Brooklyn Heights
February 9, 2010
Co-op of the Day: 224 Henry Street, #2AB
This new listing at 224 Henry Street in Brooklyn Heights looks very nice. The two-bedroom co-op takes up the entire floor of a 25-foot-wide brick townhouse. There are lots of original details and the recently-renovated kitchen is also attractively done. The monthly maintenance of $1,170 seems a tad high given the lack of a doorman or amenities, but not painfully so. The asking price of $995,000. What do you make of that? There was an open house on Sunday—did anyone attend?
224 Henry Street, #2AB [Brown Harris Stevens] GMAP P*Shark
February 8, 2010
House of the Day: 96 Joralemon Street
Not too shabby! This three-family house at 96 Joralemon Street is top-shelf — and the price reflects it. The 4,600-square-foot property is divided up into three units, including a doctor's office on the ground floor. Both the upper triplex and parlor-floor simplex are attractively renovated and full of old-school charm. So there's no question that lots of folks will be salivating over this place. The only question is whether they'll be willing to shell out $3,600,000 for the privilege of owning it.
96 Joralemon Street [Corcoran] GMAP P*Shark
Brooklyn Bridge Park: Private-Public Pros and Cons
Brooklyn Bridge Park [is] perched atop a ribbon of piers, and already hailed for its design and scope. But the park is taking shape only in fits and starts, and even opening the small part that is complete has been delayed until spring as the city and state hash out questions of money and control. Despite 20 years of planning, work has barely begun on the bulk of the project. The $350 million construction budget is still short $125 million, and no one is sure who will come up with the $16 million needed each year for operations and maintenance — New York Times
Pier 6 Rendering from BBP Conservancy.
Meet Brooklyn's Most Expensive Condo
Hot damn. Laurels for the priciest condo sale ever in Brooklyn have just been stripped from Dumbo's One Main Street and handed over to One Brooklyn Bridge Park. The Times says a humble, 9,486-square-foot triplex at 1BBP (actually five units rolled into one) sold for $8.495 million to a finance guy. "Three of the units, on the building’s 11th and 12th floors, had already been combined by a previous buyer who backed out of the deal after the Lehman Brothers collapse in 2008. That buyer was forced to walk away from a deposit of more than $600,000. 'The original buyers had created a very luxe three-bedroom five-bath apartment with a huge living and dining space,' said Highlyann Krasnow, the sales director for One Brooklyn Bridge. It was about 4,200 square feet. 'But this buyer wanted even more square footage,” she said. The most expensive condo to sell in Brooklyn prior to this was a $7 million spread at One Main.
One Costly Condo [NY Times] GMAP
February 3, 2010
Construction Begins on P.S. 8 Addition
The much-anticipated expansion of P.S. 8, the elementary school on Poplar and Hicks Streets in Brooklyn Heights, began last week. When we walked past yesterday dump trucks were carting away dirt and debris and DOB permits posted at the site showed a start date of January 26. The new addition is supposed to add 18,000 square feet and seven new classrooms to the bursting-at-the-seams-from-its-own-popularity school.
PS 8 Parents Pitched Plans for New Addition [Brownstoner]
February 1, 2010
Co-op of the Day: 1 Grace Court, #2B
Someone must think the market has rebounded! This riverfront co-op at 1 Grace Court in Brooklyn Heights was on the market with Douglas Elliman last year. It was taken off the market in July, after having had its price reduced from $1,675,000 to $1,500,000. Now it's back on again with Corcoran asking $1,795,000. The 2,200-square-foot three-bedroom pad clearly has killer views and we like those wood built-ins in the living room, but the monthly maintenance of $2,483 is not for the faint-of-wallet. Then again, it's a prime Heights location.
21 Grace Court, #2B [Corcoran] GMAP P*Shark
Jostling for Control of Brooklyn Bridge Park
The Post reports that the city and state are engaged in "closed doors" negotiations about whether the city should take full control of Brooklyn Bridge Park, a situation that is delaying the opening of the first, completed segment of the project. According to the story, the city is willing to immediately shell out tens of millions for the park in exchange for having the state cede its stake in BBP. "It's bureaucratic BS at its finest," said one frustrated official. "Part of the problem is the state is leery about giving up control because it wants to be able to take credit when both projects are finally finished."
Mike, State in Park Push-Pull [NY Post] GMAP
January 29, 2010
Nine Years Until It Will Be Impossible to Drive Downtown
January 27, 2010
Closing Bell: Ode to the Franklin Trust Building
Karl Junkersfeld, a regular on the Brooklyn Heights Blog, has put together another one of his interesting videos about Brooklyn architectural history. This time, the focus is the Franklin Trust building at 166 Montague Street, a building which is currently being restored and renovated into condos. Enjoy!
