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Condo of the Day: 60 Broadway, #8M
This eighth-floor unit at the Gretsch at 60 Broadway is one of the less sexy units we’ve seen in this building but it’s still a large, attractive one-bedroom in an increasingly popular section of Williamsburg. There may be no outdoor space but there are great views along with high ceilings and attractive, modern finishes in the bathroom and kitchen. Asking price for the 979-square-foot pad? $750,000. For context, it sold back when the building went condo in 2005 for $640,479.
60 Broadway, #8M [Corcoran] GMAP P*Shark
05/24/2012 12:57 PM
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Condo of the Day: 1 Main Street, #4A
This 2,200-square-foot loft at One Main Street in Dumbo has been on the market for a little over a month now with a the overly specific asking price of $2,497,500. It’s got a lot going for it–size, views, finishes, etc.–and is priced more than $800,000 cheaper than the same apartment on the 9th floor. We think that some more modern furnishings would help the sales cause a lot here. The current set-up is lacking in any sex appeal.
1 Main Street, #4A [Halstead] GMAP P*Shark
05/22/2012 12:57 PM
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Slope Conversion, 397 First Street, on the Market Soon
In a couple of weeks, a converted Park Slope building at 397 First Street, close to the corner of Sixth Avenue, will launch condo sales. While the building is still very much under gut renovation, it will have eight units: Seven two-bedrooms and one garden duplex. The asking prices will range from $829,000 to $1,279,000. Pros: A lot of historical details are being preserved, and it is zoned for P.S. 321. Meanwhile, updates to the kitchen and new security systems are being put into place. There’s also going to be a common space for bikes and strollers. The developers are East River Partners LLC, and Corcoran is handling the sales and marketing. We had the rare opportunity to witness the gut renovation in progress late last week; click through for some photos.
397 First Street GMAP (more…)
05/21/2012 10:00 AM
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Condo of the Day: 166 Montague Street, #5C
166 Montague Street, aka the Franklin Trust Tower, is one of the most architecturally impressive buildings in Brooklyn Heights. The building was converted to condos back in 2008 just as the market was heading south so the sponsor ended up renting out a number of the units. This fifth-floor two-bedroom is one of them. While perfectly attractive and with nice amenities and fixtures, the interiors of the 1,218-square-foot pad are a bit of a disappointment to us compared to the exterior. Nonetheless, the location, light, views, pedigree, etc. all make this a pretty nice catch. Asking price is $1,499,000, up from $1,260,000 back in 2008. Sound about right?
166 Montague Street, #5C [Halstead] GMAP P*Shark
05/14/2012 12:54 PM
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Details on Two Trees’ Reno of 30 Washington
Today the Times has an article focusing on Two Trees’ current project in Dumbo, the conversion of 30 Washington Street into about 100 rentals. The article has details about the various other projects that have opened in Dumbo and Vinegar Hill recently, but back to 30 Washington:
[David] Walentas said Dumbo had come a long way since his earliest visits, more than 30 years ago, when he first saw the 30 Washington Street building, owned at the time by Helmsley-Spear. “That was a vacant building and had a for-sale sign on it,” he recalled. “I said to the broker: ‘Well, somebody should buy the whole neighborhood. One building, it’s tough to make a difference.’ He said, ‘We own the whole neighborhood — we’ll sell it to you.’ ” They did, in a deal worth $12 million for two million square feet. Since then, Mr. Walentas said, “It’s been quite a trip.”
The story also notes that Two Trees plans to begin work on its 400-unit-plus-school Dock Street project in July.
Condo or Rental, It’s New in Dumbo [NY Times]
30 Washington Street Conversion Begins [Dumbo NYC]
LPC Approves Rooftop Addition at 30 Washington [Brownstoner] GMAP
05/11/2012 9:00 AM
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Condo of the Day: 384 Warren Street, #3R
Given the high ceilings and outdoor space, this 800-square-foot one-bedroom would seem like a pretty good deal at $519,000 were it not for the proximity to the Gowanus Houses. Still, it’s a nice place with lots of light and, even though it officially be called a two-bedroom, plenty of room for a second sleeping area. We suspect it’ll fare pretty well on the open market.
384 Warren Street, #3R [Corcoran] GMAP P*Shark
05/08/2012 12:58 PM
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Condos May Replace Bargains-R-Us on Fulton St.
