Downtown Brooklyn
November 19, 2009
Thompson Dissing Bloomie on HOD Again
Commercial Klutch: November Edition
Another report from the trenches courtesy of our anonymous commercial real estate correspondent...
This year's biggest pure market disaster is arguably retail rents, off from thirty to fifty percent. Prime space in Dumbo once worth nearly $60 a foot goes for $37.
Smith Street from$80-plus down to $55 - or less. Back to reality is good news for tenants. Anybody with the chutzpah to open any type of store today deserves a break!
Liberal bank lending, which fueled the boom, now limits condo sales with absurdly tight underwriting standards. Old story - banks lend too much then they lend too little. When will they get it right? To be fair, the investment bankers, rating agencies and attorneys together killed the secondary market banks early on. Still, does water boarding borrowers help anyone?
Hard for tenants to resist when four large projects (Tillary, Myrtle, DeKalb, Lawrence) open at the same time. Great for DoBro, great for tenants, goodbye developer equity. Somehow living in high-rise full-service new construction doesn't seem like the Brooklyn thing to do.... Could be fun though.
Area office rents, after dropping thirty percent, have stabilized. DoBro vacancy rate according to the four monster commercial brokerages that survey us, is lower than Manhattan. Take that small island.
Flattery Vs. Rambo..... Some have called the area bounded by Tillary, Jay, Sands and Prince Street RAMBO (right After the Manhattan Bridge overpass) when owners there tried to call it Dumbo. Broker Paul Murphy coined FLATTERY. I like that better. Let's go with it. What do you think?
Prior Commercial Klutch Posts [Brownstoner]
November 18, 2009
A Few More Sales Trickle In at BellTel
It's not a lot for a building with 250 units, but it's something. A press release just went out yesterday trumpeting the fact that four units at the BellTel Lofts had sold recently; sales prices ranged from $559,000 to $900,000 and three of the four buyers took advantage of FHA loans. The building is now over 55 percent sold.
Belltel Joins the FHA Club [Brownstoner]
Targeted Price Cuts at Belltel Lofts [Brownstoner]
Checking In On The BellTel Lofts [Brownstoner]
Belltel Parking On Tap [Brownstoner]
Belltel Lofts: 50% Percent Sold [Brownstoner]
The Belltel Lofts: 40 Percent Sold [Brownstoner]
November 17, 2009
Johnson Gourmet Deli Revealed
When we first saw the signage for the Johnson Gourmet Deli at 176 Johnson Street, we thought it might be the great culinary savior of this newly residential part of Downtown Brooklyn. Based on our pass-by last night, though, those hopes appear to have been somewhat misplaced, though we're sure the first wave of Oro residents will be happy to have a clean and convenient spot for deli food and essentials. It certainly beats the place across the street!
Streetlevel: Johnson Gourmet Deli [Brownstoner] GMAP
November 13, 2009
Development Watch: Avalon All Glassed Up
Although the first move-ins were just pushed back by a couple of weeks, Avalon Fort Greene just reached an important milestone in its development history: At some point in the last couple of days, the last window was installed.
All Is Revealed at Avalon Fort Greene [Brownstoner]
Avalon Fort Greene Coverage [Brownstoner] GMAP
Brooklyn Gold Joins the Downtown Rental Party
Avalon Fort Greene, 80 Dekalb, the Brooklyner, and now Brooklyn Gold: There's definitely no shortage of new rentals available in Downtown Brooklyn at the moment! The leasing office for Brooklyn Gold, aka 257 and 277 Gold Street, opened a few weeks ago. The 510-unit development's website says asking rents are starting at $1,401 for studios and $1,532 for 1-bedrooms (that's "net," so the prices probably take into account concessions like a couple months' free rent). The first building that's leasing is 277 Gold Street, and at the Brooklyn Real Estate Roundtable on Tuesday one of its developers said it's probably going to take another four or five months for some of the buildings' amenities—which include an indoor swimming pool—to be finished. 277 Gold has 133 units and its big brother, 257, has 377.
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 235 Gold Street [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 235 and 277 Gold Street [Brownstoner]
Development Watch: 277 Gold All Topped Out [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner] GMAP P*Shark
Development Watch: 235/277 Gold Street [Brownstoner] DOB
November 12, 2009
CB2 Gives Thumbs Up to Commodore Barry Renovations
At Tuesday night's Community Board 2 meeting, reports The Local, board members voted in favor of the planned renovation of Commodore Barry Park on the Fort Greene/Downtown Brooklyn border. The ten-acre park, which is located between the Brooklyn Navy Yard and the Ingersoll and Whitman housing projects, is "extremely critical to the community and neighborhood in which it is located," noted Parks committee chair Andrew Lastowecky. Phase 1 of the project, which would restore the lawn and walkways on the eastern end of the park, is expected to cost $2,300,000 and be completed by next spring.