January 26, 2010
Co-op of the Day: 145 Hicks Street, #A38
You gotta love the front courtyard of the Mansion House, the 107-unit co-op at 145 Hicks Street in Brooklyn Heights. The interior of this one-bedroom in the building is not as impressive, but it has some understated prewar charm. (Just don't look at the kitchen.) The layout is nice, too, with a good-sized bedroom and ample closet space. The monthly maintenance of $770 is quite reasonable for 800 square feet in a doorman building. Not so sure about the asking price of $545,000. Waddya think?
145 Hicks Street, #A38 [Corcoran] GMAP P*Shark
January 21, 2010
House of the Day: 36 Joralemon Street
36 Joralemon Street was an Open House Pick last September while it was listed with Brown Harris Stevens for $3,800,000. Now the listing's moved to Corcoran and the asking price's been reduced to $3,450,000. This is going to be a tricky one: The owners have clearly spent a lot of time and money renovating the brick house since they bought it for $2,325,000 in 2005. Some of the rooms look nice, but there are enough strange design decisions (in our humble opinion) that a large percentage of potential buyers will be turned off. At the end of the day, we suspect this will be another example of a house that suffers on the market from being neither traditional nor truly modern.
36 Joralemon Street [Corcoran] GMAP P*Shark
Co-op of the Day: 28 Old Fulton Street, #3-M
We find that the interiors of the Eagle Warehouse rarely live up to the exterior. Case in point: This third-floor studio that just hit the market asking $450,000. We like the high, beamed ceilings and the rustic painted floors, but the kitchen's a bit of a downer and who wants to climb up into that sleeping loft every night? We also wish that for $450,000 you'd get more than one window in the living room. Still, good location, especially with the impending opening of Pier 1. At least the maintenance is a reasonable $613 per month.
28 Old Fulton Street, #3-M [Warburg] GMAP P*Shark
January 20, 2010
Development Watch: Love Lane Mews
No one's going to accuse the developers of the five-building project in Brooklyn Heights known as Love Lane Mews of rushing things, that's for sure! As The Brooklyn Eagle reported last fall, though, some of that delay can be attributed to complex structural issues at the foundation level; more specifically, the five buildings are being realigned at the cellar level, a task only complicated by the fact that all five buildings were built out of different materials. When all's said and done, the four buildings on the western side of the street will be divided into 38 apartments while the building on the east side (photo #2) will be converted into two townhouses.
Development Watch: Love Lane Mews Already [Brownstoner]
Development Watch: Love Lane Mews Creeping Along [Brownstoner]
Love Lane Mews Partner Gets Bought Out [Brownstoner] GMAP
Love Lane Mews Partner Gets Bought Out [Brownstoner]
Development Watch: Love Lane Mews with Skylight Views [Brownstoner]
Development Watch: Love Lane Mews Floorplans Revealed [Brownstoner]
Love Lane Conversion Getting Traction [Brownstoner]
"Contextual" Condo Design for Love Lane [Brownstoner]
The Latest on the Love Lane Garage? [Brownstoner]
January 19, 2010
The One That Got Away
Harvey Araton, a sports writer for the Times, penned an epic tale for the paper's real estate section this weekend about making peace with his decision to sell low in Brooklyn Heights nearly 17 years ago. According to Araton, he wrote the article as a form of therapy, since he's often kicked himself for selling his family's co-op in the busted early '90s market: "It has been 16 1/2 years since we sold a two-bedroom apartment in Brooklyn Heights, en route to the suburbs and the birth of a second child. Actually, I should say that we gave it away: We lost about $80,000 on a $240,000 purchase made in 1988." The current value of the co-op is around $900,000. Araton gets in touch with other people who sold in the building—which Brooklyn Heights blog identifies as 157 Hicks Street—at around the same time. "After reconnecting with our old neighbors, the other thought I am left with—and hope to hang onto—is that as much money as we lost, judging a period of life by the bottom line is the road to existential ruin...I suppose, then, that the closure I have been looking for might be in the realization that the apartment was never just an investment. It was a place to live," he writes.
A Brooklyn Apartment Sold Too Soon? [NY Times]
Photo from Property Shark.
Huge Explosion in The Heights
Brooklyn Heights residents in the vicinity of Joralemon Street and Columbia Place had reason to think a bomb went off yesterday at lunchtime when an accident by a National Grid repairman led to an explosion that caused several manhole covers to be blown off. When the power company workers struck a New York City Transit power line with a digging tool known as a missile, the explosion was so forceful that a number of windows in the area were shattered. Over 70 buildings ended up being evacuated and several subway lines shut down as natural gas levels in the air rose, but no one was hurt. Most residents, one of whom contacted us to say what a great job the police and fire department had done, were able to return home by early evening. You can see a video of the damage on the jump.
Buildings & Subways in Brooklyn Evacuated Due to Fire, Explosion [Gothamist]
Power Line Accident Prompts Evacuation and Subway Halt [NY Times]
Manhole Fires Cause MTA Delays in Brooklyn [NY Post]
Explosions in Brooklyn Heights Send Manhole Covers Flying [NY Daily News]
Gas explosions rock the Heights [Brooklyn Paper]
Manhole Explosion in Brooklyn Heights [Brooklyn Eagle]
January 15, 2010
A Couple More Widget Comps
A couple more properties that have received the widget treatment on Brownstoner have sold and both sales prices, not surprisingly, are well in excess of the widget average. As we know by know the widget average, almost by definition, underprices the ultimate sales price since all it takes is one buyer, not a consensus, to get a deal done. In the case of Apartment #2 at 56 Garden Place, the widget predicted $645,093 and the two-bedroom ended up selling for $750,000; this difference of 14% is about what we've come to expect ye olde widget. Over at Apartment 5E at 125 Eastern Parkway, the widget came in at $314,911, or only 9% less than the actual selling price of $345,000. Surprised by either of these?
Co-op of the Day: 56 Garden Place, #2 [Brownstoner]
56 Garden Place, #2 [Brown Harris Stevens] GMAP P*Shark
Co-op of the Day: 125 Eastern Parkway, #5E [Brownstoner]
125 Eastern Parkway, #5E [Corcoran] GMAP P*Shark
January 14, 2010
Streetlevel: Nail Spa on State Street Opens Tomorrow
The nail salon and spa that we told you about in October is set to open tomorrow at 210 State Street in Brooklyn Heights. Is there likely to be a lot of demand in this location?
Streetlevel: New Nails Spot for The Heights [Brownstoner] GMAP
Squibb Park Renovation Begins, Foot Bridge in Limbo
The renovation of Squibb Park in Brooklyn Heights has begun! We happened to pass by this morning as contractors were setting up for their first day of work. As we understand it, the work mainly consists of repairs and repaving, though we have a request into the Parks Department for more detail. On a related note, you can see the demolition of the building on Furman Street in the background where the foot bridge to Brooklyn Bridge Park was originally slated to go; as of now, however, that piece of the project remains unfunded.
Update: Here's a statement we just got from the Parks Dept:
At Squibb Park, the current work consists of: removing all deteriorated pavements, fencing and play unit remnants; expanding tree planting beds with will have new ground cover plantings added; pruning existing trees; installing new drain lines and accessible drinking fountain; benches; and, new asphalt pavement with a color seal coating. The comfort station (restroom) is also being repaired. Anticipated reopening of the playground and comfort station is in June.
The longer range plan to be done at a later date after the Public Design Commission reviews and approves includes the overhead bridge connection to Brooklyn Bridge Park, decking, a skate park and reconstructing the site entrance ramp.
January 12, 2010
Co-op of the Day: 55 Pineapple Street, #3D
This co-op at 55 Pineapple Street in Brooklyn Heights just hit the market asking $499,000. It seems like a nice, solid one-bedroom: Good-sized living room and bedroom, attractive if not spectacular prewar vibe; there's an elevator but no doorman. The monthly maintenance is $973, maybe a tad high but not crazy. What do you think it'll end up selling for?
55 Pineapple Street, #3D [Brown Harris Stevens] GMAP P*Shark
January 5, 2010
House of the Day: 14 Garden Place
We might as well start the year out with a bang...This four-story brownstone at 14 Garden Place in Brooklyn Heights is pretty spectacular. In fact, it looks about perfect. Beaucoup fireplaces and moldings, tasteful built-ins, high ceilings, updated kitchen, attractive backyard. Of course, the owners know what they've got and, at $4,700,000 (or $1,175 per square foot) have priced it accordingly high. It's been on the market for more than two months now with no takers. Think that'll change once the bonus money starts clearing?
14 Garden Place [Douglas Elliman] GMAP P*Shark
December 31, 2009
Brooklyn's Biggest Residential Deals of '09
Here they are, the five biggest sales recorded in public records this year. It's worth noting that the One Brooklyn Bridge Park and Cobble Hill sales went into contract before '09, and Cobble actually closed in 2008 but the deed didn't hit public records until this year. The highest-end sales recorded in '08, were, unsurprisingly, pricier than this year's batch. They included a $10.8 million sale on Remsen Street, the highest price on record for Brooklyn Heights; the sale of Jennifer Connelly's old Prospect Park West digs for $8.45 million; and the $7 million sale of a Dumbo condo, the most expensive condo trade in Brooklyn on record. Still, there were plenty of properties that sold this year that 99.9 percent of us could never afford to buy!
1. GRAVESEND $10,260,000
2111 East 2nd Street GMAP (top left)
The trade of this 8,206-square-foot one-family was, as expected, the biggest sale in Brooklyn this year, and one of the highest-priced houses ever to sell in Kings. Entered into contract on 9/16/09; closed on 9/16/09; deed recorded on 9/25/09.
2. BROOKLYN HEIGHTS $6,322,711
One Brooklyn Bridge Park, Unit 1214 GMAP (top right)
Early this year, Elizabeth Stribling closed on her purchase of a penthouse at One Brooklyn Bridge Park. The pad sprawls over 3,442 square feet (with 1,900 square feet of outdoor space), according to a Real Deal article. The purchase price recorded in public records is a few hundred thousand below the $6.6 million Stribling was reportedly paying for the unit plus a parking spot. Entered into contract on 3/29/07; closed on 1/29/09; deed recorded on 2/5/09.
3. COBBLE HILL $5,400,000
155 Warren Street GMAP (bottom left)
This 7,000-sf, 25-foot-wide Greek Revival house hit the market in October '07 with an $8.75 million asking price. The price was reduced several times, ending up at $5.9 million in late September, according to StreetEasy. Is this the highest price ever paid for a house in Cobble Hill? Probably. Entered into contract on 11/14/08; closed on 12/16/08; deed recorded on 1/13/09.
4. BROOKLYN HEIGHTS $5,309,390
One Brooklyn Bridge Park, Unit 1220 GMAP (top right)
3-bedroom, 3-bath condo has 3,456 square feet of indoor space and 1,903 square feet of terrace space. Sale included a parking spot. Entered into contract on 6/15/07; closed on 3/25/09; deed recorded on 4/1/09.
5. GRAVESEND $5,002,000
2021 East 5th Street GMAP (bottom right)
Property Shark says it's a 2,016-sf one-family. Entered into contract on 3/16/09; closed on 9/24/09; deed recorded on 10/6/09.
Photos from Property Shark.
December 17, 2009
Video: The History of Cadman Plaza
Check out this fascinating video about the history of Cadman that Karl Junkersfeld put together for the Brooklyn Heights Blog. Great stuff!
December 11, 2009
One Brooklyn Bridge Park Picking Up Steam
For a while there, like a year, any inquiry about the number of sales at One Brooklyn Bridge Park, the high-end conversion project on the Brooklyn Heights waterfront, inevitably led to the same answer: 100. Since recent price cuts and a changing of the brokerage guard (to The Developers Group), though, there's been some noteworthy action: According to the Daily News this morning, 20 new contracts have been signed, 10 are "out" and another 10 are "under negotiation." It can't hurt either that it no longer takes a visionary to imagine how cool Brooklyn Bridge Park itself is going to be.
Fast & Furious [NY Daily News] GMAP
Some Traction at One Brooklyn Bridge Park? [Brownstoner]
Price Cuts at One Brooklyn Bridge Park [Brownstoner]
December 10, 2009
Co-op of the Day: 150 Joralemon Street, #9B
The maintenance is always the catch at 150 Joralemon Street. The trade-off is that the co-ops in the beautiful prewar building in Brooklyn Heights are priced accordingly low. This ninth-floor two-bedroom, for example, just hit the market asking just $429,000. Granted the place is barely 800 square feet, but still, for the area, that's a low asking price. Still, if you put down $100,000 on this place, your after-tax mortgage expenses wouldn't be much more than $1,000 a month, so we think this'll sell quickly and near ask. You?
150 Joralemon Street, #9B [Corcoran] GMAP P*Shark
December 7, 2009
Development Watch: 73 Pineapple Street
It's been a year since we checked in on 73 Pineapple Street, the five-story new building that required some back-and-forth with the Landmarks Preservation Commission before getting greenlighted in early 2008. A year ago, it was not much more than a hole in the ground. Now it's risen three stories.
Development Watch: 73 Pineapple Street [Brownstoner]
73 Pineapple Gets Unanimous Thumbs-Up at LPC [Brownstoner] GMAP
LPC Urges 'Do Over' for 73 Pineapple Street Plan [Brownstoner] DOB
Latest Restaurant Additions
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Bridgeview Diner
added February 9, 2010 12:00 PM in Bay Ridge -
222 Franklin Street
added February 8, 2010 12:00 PM in Greenpoint -
La Petite Provence
added February 5, 2010 12:00 PM in Carroll Gardens -
Purple Yam
added February 4, 2010 12:00 PM in Ditmas Park -
Kasia's Restaurant
added February 3, 2010 12:00 PM in Williamsburg -
myThai
added February 2, 2010 12:00 PM in Bay Ridge -
Vinnie's Pizzeria
added February 1, 2010 12:00 PM in Greenpoint, Williamsburg -
Vesuvio
added January 29, 2010 12:00 PM in Bay Ridge -
Sue Perette
added January 28, 2010 12:00 PM in Carroll Gardens -
Radegast Hall & Biergarten
added January 27, 2010 12:00 PM in Williamsburg