of really cool new buildings on The Bowery are Scarano designed. It's too bad he is a shmuck of a person.
Posted by: dirty_hipster at July 22, 2009 11:57 AM
"why do condos have to have names? especially ridiculous pretentious names? why cant it just have an address. so cheesy"
Just for marketing I believe - after they are all sold by the sponsor I believe all the name crap is dropped - unless it is a historically significant building (see the dakota)
Posted by: dirty_hipster at July 22, 2009 11:58 AM
> If I bought in the Elan I'd be SO PISSED
I think there are VERY few people with that problem.
Posted by: DitmasSnark at July 22, 2009 11:59 AM
I did a little research - there is NOTHING to indicate at the DOB or at the Registrar that the two buildings are separate. In fact it is pretty clear that they are not. Additionally it appears that Issac Fischman is the (dumb) developer who actually bought this land back in 2004 and is now on the hook to the Bank (Capital One) for what looks to be a bit over $3M -
It seems the Bank is not foreclosing but rather kicking-the-can down the road by giving Mortgage extensions. The most recent in June
However it seems like the Bank is getting a bit impatient since the most recent loan extensions set forth the following requirements (besides the Capital One Prime interest rate +3%),
Fishman has to 1. Complete a model apartment by June 12 '09 - failed but probably unenforceable since the Xtension was signed June 23
2. Get c/o by Aug 31, 2009
3. COMPLETE TWO SALE contracts by Aug 31, 09
In the event of a breach of this clause Fishmans new rate goest to Prime +4%
BTW - this extension is only good till Nov 30, 2009. So a short leash for ol' Issac.
Not that I am sure how anyone could finance a unit in this development with it only 1/2 complete and clearly a clust____ of biblical proportion but if you are holding cash it is clear Issac Fishman may be very willing to deal - I say bid 75% down.
Posted by: fsrg at July 22, 2009 12:14 PM
I also liked quite a few of Scarano's designs (agree he's a schmuck but a talented one). I like this building too (I'm in shock- it's modern).
BHO- surely you are not referring to our beloved and very much alive Ms. Montrose Morris ;-)?
Posted by: bxgrl at July 22, 2009 12:15 PM
No, bxgrl. I was referring to the namesake legend.
"I also liked quite a few of Scarano's designs"
See, he already has somewhat of a following.
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 22, 2009 12:34 PM
...come to think of it, I'm long Scarano (Real long, like through a few cycles. Much value when the bottom gets in). Some day his buildings are gonna be like comics in the 80's.
Am I serious?
***Bid half off peak comps***
Posted by: Brownstones Half Off at July 22, 2009 12:39 PM
different. one site speaks spanish. the other russian. also, we can conclude that the spanish work a lot harder than russians. or that spanish banks are not as weak as the russian banks.
Posted by: antidope at July 22, 2009 1:08 PM
antidope - the crews might be different - but according to city records this is one site. Not saying that somehow they werent split - but it certainly doesnt appear to be legally different
Posted by: fsrg at July 22, 2009 1:17 PM
bho- I did know that :-). Re Scarano- I think over time most of his work, and quite a few other modern architects will get lost in the fog of time. They're good but I don't think most modern architects compare to those of the past. Just comparing the detail and design of - eg- a Renaissance building. Are there any modern architects capable of producing work of that caliber, or even using their methods? How we build today is so different. Honestly, I don't think they have the skills or artistry of a Montrose Morris, let alone a Brunellesci.
Posted by: bxgrl at July 22, 2009 1:23 PM
fsrq - w/o spending much time researching city databases...
277 combines three different tax lots.
this site combines 267-273.
they could have been one site, but the names on the permit requests are all different (no scarano at 277 for instance).
at any rate, it'll be interesting to see what happens. clearly, cap1 will be involved in the pricing/sell/rent decisions. And perhaps they'll make mortgages available (and sell them to the US government?).
finally it's not at all clear to me that the developer will lose money on the trade. land costs in 2003 must have been low (4/5 years prior to peak) and prime + 3 is still about 6%.
Posted by: antidope at July 22, 2009 1:29 PM
fsrg, how did you find the financing data?
Posted by: chortik at July 22, 2009 1:31 PM
Acris
antidope - you maybe right but 277 is showing to be a single family - is that right?
But as to the profit potential6% might be a good rate and the land may be lower cost - but it has still been going on since '04 - the carry costs must be enormous at this point - plus the cost of construction....2x there is no profit - Fishman is playing to mitigate losses at best.
Posted by: fsrg at July 22, 2009 1:42 PM
I am not saying he is getting rich, but don't you think he'd get $500-700/sq ft? or are you one of the fierce BROWNSTONE BEARS that see no reasonable bid in this market?
what is hard cost of new construction? 200 or 300/sqft?
btw, 277 is 92 feet of frontage. nice single family. supersize me pls.
Posted by: antidope at July 22, 2009 2:02 PM
Ugly, Ugly, Ugly....
just as ugly and banal as Satori
Posted by: Ben Gazi at July 24, 2009 9:17 AM
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