Thanks everyone. I think I got my answer. Love this site. Keep up good work.

Posted by: Junkman at September 29, 2007 11:44 AM in response to purchase rental

I went to the open house at 54 Hicks and was impressed with the total scope of what the owners are doing to make this condo arrangement an attractive purchase.

I was most impressed with the owner who has installed high quality extra's to attact any potential buyers. It was mentioned earlier that there might be sound intrusion but all the walls are insulated with the best sound proofing money can buy. This extends to the floors with multiple layers of insulation so as not to hear noisey neighbors.

Kitchen appliances were top notch , bathroom flooring etc. In total I was impressed with the owners efforts to produce a high quality product for a high quality price.

What impressed me most was the owner himself. There was no question in my mind that he took a much more personal approach to the project by installing items like an expensive heating system that would not be part of your normal development. Obviously, the fact that he will be living downstairs in the ground floor apartment contributed to his meticulous management of the project.

In conclusion, although the price is a bit high, this may be a case were you are getting what you pay for.

Posted by: Junkman at November 5, 2007 9:12 AM in response to Condos of the Day: 54 Hicks Street

Nice idea but they may violate current child labor laws. lol

Posted by: Junkman at January 16, 2008 11:15 AM in response to Sponge Painter

This is the effect that I'm looking for.

http://www.behr.com/behrx/expert/activity.jsp?catId=600&aid=607&subnav=interior&project=null&look=null&area=null&from=search

Posted by: Junkman at January 16, 2008 11:17 AM in response to Sponge Painter

It's nine cabinets some of which are fairly big.

Walls are much easier to do than cabinets. Also these cabinets divide my living room from my kitchen therefore in a particularly crucial position as far as "the look" of my apartment.

I need them done well. I did them 5 years ago and in some places I should have been more patient in my sponging technique. lol

Posted by: Junkman at January 16, 2008 3:20 PM in response to Sponge Painter

I have spent the last week looking at most of the high rise condo developments that are part of the Flatbush redevelopment plan. (Oro, Bridge condo, One Hansen, BelTel, Forte etc.) The Downtown Brooklyn Partnership site (dbpartnership.org) does a great job detailing what the future looks like in 2012. Some of the projects may be optimistic but I'm confident that most will come to fruition in the specified time span.

Anyway, after looking at one bedrooms in my price range 0f (500K-650k), I came away with a clear winner, Toren.

I was first attracted to the architect, SOM, with their impressive resume but was shocked by the per square foot price, my purchase under $700 per square foot.

Are the prices so low due to pre-construction?

The comparative value is so far superior to the other high rise competition that I had to buy before the apartment I wanted was off the market.

Check out Torencondo.com and look at the architecture and SOM's prior work and explain to me how I could purchase for less than $700 per square foot. Look at the communal amenities, ie. beautiful pool, reading area, outdoor space etc.

I have purchased a property after only considering for less than 24 hours.

What am I missing? I will put down my hard earned 10% on Tuesday and would appreciate any feedback.

ps

I realize that I may sound like a broker, but I assure you I'm just a hard working Brooklyn resident for 26 yers who loves Brooklyn and wants to stay here for the remaining years I have left.

Posted by: Junkman at May 31, 2008 9:17 AM in response to You Have $140K Down, Where Do You Buy?

I bought into the 05 series One Bedrooms facing Metro Tech. (738 sq/ft.)

Listen, if you live near the Heights or just want to talk a few minutes about your feelings about Toren, let's meet up and I'll buy you a drink at Noodle Pudding here in the Brooklyn Heights. Curious if you bought for a reason I didn't think of.

Personally, I just think it is a can't miss at current prices. I grew up in Manhattan and know it well and this building has almost all of them beat by a long short at half the price. My friend, I think we hit the jackpot. Wish I had more money to invest in another one bedroom at $520K. Unfortunately, I'm tapped out. It looks like alot of Euros are being invested in this building based on SOM's international rep. Two items that aren't salient in one's decision making is its LEEDS application and the 25 year tax abatement, as opposed, to 15 year abatement held by competition.

If in the nabe, let's get together, first drink on me.

Posted by: Junkman at May 31, 2008 2:07 PM in response to You Have $140K Down, Where Do You Buy?