Today the Bargains R Us store at 976 Fulton Street, at Grand, is closing and moving to Myrtle and Vanderbilt Avenues. A tipster tells us the space will be converted to a condo building with medical space, as tall as five stories. No change of hands has hit public records and no permits have been filed yet with the Department of Buildings. The store employee we spoke with didn’t have any information either. But if it plays out it will be a significant addition to Fulton Street, considering the assisted-living project and the Karl Fischer building both under construction between Putnam Avenue and Fulton Street. There goes the parking! GMAP
05/08/2012 11:00 AM
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Argentinian Celebs Buy Northside Piers Penthouse
Nicolás Repetto, an Argentinian newscaster, purchased a penthouse unit at Northside Piers, according to public records filed on Friday. Repetto is one half of a Buenos Aires power couple, as his wife, Florencia Raggi, is a well-known actress. Un pied-à-terre en caliente Williamsburg, puede ser? StreetEasy is showing very few active listings at either of the Toll Brothers-developed Northside Piers towers. Repetto paid $2.7 million for the spread.
05/07/2012 10:30 AM
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‘Owner/Resident/Landlord’: Trending?
This weekend’s Times section has an article looking into the maybe-trend of people buying two or more condos in the same building, a type of investor who “has decided to buy a second and sometimes third apartment to become an owner/resident/landlord. This investor is strongly motivated by two current market trends: low mortgage rates and record-breaking rents in certain neighborhoods.” The story says this sort of buyer is sometimes motivated by a view of profit in the long run (warehousers, writ small), and sometimes making a profit via the very high rents they can charge. Here is the Brooklyn example:
Low monthly costs were what recently inspired Fabrizio Uberti Bona, an agent at MNS, to buy a second apartment at the Edge, a 565-unit project on the waterfront in Williamsburg, Brooklyn. When sales slowed to a trickle during the recession, the Edge seemed like a white elephant. But with little new development inventory coming to market, sales picked up significantly last year, and the building is now more than 90 percent sold. Mr. Bona, who has helped sell or rent many units at the Edge, went into contract for his two-bedroom apartment in early 2008 while the building was under construction, and did not move in until last spring. He is now in contract to buy a studio that he says should rent for about $2,750 a month. “As an agent and a resident, I saw the value going up with price increases and rentals being so high,” he said, adding that he had helped several owners buy and rent out second apartments. “I thought, since this is what I do for a living, let’s see if I can do it, too.” The studio will cost him $495,000 — about 15 percent more than what it would have sold for in 2008, he estimates. “It’s still a great value for what it is,” he said, “because of the return on investment by renting it.” After paying his mortgage and monthly costs, which include $4 a month in taxes, he expects to clear almost $1,000 a month in profit.
Guess the question is how many people are actually doing this these days, and whether those looking for short-term gains are protected simply because of how low rates are right now.
The Investor Next Door [NY Times]
05/07/2012 9:30 AM
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388 Bridge Street is Officially Back in Business
The 53-story condo/rental tower is finally going up at 388 Bridge Street in Downtown Brooklyn! Just yesterday, a lot of heavy-duty construction work started up at the site. It looked like workers were pouring concrete into the foundation, but our view through the fence wasn’t great. Last month there were stirrings here after years of inactivity. At its completion, this development will hold 234 apartments and 144 condos, both market and affordable rate. Construction on the H&M down on the corner of Bridge and Fulton started up late April. Onward and upward!
Finally, Signs of Life at 388 Bridge Street [Brownstoner]
Details on Downtown’s Coming Towers [Brownstoner]
Construction Starting Next Year on 2 Downtown High-Rises [Brownstoner]
Stirrings at 384-388 Bridge? [Brownstoner]
Development Watch: Still Frozen at 388 Bridge Street [Brownstoner]
Brownfield Investigation Begins at 388 Bridge Street [Brownstoner]
Contamination Found at 384 Bridge Street, Lawsuit Filed [Brownstoner]
A Wrench in 388 Bridge Street’s Plans? [Brownstoner] GMAP
05/04/2012 9:30 AM
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80 Met in Williamsburg is Officially Sold Out
It took some price cuts, but the Steiner-developed 80 Met condo in Williamsburg is now officially sold out, according to a press release sent out today. As of March, the 123-unit development was 90 percent sold out and only one of its nine townhouses remained. Meanwhile, its sister development, 58 Met, is 95 percent sold. Via the press release: “‘We’re very happy with what we have accomplished at 80 Metropolitan,’ said Doug C. Steiner, Chairman of Steiner NYC. ‘We successfully created a beautifully designed building with spectacular views, incredible amenities, and expansive homes, built with same star-quality craftsmanship that we perfected at Steiner Studios. We’re thrilled with the great response to our work, and to have completed such a strong sell-out of the building. Congratulations as well to the sales team at Halstead Property Development Marketing on a fantastic job.’”
