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August 18, 2009

Price Cuts at One Brooklyn Bridge Park

On the heels of the news that the developer of One Brooklyn Bridge Park has started renting out a small portion of the 300 or so units that remain vacant comes word of price reductions at 15 apartments in the fancy waterfront complex. The affected units range from a 589-square-foot one-bedroom that started out asking $500,000 last December before dropping to $415,000 in June and then $325,000 last week (35 percent off peak!) to a 2,295-square-foot four-bedroom that started out at $2,750,000 before going to $2,295,000 and now $1,995,000. Are these levels starting to get interesting yet?
Renting 1 BBP: 'We Would Like Things to be Different' [Brownstoner]
Rentals, Price Cuts and Loan Extension at 1BBP [Brownstoner] GMAP
Levine Talks One Brooklyn Bridge Park Closings [Brownstoner]

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I'd think a 1 bedroom for 325K is going to be mighty attractive to a few folks.

Hell, I might be into it.

I'm really impressed with the way the park is coming along over there. I think it's going to be really special.

Posted by: 11217 at August 18, 2009 11:05 AM

yes. in fact, I looked again yesterday. I still think the windows are too high in the majority of the units. you can't see outside if you're sitting down. and monthlies aren't low. but I dont' mind location, park is picking up, and prices are looking good.

i'll tell you tho -- it's DEAD in those hallways. noticed it yesterday and a couple of weeks ago when I visited a friend.

Posted by: Ringo at August 18, 2009 11:10 AM

It's not a one bedroom, it's a studio.

Posted by: Flatbushrising at August 18, 2009 11:10 AM

"a 589-square-foot one-bedroom that started out asking $500,000 last December before dropping to $415,000in June and then $325,000 last week (35 percent off peak!)"

Nice!

" a 2,295-square-foot four-bedroom that started out at $2,750,000 before going to $2,295,000 and now $1,995,000"

Any price drop in the 2 mil range is not as impressive.

How about a 1500 sq ft 2 BR start ask at 1.3 dropoing to 700K?

THAT would turn heads. And sell out a building.

Posted by: Prodigal_Son at August 18, 2009 11:12 AM

> I'd think a 1 bedroom for 325K is going to be mighty attractive to a few folks.

Except that the apartment in question is actually a studio.

Posted by: DitmasSnark at August 18, 2009 11:13 AM

These guys are smart for doing this. This will probably take a little business away from the 500-600K 1 bedrooms in those much crappier looking Williamsburg Towers.

If I were a young professional in Manhattan (the type that always seem to buy those 500K places in Billyburg) I'd think 325K was downright CHEAP!

Posted by: 11217 at August 18, 2009 11:15 AM

Me Like-y!

Posted by: mopey dick at August 18, 2009 11:15 AM

well there's a one-bedroom for 390k if you're interested.

Posted by: Ringo at August 18, 2009 11:16 AM

Yeah, but at least the studio is facing the water, not the BQE

Posted by: Flatbushrising at August 18, 2009 11:21 AM

How long would it take to walk to the train from this building?

Posted by: Bitter Renter Girl at August 18, 2009 11:25 AM

"If I were a young professional in Manhattan "

You mean young creative professional

Posted by: dittoburg at August 18, 2009 11:26 AM

that's 2 for 2 as far as super tough talking developers highlighted recently that said we aint cutting prices PERIOD and now quickly have to switch gears.

not sure if these cuts get units sold but it certainly puts the bldg on buyers' radars. think another big cut is needed if they plan on selling out a ton of units quick.

if one is to buy here, really have to buy one facing the water. facing the bqe, might as well buy something else somewhere else.

Posted by: more4less at August 18, 2009 11:28 AM

when the park is finished this place will be great. I was here a couple of weeks ago and the area is a construction zone. developer could not have had worse timing. Is the park fully financed yet?

Posted by: brickoven at August 18, 2009 11:28 AM

i like to call those types the crayon munchers

(dont ask)

*rob*

Posted by: PitbullNYC at August 18, 2009 11:30 AM

Piers 1 and 6 are financed and in the works. Middle ones not fully financed. That's my understanding.

Posted by: Ringo at August 18, 2009 11:32 AM

the common charges are very high in this bldg

Posted by: muttdogz at August 18, 2009 11:33 AM

390 for a 1-bedroom is pretty damn appealing. Is that unit eye-level at the BQE, or what?

Posted by: babygreene at August 18, 2009 11:35 AM

this prob sounds silly since i live in brooklyn heights, but how do you reasonably get there?? i was looking at it from the promenade this weekend, and the only way i could see was to go down to dumbo and then over? or all the way over to atlantic...is it convenient to anything? can someone explain to me how to get there? i also saw that floating artists waterpod when i was looking and thinking of checking it out..