Regarding NYU merger with Tech, NYU was especially interested in air rights of current Tech buildings which would allow them to expand upwards via unused air rights. (see below copy)

"Promoted as a win-win for both institutions, the deal may be a bigger win for NYU. Poly alumni who question the deal say call it a land grab--though a definitive analysis is impossible, given that details of the deal remain confidential Poly, with a $135 million endowment and some prime real estate, is worth hundreds of millions of dollars--alumni suggest $500 million--but NYU wouldn’t pay out any cash initially, even though it likely would have to spend hundreds of millions of dollars to start its own engineering school or gain a beachhead in Brooklyn. (NYU's endowment is more than $2.5 billion.)

Rather, NYU would offer Poly the benefits of its larger platform and loan Poly money, perhaps $50 million at the start (according to an NYU source in the Times), based on the engineering school’s unused air rights, boosted by the city's Downtown Brooklyn rezoning. There should be other financial benefits; NYU has a better bond rating, lowering the cost of borrowing, and greater capacity to support new construction; Poly has signed a letter of intent regarding its air rights with developer Forest City Ratner, its MetroTech neighbor, but has not begun new buildings."

Also, if you get a chance, check out Googles Maps and look at Street View of 160 Myrtle Street, Brooklyn. The shots were prior to development.(circa 2004-5, I presume) It is amazing how fast they have come in such a short time. If one has a vision more than tomorrow, then one can see the potential investment in the Toren, which, in my mind, will be the cornerstone of this development due to its exceptional architecture.

I love the fact that Citipoint will be across the street coupled with beautiful park similar to Bryant Park in NYC. Also Sheraton Hotel is almost completed.

My bank moved to Jersey City back in the 80's due to high cost in Manhattan. Now they have an affordable alternative and business will come back to downtown Brooklyn. Ratner and company are very bright and wouldn't invest this kind of money unless they had statistical models that had high probability for success.

NIce talking to you and hope your trip abroad is fruitful.

ps

I didn't know about police precinct rezoning. Thanks.

Posted by: Junkman at May 31, 2008 5:17 PM in response to You Have $140K Down, Where Do You Buy?

I've been accused of being overexuberant, in the past, about my love for the Toren project so I'll restrict myself to answering a question posed earlier about surrounding area.

Apparently, almost all surrounding structures are on schedule from the information I could gather.

Avalon Bay luxury rentals is progressing nicely on its 44 storied building to the North. (refer to Brownstoner on June 2nd)

http://www.brownstoner.com/brownstoner/archives/2008/06/development_wat_240.php

The Red Apple project to the east has started on the first of four luxury condos, that being the one closest to Ashland Avenue. (refer to Brownstoner May 29th)

http://www.brownstoner.com/brownstoner/archives/2008/05/cat_man_plans_g.php

City Point is projected to start in October/November and are presently active in the demolition stage. Completion date estimated in 2010.

http://www.brownstoner.com/brownstoner/archives/2008/07/development_wat_252.php

http://www.brownstoner.com/brownstoner/archives/2008/01/more_details_on_1.php

Oro II is inactive but it appears it is a done deal with a Hilton subsidiary being the largest tenant if not 100% tenancy. (refer to Brownstoner April 22nd)

http://www.brownstoner.com/brownstoner/archives/2008/04/second_oros_hot.php

When the city starts moving forward on the demolition for Willoughby Square Park and projected pedestrian-oriented streetscape, I'll be ecstatic.

Hopefully, when skycrapers are nearing completion the city will feel the pressure of fulfilling promised landscaping.

Posted by: Junkman at July 4, 2008 8:35 AM in response to Toren: Naked No Longer

Can't recall whether I have ever seen a neighborhood go through such a radical change in such a short period of time as Downtown Brooklyn along Flatbush. I remember, vividly, the transformation of Battery Park and Exchange Place in New Jersey since I worked in the immediate area but these areas weren't neighborhoods.

Can anyone recall a similar transformation in NYC?

On second thought, the transformation of Avenue of Americas recently in the 20's and low 30's may be similar. From a flower market to one high rise next to another. I'm not from that immediate nabe but was shocked by the transformation there also.

http://query.nytimes.com/gst/fullpage.html?res=9A04EFD71231F933A25753C1A96F958260&sec=&spon=&pagewanted=all

Posted by: Junkman at July 4, 2008 10:16 AM in response to Development Watch: Sheraton Hotel Fully Aloft