05/03/2012 2:54 PM
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Condo of the Day: 904 Pacific Street, #501
This two-bedroom duplex unit at 904 Pacific Street on the Prospect Heights/Crown Heights border has had a crazy history for a new condo. According to Streeteasy, it was initially listed by Triumph Property in June 2009 for $970,000 and then reduced to $875,000 before being delisted in October; the 1,295-square-foot pad was then relisted by Aguayo & Huebener in May 2011 for $899,000 before being taken off the market in August. Then in February of this year, Apartments & Lofts put the place back on the market for $775,000, where it sat until this week when it received a price hike back up to $875,000. Whip lash, anyone? It actually looks like a nice place to us and the common charges are $692.
904 Pacific Street, #501 [Aptsandlofts.com] GMAP P*Shark
05/03/2012 12:57 PM
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Southern Brooklyn’s ‘Venetian’ Condo is Back in Play!
One of the biggest real estate mysteries in Southern Brooklyn has just been cracked: Yesterday, the Real Deal reported that “The Venetian,” a luxury condo that one can see if one gazes east on the train while heading down to Coney, is being sold off by its original developers. Here’s the skinny, as told by TRD:
Sitt Asset assembled the various parcels that comprise the land in 2002 and 2003 for $9 million, and had plans to build the approximately 54,000-square-foot residential structure at a cost of about $500 per square foot, according to David Sitt, a vice president at Sitt Asset. But by the time the design was finalized and Sitt Asset took out a $54 million construction loan from Citibank in 2007 to launch the ground-up project, the cost estimate had more than doubled to $1,100 per square foot. The building was complete in 2010, when the Brooklyn sales market had collapsed to the point where it was virtually non-existent. With prospects grim for the project, Sitt moved to purchase back the loan from Citi at the discounted price of just $25 million. That effectively lowered the building costs close to the initial $500 per square foot projections. With costs now firmly under control and the borough’s sales market gaining traction, the developers were able to execute the plan as initially envisioned, Sitt said.
Unclear what they’re trying to get for the condo. Our photo above dates back to late 2009, and we thought the place was technically in Gravesend, not Midwood, though TRD refers to it as being located in the latter. In the go-go years, some units in this building were priced at more than $2,000 a foot, reportedly! Way back in the day, the marketers said the structure was inspired by 16th-century masterpieces like Veneto’s Villa Barbaro and Palazzo Porto.
Sitt Asset Brings Midwood Condo to Market [The Real Deal]
The Venetian Unveiled [Brownstoner]
The Venetian: 16th-Century Living, Gravesend-Style [Brownstoner]
$2,000 a Foot in Gravesend? You Betcha [Brownstoner] GMAP
05/03/2012 9:00 AM
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Condo of the Day: 360 Furman Street, #446
Let’s call it the “no-view discount.” Plenty of pads at 360 Furman, the behemoth condo conversion located in Brooklyn Bridge Park overlooking Lower Manhattan, are priced over $1,000 a foot. Those without the killer views, like this one-bedroom on the fourth floor, can be had for considerably less. In this case $850,000 gets you 1,280 square feet. Not bad for this part of town, especially when the apartment still gets plenty of natural light.
360 Furman Street, #446 [MNS Real Estate] GMAP P*Shark
05/02/2012 12:58 PM
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$4.9 Million $5.1 Million Buy at OPP Sets Building Record: Updated!
A condo sale anywhere near the $5 million mark in Brooklyn is always notable, but it’s especially so in the case of the recent penthouse purchase at On Prospect Park, since it’s far and away the most expensive unit to sell in the building so far. The purchase, which was recorded in public records yesterday, is for “PH16N” in the Richard Meier-designed building, and the buyer is not at all identifiable via public records, having an LLC name of “3GAP.” The completely unsubstantiated gossip we have heard is that the buyer already has another unit in the building. StreetEasy’s listing for the unit says it is 3,274 square feet and has four bedrooms. And, hey, the common charges are only going to be setting the buyer back a mere $3,692. At $4,900,000, this is one of the biggest condo sales ever recorded in Brooklyn, and the next most expensive listing at OPP is for a $3.25 million penthouse. Click through for the floor plan. Update, 5/2/12, 12:06 p.m.: Well, forget about “PH16N”: A deed recorded in public records today shows that “PH16S” sold for $5,100,000. No word on this buyer, either! (more…)
05/02/2012 9:00 AM
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Massive Condo Conversion Changing the ENY Landscape?