CB 2: Get Your Flu Shot [Local/NYT]
Photo by alexkane
Second Life For Be@Schermerhorn
Last we heard from be@schermerhorn (a couple of months ago), the 246-unit condo building in Downtown Brooklyn was forced to let its existing buyers out of contract, having failed to sell enough of the building; earlier in the year, the development finally cut prices but it was too little too late. Well, now those same buyers will be able to buy back in, presumably at much lower prices. It was reported yesterday that an Atlanta-based company called Jamestown Properties has purchased the mortgage on the property and plans to relaunch the sales effort under the management of the original developer, SDS Procida. Great news for the Downtown area if they can pull it off. If it's priced to sell, we don't see any reason why they can't.
Brooklyn Condo Scooped Up by German Investors [WSJ]
Jamestown Invests in Troubled be@Schermerhorn [TRD]
Vultures Pick Off Downtown Brooklyn Condo [Curbed]
Be@Schermerhorn Hits Another Snag [Brownstoner]
Welcome to Downtown Brooklyn's Hottest Pocket [NY Post]
The Be@Schermerhorn Price Cuts We've Been Waiting For [Brownstoner]
What's Going On at Be@Schermerhorn? [Brownstoner]
Checking In On Be@Schermerhorn [Brownstoner] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]
November 11, 2009
Condo of the Day: 110 Livingston Street, #8O
A couple of years after the owner bought Apartment 8O from the developer, this corner two-bedroom at 110 Livingston Street just came up for resale with a price tag of $775,000. We light the combo of modern-but-prewar that the Two Trees conversions typically have, and this place is no exception. Given the size of almost 1,100 square feet, the impressive light and views and the modest common charges of $725, we can see this fetching close to ask. Agree?
110 Livingston Street, #8O [City Connections] GMAP P*Shark
Way for Flatbush Best Western Almost Cleared
About a month after getting underway, demolition of the four small buildings on Flatbush Extenstion between Tillary and Bridge Street is almost finished. A new 10-story, 65-unit Best Western hotel is slated to rise on the site.
Giddyup! Best Western Preps for New Downtown Location [Brownstoner]
Two New Hotels Slated for Downtown Brooklyn [Brownstoner]
55 Flatbush Extension: GMAP DOB 57 Flatbush Extension: GMAP DOB
61 Flatbush Extension: GMAP DOB 63 Flatbush Extension: GMAP DOB
'Nationally Known' Restaurants May Land in 345 Adams
A principal from Muss Development, the firm that's trying to lure classy retailers to Downtown's 345 Adams Street, said at yesterday's Brooklyn Real Estate Roundtable that negotiations are underway with two "nationally known" restaurants. One of the restaurants is eyeballing a 10,000-square-foot space, he said, while the other is looking at a 2,000-square-foot chunk. Guesses?
Closing Bell: Shopping for High-End Retail at 345 Adams [Brownstoner]
November 10, 2009
Closing Bell: New Public Art on Flatbush
The street artist known as Specter has just dropped one of his public art projects into a busy intersection of Brooklyn. This one's on Flatbush Avenue where Schermerhorn, 3rd Avenue and Lafayette all come together. Photo by Bluejake.
Stimulus Boost for Downtown Brooklyn Hotel
Last year, the Magna Hospitality Group dropped $10.8 million for the former Pepper & Potter car dealership at the corner of Flatbush and Tillary in Downtown Brooklyn with the plan of erecting a Hampton Inn overlooking the busy intersection. Since then, however, they've been unable to land construction financing. The Times reports that the 117-room hotel project has just gotten a new lease on life in the form of a $20 million tax-free loan courtesy of the federal stimulus program. Four other city projects received another $67 million as well. “There is no significant construction lending taking place right now,” said David Lombino, a spokesman for the city’s Economic Development Corporation. “But for this program, these projects wouldn’t go forward.” To qualify, the developments must break ground by the end of 2010.
Five Development Projects to Receive Stimulus Money [NY Times]
From Cars to Mini-Fridges on Tillary [Brownstoner] GMAP
November 9, 2009
Navy Yard Entrance Opens, With Bike Lane!