Posted by: bodhi_brooklyn at August 18, 2009 11:35 AM

notice the correlation between the price cuts and the Forte debacle? The dam just broke!

Posted by: brickoven at August 18, 2009 11:38 AM

The 2 bedroom apartment for 815K might be apealing to someone...

Posted by: shillstoner at August 18, 2009 11:38 AM

Interesting to see that they're renting out the studios at above 2K...is that normal for BH?

Posted by: babygreene at August 18, 2009 11:39 AM

The headline stats in Streeteasy are actually quite amazing for this one. Average previous listings (311 of them) was $965 per square foot and the average of the 30 current listings is all the way down to $657. Now I am sure that those on offer aren't the most desirable and there are probably some one off buys (the Stribling Penthouse) which distorted the previous numbers, but that is a significant change. And from guys who seemed pretty obstinate in their public statements earlier in this cycle.

Posted by: Ledbury at August 18, 2009 11:40 AM

The designs are terrible for the clients that I know that can afford it.

The square footage is wasted on these giant bathrooms.

I'd love to see an apartment with the following rooms:
= bedroom
= smaller guest bedroom
= living room
= office
= dining room
= 1 or 2 (max) bathrooms.

This is an elegant apartment for a couple that may have a kid in a few years, or that has regular long-term visitors.

Instead, the space that could go to the office and living room is occupied by 2-3 excess and useless bathrooms with double sinks, separate showers and soaking tubs, etc -- the floorplans are very wasteful and at 700/sq ft, why spend $150k on very marginally useful space.

Posted by: thwackamole1 at August 18, 2009 11:42 AM

Bodhi - you can get there by just walking down Jorelemon and underneath the BQE overpass...it is right there (did you ever go to the pool lady a couple of years ago - it is the same walk). Perhaps a 15- 20 min. walk to trains depending on which one you need. I like the location, but the constant construction, and the dirt and dust from the BQE need to be taken into account.

Posted by: promenade at August 18, 2009 11:46 AM

Thwack... How DARE YOU question the absolute need for 1.75 to 2.5 bathrooms per resident!!!

Posted by: tybur6 at August 18, 2009 11:48 AM

the floorplans are dictated by the building. this place has so much interior space so they need to use that for things that can be window-less: bathrooms, "office", foyers, etc. Funny, the "H" footprint is classic apartment footprint since it always windows on both sides of the unit. This "H" building is about a zillion times bigger than a classic apartment building.

my fear with this place is that some -- few -- apartments are very desirable: the corner units with floor-to-ceiling windows, the places with outdoor space. most aren't so good -- the "loft" units with the oddly high windows. and many are lousy with BQE views on top of weird design. I'd worry buying in with so many units unsold

Posted by: Ringo at August 18, 2009 11:48 AM

> you can get there by just walking... underneath the BQE overpass...
> Perhaps a 15- 20 min. walk to trains...

In other words, keep choppin' those prices, kids.

Posted by: DitmasSnark at August 18, 2009 11:50 AM

Capitulation!

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 18, 2009 11:53 AM

Its about an 8-10 minute walk up Joralemon to the 4 Train. 15-20 minutes if you are on crutches.

Posted by: Brokedeveloper at August 18, 2009 11:59 AM

I just read a streeteasy thread on the bldg which reports common charge increases already. And I thought they were high to begin with!

Posted by: muttdogz at August 18, 2009 12:00 PM

promenade - thanks . i had no idea. i guess i need to explore my neighborhood more. yeah, even though it's fairly close, it is still not appealing to me.

ledbury - those stats are really interesting, thanks for listing.

Posted by: bodhi_brooklyn at August 18, 2009 12:00 PM

15-20 min. walk to trains????
You'd live soooooo close to Manhattan but yet it would take you 40 minutes to get to midtown, wtf!
I don't suppose there will be a trolley set up in the near futureto take you to civilization.

Posted by: Bitter Renter Girl at August 18, 2009 12:05 PM

"I just read a streeteasy thread on the bldg which reports common charge increases already. And I thought they were high to begin with!"

An overlooked metric in the market. Rising operating costs. Taxes, energy, etc. Affordability tested.

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 18, 2009 12:08 PM

"How long would it take to walk to the train from this building?"

> It's at the foot of Joralemon Street, so 10 minutes maximum along Joralemon (4 long blocks) to Borough Hall trains.

"but how do you reasonably get there??"

> Walking down Joralemon is really your only option, unless you walk along Furman Street (basically under the BQE) from Fulton Landing, which I did once and it was rather unpleasant. I suspect the Furman Street walk will be much nicer once the entire park is done, but now, not so much.