Somehow we missed a Daily News article from late last week about how the conversion of a massive apartment complex in East New York has transformed the area it’s in and lured a significant number of buyers from the neighborhood. The complex in question, MeadowWood at Gateway, has 1,152 units, and since it went on the market in 2006 about half its units have sold, with 85 percent of the buyers coming from the surrounding neighborhood. According to the story, 90 percent of those buyers are first-time homeowners. Starting prices are as follows: $120,000 for studios, $178,500 for one-bedrooms, $227,000 for two-bedrooms, and $299,000 for three-bedrooms. Here’s the block quote:
“When we took over people protested gentrification and feared renters would get evicted,” says [developer] Taconic vice president Dan McInerney, who handles the day-to-day operations at the complex for the company who recently sold 111 Eighth Ave. to Google for approximately $2 billion. “That was never the intention, nor did it happen. It took time to build trust, but what you have now is a strong group of homeowners who want their homes to appreciate in value and to live in a safe, clean and quiet place.” Some of that trust came after Taconic invested over $40 million in capital improvements, renovating hallways, lobbies, upgrading mechanical equipment, landscaping, installing playgrounds, and replacing roofs. They also installed over 8,000 new windows and hired a real estate team from Brooklyn-based Fillmore Real Estate. From the beginning, the sales strategy was to educate potential buyers on how and why to buy and to create high-quality home ownership opportunities for New York’s hardworking middle class. Homeownership seminars taking place in the on-site sales office draw as many as 80 people. On a recent Saturday, full families attended, asking questions on real estate tax abatements and common charges. A credit reparation person was ready in waiting.
The article also has a bunch of quotes from buyers who describe themselves as happy homeowners who feel like they’re living the American dream. The only question this story brings up—and it’s tough to find critical stuff to say about it—is whether Meadowood is truly changing this small section of East New York, a humongous neighborhood, for the better. For example, Stuy Town and Peter Cooper were basically always islands onto themselves, even back in the day, when some people wouldn’t go east of 1st Avenue in Downtown Manhattan. Still and all, there’s this quote from a buyer who considered purchasing in Sunnyside: “‘The prices in Sunnyside were ridiculous,’ she says. ‘I love living here, and I did all by myself. I explore this neighborhood and walk everywhere. I feel comfortable. I don’t know why people say these things about the area.’”
East New York Condo Conversion Becomes a National Model for Home Ownership [NY Daily News]
05/01/2012 9:00 AM
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Firms Team Up to Show 2-Bedrooms in Carroll Gardens
From 1 to 3 p.m. tomorrow, May 1st, three different brokerages—Corcoran, Town Residential and Brown Harris—are joining forces to offer a tasting menu of two-bedroom condos for sale in Carroll Gardens. Visuals above; listings below.
264 President Street – $725,000
580 Henry Street, #B – $800,000
93 Rapelye Street – Apt: 4G – $649,000
93 Rapelye Street, #2D – $750,000
98 2nd Place, Apt.3-F – $819,000
93 Rapelye Street – Apt: 6H – $599,000
04/30/2012 3:00 PM
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Louver House, ID390 Hit 80 Percent in Williamsburg
Here’s some intel on the Williamsburg condo front: ID390, the 28-unit building at 390 Lorimer Street, and the Louver House, the 13-unit building at 9193 Metropolitan Avenue, have both reached the 80 percent sales mark. Sales launched at the ID390 (pictured left) last June with studio, one and two bedrooms ranging from $380,000 to $599,000. 9193 Metropolitan Avenue relaunched as the Louver House last September after a previous sales run. In the second time around, prices ran between $619,000 for a 735-square-foot one bedroom to $765,000 for a 1,048-square-foot two bedroom. The building now only has five units remaining.
04/26/2012 11:00 AM
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Condo of the Day: 138 Broadway, #1D
The Smith Grey Building is pretty much the building that got it all started in Williamsburg. The cast iron, Soho-like building at 138 Broadway was the first condo conversion of the boom years. In fact, we remember going to look at a 2,000-square-foot loft there for around $800,000 back in 2003. We’ve also been in one of the ground floor duplexes (or triplexes, depending on how you count the large mezzanine and the big windowless basement). They are surprisingly nice and, if you can handle the street-level windows, a good bang for the buck in terms of square footage. This one’s about 1,700 square feet and asking $1,200,000. Like it?
138 Broadway, #1D [Aptsandlofts.com GMAP P*Shark
04/25/2012 12:56 PM
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The View From the Top at BellTel Lofts
About a month ago we noted that the FHA-approved Downtown Brooklyn condo BellTel Lofts is more than 70 percent sold, and now it’s time for the building’s crown jewels to go on display: The penthouse units. There was an official sneak peek of the units today (on the jump, interior shots of a duplex model unit). The listings for the penthouses have yet to go live, but one gets a sense of the pricing via a listing for another upper-level unit on the 23rd-floor: A three-bedroom that’s asking $1,350,000. Click through to see some interior shots of the penthouse that was on show today.
BellTel Lofts Passes 70% Sold Mark [Brownstoner]
BellTel Lofts [Official Site] GMAP (more…)
04/25/2012 11:52 AM
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adam_dahill
May 21, 2012 | 02:16 PM