The new entrance to The Brooklyn Navy Yard at Sands Street and Navy Street opened this morning. While this is big news on its own, it's extra exciting for bicyclists. The Navy Yard has been a very bike-friendly place in recent years so it should be no surprise the new road inside the Yard contains a shared bike lane that will become a formal lane when the road is expanded in coming months. Another nice touch: The bike lane inside the Yard connects up with the recently-installed bike lane that runs down the middle of Sands Street from the Manhattan Bridge. Well done! Now we'll just have to wait for the gate houses to be fully restored.
October 30, 2009
Checking In On Fulton Mall Arby's
Earlier this week Lost City stopped by the Arby's at 372 Fulton Street on the Fulton Mall in Downtown Brooklyn. Since finally gaining approval from LPC in June for the interior renovation, the franchisee has been working steadily on the space. Lost City was able to stick its head inside and learned that the fast food joint will be ready to open "in a few weeks." Curious, we decided to head over there yesterday afternoon and were able get take this photo from the doorway. You can't really see the build-out at the rear which is where most of the renovation action is happening but there's certainly plenty of activity going on.
Gage & Arby's Will Be Ready in a Few Weeks [Lost City]
LPC Gives Arby's Go-Ahead for Historic Fulton Mall Space [Brownstoner]
Fulton Mall Arby's Revealed [Brownstoner]
LPC Sends Arby's Back to the Prep Station [Brownstoner]
Arby's Planning to Take Gage & Tollner Space [Brownstoner]
Rumor: Fast Food for Gage & Tollner Space [Brownstoner]
October 28, 2009
Breaking Up the B61
Changes are in store for residents of Brooklyn who rely on the B61 bus line. The Metropolitan Transportation Authority says it is breaking up the route in hopes of cutting down on delays and improving service. The line, which currently serves 18,500 riders a day, will now run from Queens Plaza to Downtown Brooklyn. Riders will then have to hop on a new second line, the B62, to travel the rest of the way from Downtown Brooklyn to Red Hook. The agency hopes to have the plan in place by early next year. Update: The NY1 article had it wrong. This is from the MTA press release: "The southern B61 route will travel between the Ikea Terminal in Red Hook and Downtown Brooklyn (Smith Street and Livingston Street). The northern B62 route will travel between Downtown Brooklyn (Boerum Place and Livingston Street) and Queens Plaza and will be rerouted past the Williamsburg Bridge Plaza Bus Terminal."
October 23, 2009
City Point Heads to Design Commission Next Week
The first phase of the City Point development project at the north end of the old Albee Square Mall site in Downtown Brooklyn goes before the Public Design Commission next week, according to an article from The Brooklyn Eagle; the news was delivered at last week's Community Board 2 meeting. The first phase of the project, which recently received $20 million from the federal stimulus program for stalled developments, is scheduled to get underway in March 2010. This portion is expected to consist of three or four stories of retail topped by 12 or 13 stories of residential, but a rendering won't be released until after the Public Design Commission sees it; about half of the residential units are expected to be market rate, with the balance spread between middle- and low-income units.
City Point Phase 1 Heads to Public Design Commission [Brooklyn Eagle]
October 20, 2009
Development Watch: 177 Concord Street Getting There
Other than most of the little balconies now being place, 177 Concord Street doesn't look that different on the outside than it did at the beginning of the summer; presumably the interiors at the 23-unit project have been proceeding by leaps and bounds.
Development Watch: 177 Concord All Glassed Up [Brownstoner]
Dev Watch: Windows for 177 Concord Street [Brownstoner] GMAP P*Shark
Dev Watch: Karl Conversion at 177 Concord St. [Brownstoner] DOB
What Could Have Been on Flatbush
The music stopped too soon for this retail complex at the corner of Flatbush and Schermerhorn (62-64 Flatbush Avenue, to be exact) to become a reality, but it's still fun to look at. And if you've got $15 million burning a hole in your pocket, the site could still be yours. Actually, the rendering was put together as part of a larger development that W Hotels was thinking of doing on this lot and several other adjacent ones to the west on Schermerhorn. The entire package of properties, which includes about 500,000 buildable square feet, is currently on the market with CPEX for a cool $50 million. A drop in the bucket, right?
