Forum
« Sound-proofing the AC sleeves Cap rate to determine price? »
October 1, 2007
118 State Street
http://www.118state-bre.com/
http://www.corcoran.com/property/search.aspx?FP=BP&ListingID=1021749&Region=NYC
I live a few blocks from this new condo Carriage House and since we may be in teh market soon, have watched its development with interest. My fiancee brougt home a flier this weekend, since confirmed by the Corcoran website, listing two bedrooms for just under $2million and 3 bedrooms for Just under $3 million. The renovation work looks pretty nice, and it is a prime block, but does anyone on this forum other than Corcoran brokers think that over $1200/sq ft is going to sell in BROOKLYN? I think this is absolutely absurd sicne we've seen pretty nice 2 bedrooms for under $1 million in this neighborhood, but maybe I'm wrong. Thoughts?
Comments
there is a lot of money sloshing around in the hands of the very few. If you think we're going back to medieval times with landed gentry living in castles surrounded by guards and moats and peasants then yes, at least in terms of wealth disparity welcome to the new america (and russia. Huh, funny that.)
The people who would pay 3 million, or over $1200 a square foot, for a city apartment have more money they know what to do with. Perhaps it is a countrywide (CFC) executive? they seem to have enriched themselves as the company sold bad loans to anyone who walked in the door. But really, it could be almost any CEO or second string exec, nowadays.
Posted by: guest at October 1, 2007 5:06 PM
I wouldn't pay that... for 3 million you can buy a very nice brownstone in PS, which will afford you a garden, plenty of storage in the basement, separate kitchen, DR, LR and at least 4 good size bedrooms. Obviously the advantage here is not to have to deal with the old building, which can be a pain, but I think far cheaper than the (escalating) maintenance costs of a condo.
Posted by: guest at October 1, 2007 5:14 PM
It's not cheap to maintain a house. Even if you pay $2.5 to $3 million for a house in Park Slope you will usually still need to put in a lot of money. We spent six figures ourselves and didn't even do any gut renos. I think when people choose condos it's totally because of lifestyle. It's about the time not the money. They want to just move in and be done with it. I don't blame them, but at the same time it is hard to grasp spending this much money and not owning the whole building and the land it sits on.
Posted by: guest at October 1, 2007 7:01 PM
I lived on that corner for 12 years. Like Brooklyn Heights still but I prefer the Slope. More to do.
Building was all but empty for a lot of them. Reno looks beautiful from what I've seen. But State and Henry is now a loud corner at rush hours - cabs and cars getting off the BQE on Atlantic take the side streets to the bridge. When AY is built it's on of the areas where Times study said gridlock will get worse.
Posted by: Johnny at October 1, 2007 8:20 PM
i agree that park slope is preferable.
you can pick up something terrific for 3 million.
if you want a condo, check out:
www.vermeilcondominiums.com
Posted by: guest at October 1, 2007 8:30 PM
or hell, for 3 million might as well go for something at on prosepct park at grand army plaza.
even 2 million will get you a new pad in a great building...
www.onprospectpark.com
Posted by: guest at October 1, 2007 8:31 PM
Even better than On Prospect Park at grand army plaza, get a spacious prewar coop in one of the buildings on Prospect Park West. Not that they come up for sale very often.
Posted by: guest at October 1, 2007 9:10 PM
I live around the corner. saw a few of the workers drinking before noon on saturdays -- was weird.
Can't IMAGINE paying these kind of bucks for this place -- it isn't that nice, no elevator or doorman or anything else. I'm pretty happy with my rental. You can get a whole house two blocks away (Willow Pl) for 2MM.
Posted by: guest at October 2, 2007 3:31 PM
For the record I brokered the sales contract for the upper duplex at 118 State St. before the current broker had the listing.
I have been an independant broker for thirty years. During that time I have sold some of the best properties in Brooklyn Heights and I think this apartment is one of the great ones.
Kevin J. Carberry
Posted by: guest at October 5, 2007 9:00 PM
If you are a buyer and are interested in learning why this project is different from what is alternatively available in the market place please do not hesitate to contact me via email. I am the developer. I would more than happy to go over all the construction details and explain why certain decisions were made, including those related to the street facade (which the LPC has a heavy hand in).
Donald Brennan
dbrennan@brennanrealestate.com
For the record - all windows are custom high performance double-glazed insulated Kolbe products, clad exterior (low maintenance and durability) and wood interior. They are not stock aluminium windows as some of the above posts have incorrectly stated.
Posted by: guest at October 8, 2007 11:06 AM
Why are the cabinets laminate?!
Posted by: guest at October 8, 2007 1:58 PM
Post a comment
Please be patient while your comment is published. It may take a moment.