Posted by: CarrollGardened at August 18, 2009 12:10 PM

i think the bldg has a shuttle bus which runs to/from the borough hall station

Posted by: muttdogz at August 18, 2009 12:15 PM

It's about 10 minutes to Borough hall which has thr 2,3,4 and 5. Also the developer is currently running a shuttle bus to take you to the borough hall stop. Obviously that may go away once the building is sold out, but at least for now, it's convenient. And finally, the Brooklyn Bridge Park Development Corp just announced last month that they are building a water taxi dock right at pier 6, which is 2 minutes away from this building. I don't know whether there's going to be commuter service to manhattan, but I bet they give it a shot at first at least. It's a big construction zone right now, but the area around this building is supposed to be finished by the end of the year, which is not that long of a wait.

Posted by: bkre at August 18, 2009 12:16 PM

I walked down there the other day. Its not as bad as I would have thought. Its 10 minutes to either the Borough Hall/Court St entrances (2/3/4/5/M/R) or Clark St (2/3 one stop closer to Manhattan). That's better Manhattan access than most neighborhoods in Brooklyn. As soon as you cross under the BQE its a nice shaded walk through the heart of Brooklyn Heights (and it looked there was a store or two down that way, too). I was really surprised the developer hasn't done anything to make the approach to the building from Joralemon more appealing, though. It feels like you're sneaking in through a back alley or something.

If/when the park plans materialize (and the current construction looks promising), it will be a unique/somewhat interesting location. Keep the price cuts coming in the meantime, though...

Posted by: whichbrk at August 18, 2009 12:29 PM

They'd help themselves by taking some actual pics, though. The renderings are so unrealistic at this point.

Posted by: whichbrk at August 18, 2009 12:32 PM

I think a lot of these apartments are great deals. The building is gorgeous with really nice finishes and a ton of amenities (considering all of the amenities, the common charges actually seem reasonable). The area is a little shady right now, with all of the construction being done, but within a year, there should be a much higher ratio of park to construction.

We live pretty close and have talked about buying a car - even though we totally don't need one - b/c the garage there is only $180 / month - which is cheaper than the sketchy garage in the middle of Concord Village.

Posted by: columbiatch at August 18, 2009 12:51 PM

any more broker sock puppets care to chime in?

Posted by: dittoburg at August 18, 2009 1:22 PM

I like this building very much. The apartments are not my taste, but should be attractive to those who think Mansion House is "dullsville".
PS: If you can't figure out that the building is at the foot of Joralemon Street (a short walk from Hicks Street) you probably should not be buying real estate in NYC.

Posted by: Minard Lafever at August 18, 2009 1:31 PM

I was at the Waterpod last weekend and happened to comment on this particular building. I was thinking how really unappealing it is CURRENTLY at this location, and trying to sell it as luxury is pretty amusing. Once there is a park, it will be a lot nicer, but I can't imagine living on the BQE side. PS: The storefronts are empty at Columbia and Joralemon, except for a laundry. I think it has something to do with the owners of the former-workers-housing complex, which have left them empty for years, now. Although they do have FOR LEASE signs in the windows. So you definitely have to walk a bit for ANY services or food at all!

Posted by: Carol Gardens at August 18, 2009 1:35 PM

with that kind of commute, you might as well swim to Manhattan. Will get a good exercise and get there faster.

Posted by: Kensingtonian at August 18, 2009 1:36 PM

I live a block closer to the subway than 1BBP and can tell you from experience that a ten-minute walk is optimistic.

It takes me at least 12 minutes, and that's if I'm really in a hurry. Door to door from my apartment to my office in Midtown is 40-45 minutes.

The shuttle offered by the building is a nice idea but not all that useful. It runs on a 20-minute loop, so you're often better just walking than waiting around.

Posted by: alsawo at August 18, 2009 1:50 PM

"Door to door from my apartment to my office in Midtown is 40-45 minutes."

That's how long it takes me (40 minutes exactly, door to door) from North Slope to my office on the WAY Upper West Side.

I thought people bought in BH for the proximity to Manhattan?

Posted by: 11217 at August 18, 2009 2:05 PM

i thought people moved to brooklyn heights for the amazing early bird weekend breakfast specials.

*rob*

Posted by: PitbullNYC at August 18, 2009 2:20 PM

No we live in Brooklyn Heights to live in the best brownstone streets in the city

Posted by: brickoven at August 18, 2009 2:24 PM

rob, stop making fun of people slightly older than yourself.
You're no spring chicken you know.

Posted by: Minard Lafever at August 18, 2009 2:26 PM

"i thought people moved to brooklyn heights for the amazing early bird weekend breakfast specials."

LOL. Loved this one Rob.

Posted by: 11217 at August 18, 2009 2:28 PM

You know not of what you speak. The point of Early Birds is that they are for dinner. In Florida people start pouring in for the special at about 4:30 PM.