62-64 Flatbush Avenue [CPEX] GMAP
350 Livingston et al. [CPEX]
October 13, 2009
Ingersoll Center Finally Open (Sorta)
It's taken seven years, but the Ingersoll Community Center is finally open. Well, not really open yet in terms of the public being able to use the 18,000-square-foot facility, but it was used to host the Ingersoll Tenants Association meeting a couple of weeks ago (just in time, too: Tenants Association head Ed Brown told The Local in August that, “If it hasn’t opened by late September, we’re going to have to hold a major protest”) and, we hear, a ribbon cutting ceremony is not far away. In the meantime, we've noticed chairs, tables and exercise bikes being set up. Bureaucracy at its best!
Seven Years and Counting for Ingersoll Center [Brownstoner] GMAP
Ingersoll Community Center to Open as Soon as July [Brownstoner]
1,500 Rental Units for DoBro
It's hardly news for anyone who's been paying attention, but yesterday Crain's took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at all three places are expected to start at about $1,700 a month. (Free rent concessions, though, bring the cost down close to $1,300, which starts to look pretty attractive.) While one of the developers involves admits that she we have preferred a little less competition at the start, we're not so sure the confluence of launches is such a bad thing. (The article also dangles the possibilities of the Forte and be@schermerhorn getting repositioned as rentals.) The biggest barrier to people deciding to rent in these new buildings in Downtown Brooklyn is the lack of a critical residential mass. With all three coming to market at the same time it's a potential game-changer for the area. Now if one of these places could just get a gourmet market or decent restaurant to sign on, they'd be all set.
Get Ready, Brooklyn: Flood of Luxe Rentals [Crain's]
October 7, 2009
Development Watch: Aloft on Duffield
Things continue to chug along at the hotel double-whammy on Duffield Street in Downtown Brooklyn. The Sheraton (at left) is almost done, and we hear it should be open by January. The Aloft, which still doesn't have its windows, is on schedule to open by early summer.
Development Watch: Aloft Topped Out [Brownstoner]
Development Watch: Aloft/Sheraton in High Gear [Brownstoner]
Development Watch: Aloft on Duffield [Brownstoner]
Development Watch: Downtown Sheraton/Aloft [Brownstoner]
Development Watch: Aloft Hotel Starts to Take Shape [Brownstoner]
Development Watch: 222 Duffield Keeps on Chugging [Brownstoner]
Development Watch: Sheraton Hotel Fully Aloft [Brownstoner] GMAP
Duffield Doubleshot Halfway There [Brownstoner] P*Shark DOB
Development Watch: Duffield St. Hotels [Brownstoner]
On Duffield Street, Two Stories Down, 23 to Go [Brownstoner]
Giddyup! Best Western Preps for New Downtown Location
There are no new building plans filed yet, but demolition has ramped up at the four small buildings at 55-63 Flatbush Avenue Extension where an 80-room Best Western is expected to rise. Frankly, we're surprised they're moving ahead right now but maybe this is what they call a greenshoot.
Two New Hotels Slated for Downtown Brooklyn [Brownstoner]
55 Flatbush Extension: GMAP DOB 57 Flatbush Extension: GMAP DOB
61 Flatbush Extension: GMAP DOB 63 Flatbush Extension: GMAP DOB
Prices Drop at the Oro Tower
The Oro, a condominium tower in Downtown that reached completion as the real estate boom went bust, is now cutting its prices by up to 25 percent to boost sales. Since the building's marketing campaign launched two years ago, only 90 out of the 374 units have closed, reports Crain's. The publication lists a studio's current price as $295,000, while another three-bedroom goes for over $1 million, and Street Easy has an active one-bedroom listed for $539,000; you can see all of the listings here. What's interesting is that in the Crain's article the developer says that he has no interest in converting the empty units to rentals, as other buildings have done to remain afloat. "Oro has always been a condo building and we intend to keep it that way," he said. Nevertheless, there are two active rental listings on Street Easy, a studio for $1,800 per month and a one-bedroom for $2,850, suggesting that a couple of the original buyers are feeling a little more open-minded on the rental question.
Condo Prices Slashed 25% at Big Brooklyn Tower [Crain's] GMAP
Work Resuming at Oro Part Deux? [Brownstoner]
Oro at 306 Gold Street [StreetEasy]
October 2, 2009
Streetlevel: Johnson Gourmet Deli
This may be old news since we hadn't been down Johnson Street in a while, but it appears that there's a new Gourmet Deli coming to the retail space in the Toy Factory Loft at 176 Johnson. Anyone know anything about it? GMAP
Latest Restaurant Additions
-
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn