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July 28, 2009

Six More New Brownstones for State Street?

Behind the mixed-income rental building they built together earlier this decade, Strategic Development and IBEC are considering erecting six new brownstones from the ground up on a now-vacant lot. In case that sounds completely nuts in this environment, the developers are only going to do it if they find some buyers upfront, so they've hired Corcoran Sunshine to test the waters. Are there buyers out there looking to spend up to $4 million for a new 5,000-square-foot pad on the Downtown side of Boerum Hill?
New Brownstones May Come to Boerum Hill [TRD] GMAP P*Shark

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i like the idea of building real brownstones vs. new crapitecture, but $4mm in that area seems steep especially now. it might technically be boerum, but sure doesnt have the feel of boerum. why not get an old b.stone with good bones (i doubt these will have them) in prime boerum, cobble, caroll, p.slope, etc?! i'll be my left cojone this doesnt fly.

Posted by: goldie at July 28, 2009 10:07 AM

Nice neighborhood, centrally located. I'm not too far away so I'd love to see these built but I can't fathom $4M for a place on State. And I can't fathom 5000 sq ft!

Posted by: ralphus999 at July 28, 2009 10:17 AM

Can you post some more pics of what the "brownstones" will look like. The City of Philadelphia is building some very nice lloking federal style buildings as low rise, low income housing. It's amazing what a little thought will produce.

However, $4MM for these in this location just ain't gonna fly.

Posted by: daveinbedstuy at July 28, 2009 10:27 AM

These are not brownstones. They are very attractive modern townhomes..http://www.brownstoner.com/brownstoner/archives/2005/05/inside_the_stat.php

Posted by: BH76 at July 28, 2009 10:50 AM

Sorry --wrong block. There are going to be more townhouses tho...

Posted by: BH76 at July 28, 2009 10:53 AM

BH76...it was cited as $2.76MM in May, now $4MM. They either think the market went up 45% in the past 2 months, used a teaser price to create buzz, or are simply on crack right now.

Posted by: goldie at July 28, 2009 10:54 AM

Market-rate townhouses were always part of the plan. In fact, there were supposed to be 13 in total I believe - here's the original rendering:

http://www.jamesmccullar.com/StateRenaissance.html

Anyways, this block of State (and the one between Hoyt and Smith) are probably the two best blocks in Boerum Hill.

For comparison, most of the 14townhouses went for close to 3 million after they languished on the market at 2 mil. But that was a different market. I think that those clocked in between 3,200 and 3,900 square feet, but most of it seemed wasted from the tour of one of the buildings I took. (I do like the aesthetics of those buildings, and they do fit in with a historic brownstone nabe while being modern and interesting.)

Posted by: lambretta76 at July 28, 2009 11:23 AM

That part of State St? I can't see how they will get 4 mill. Even with the highest end finishes. For that kind of money you can get a fabulous place in BHgts proper or Park Slope

Posted by: bxgrl at July 28, 2009 11:24 AM

"In case that sounds completely nuts in this environment..."

Nothing is completely nuts if the numbers are right. Maybe they were sitting on the land or acquired it in a fire sale.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 28, 2009 3:38 PM

I think almost all the 14townhouses on the next block up went at their ask -- 2.65 or 2.75 depending on whether there were 4 or 5 floors. It's hard

Can anyone tell from the article if these townhouses are supposed to be at the corner of Hoyt or down the block next to the Antiochian cathedral? It seems from the site plan that there were 6 slots for the lot next to the curch, and eight for the corner lot, but if they are going to try to get 4 million these would have to be much wider houses than the 14townhouse plans.

Posted by: Boerumresident at July 28, 2009 4:26 PM

@Boerumresident,

Hi -- we live at 200 Schermerhorn St (aka State Renaissance Court) bet. Hoyt & Bond. The vacant lot is behind us (our living room overlooks it) and it has been so since we moved in last summer. The lot is bounded by the corner of Hoyt and State. FYI, IBEC also manages our building.

Regards,
Roland

Posted by: subatomic at July 28, 2009 5:09 PM

@Boerumresident,

Regards,
Roland

Posted by: subatomic at July 28, 2009 5:09 PM

@Boerumresident,

Regards,
Roland

Posted by: subatomic at July 28, 2009 5:10 PM

This is the development site next to St. Nicholas Antiochian Cathedral toward the middle of the block. The church may be interested in one of the townhouses when they're built. One of the possible plans for the other site on that block (corner of State and Hoyt)is for a private elementary school.

Posted by: timber at July 28, 2009 6:01 PM

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July 28, 2009

Six More New Brownstones for State Street?

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