Posted by: Carol Gardens at August 18, 2009 2:39 PM

Boca Raton has the best early birds, my grandmother is a fixture and when I visit here I love em

Posted by: brickoven at August 18, 2009 2:43 PM

That's part of what made Rob's comment so funny, Carol Gardens!

Posted by: 11217 at August 18, 2009 2:44 PM

I eat lunch at 4:30.

Posted by: 11217 at August 18, 2009 2:47 PM

and the slide marches on...

Posted by: cornerbodega at August 18, 2009 3:04 PM

Lender and/or equity participant (AIG) must be applying significant pressure to developer. Watching a number of these high profile developers speak at industry get togethers over the past 12 months I have been amazed at the steadfastness of their pricing and optimistic outlook for absorption at the current asking prices. Lender sees the writing on the wall, why not the developer? It must be hard for developer to accept that they may have been wrong with their sales strategy and that they are not bigger/stronger than the forces of the market.

Posted by: ITM at August 18, 2009 3:11 PM

I like that I can get to midtown in the same amount of time as folks in BH and Park Slope! I like in Ditmas Park. Funny people.

Hopefully you work in DUMBO if you live there!

Posted by: tybur6 at August 18, 2009 3:15 PM

anyway back to the topic they need to be moving at least 10 places a month through rentals or sales and I just dont see it happening. I guess we will see

Posted by: brickoven at August 18, 2009 3:24 PM

"I walked down there the other day. Its not as bad as I would have thought."

Yes, it's the walk UP that's the difficult part.

Posted by: Biff Champion at August 18, 2009 3:49 PM

the walk is a nightmare. it's all uphill and that shuttle is gone the minute the developer sells enough of these turkeys to call it even

Posted by: jonnynyc at August 18, 2009 4:00 PM

You all must be really old or really out of shape. I know people in the building so i've done that walk a bunch of times. Yes, it's uphill, but it's a fairly gentle slope and I find that I'm not breathing hard or sweating at all when I get to the borough hall stop. Y'all gots to hit the gym people! 20 minutes on the elliptical 3 times a week. Come on!

Posted by: bkre at August 18, 2009 4:08 PM

eh, the walk is fine. I just dont really know how you buy in now. Prices are low, but the maintenance is really killer and a complete question mark -- could double if things sit empty. or they could start renting by the dozens. it could be a primarily rental building. the whole thing is a mystery to me. co-ops are a pain in the ass, but I'm thinking it's the way to go (if you dont want a brownstone)

Posted by: Ringo at August 18, 2009 4:16 PM

bkre, I regularly walk up to 10 miles per day on the weekend. I'm fine with the hill, but most people, especially the elderly, will not be so happy about the trek.

While I live in Brooklyn Heights and happen to like it, I have to agree that it seems there are a few shills in this thread. If this many people thought the units were such a great deal, why are the sales so poor?

Lastly, I have to think jonnynyc is 100% correct; that shuttle will be riding off into the sunset very soon. Either that, or the residents will be paying more moolah to subsidize it than it would cost to just get taxis when they need them.

Posted by: Biff Champion at August 18, 2009 4:20 PM

I hope you're not calling me a shill Biff. All you have to do is check my commenting history to see that's not true. I just happen to like this building. I can't afford it (even with the price cuts) but I still like it. Especially now that everyone seems to have accepted the fact that the park is actually happening and is no longer a mirage.

Also - if you look at my earlier comments I also said that I think the shuttle will go away once the developer sell more units...

Posted by: bkre at August 18, 2009 4:32 PM

btw, I only think the units are an okay deal with this last price cut.

Posted by: Ringo at August 18, 2009 5:13 PM

bkre, no, I wasn't specifically referring to you. Apologies if it seemed that way.

Posted by: Biff Champion at August 18, 2009 5:17 PM

We need ax cuts! Still not going to get sucked into the toxic asset housing ninja bubble with these little knife cuts.

Posted by: hannible at August 18, 2009 6:28 PM

A Few Possible selling features the sales force seems to have overlooked on the Brooklyn view apartments:

1)No pool!
2)Close up view of a highway!
3)On coming traffic lights every night!!
4)Asthma from car exhaust fumes!
5)Continous drone BQE traffic!!!
6) Walk across a higway to get to the subway!!

...still the finishes and interior spaces are nice.

Posted by: FloatingWorld at August 18, 2009 6:50 PM

You pay high maintance monthly costs but in return you get free breakfest at the Ikea and all the cool aid you can drink.

Posted by: hannible at August 19, 2009 6:17 PM

« Walkabout with Montrose: Parlez-vous French Flat? Williamsburg's 10-story Finger »

August 18, 2009

Price Cuts at One Brooklyn Bridge Park

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