Brooklyn Heights

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Brooklyn Heights remains the blue chip neighborhood in Brooklyn without a doubt, but as other neighborhoods improve their housing stock and services how much of a relative premium should The Heights command? That eternal question popped into our mind as we were looking at today’s Co-op of the Day at 119 Henry Street. There’s no question that it’s a lovely apartment — only whether it’s worth $1,099,000 when that same amount buys you two floors of a brownstone one subway stop away and a beautiful house five stops away. But, as we’ve discussed before, that’s not really the right way to look at it. Most people aren’t deciding between a two bedroom in Brooklyn Heights or a house in Windsor Terrace. More likely, they’re deciding between this place on Henry Street and another two bedroom in the neighborhood like this one on Hicks Street for $925,000. Which do you think looks like a better deal?
119 Henry Street [Douglas Elliman] GMAP P*Shark

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Because of its subscription policy, all we know from today’s Brooklyn Eagle article on the Love Lane garage conversion (which was approved by LPC last week) is that it will be called Love Lane Mews, include 38 apartments and two townhouses, and have a contextual design. What did we miss by not paying $49.91 for monthly access?
Garage-to-Condo Conversion in Heights [Brooklyn Eagle] GMAP P*Shark
The Latest on the Love Lane Garage? [Brownstoner]

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Like their counterparts on Wall Street, real estate brokers love to see high turnover. Fees, fees, fees! With her latest listing, Corcoran agent Beth Kenkel is looking to generate 12 percent in less than 12 months. The charming woodframe at 7 Columbia Place was a House of the Day last March, when it was listed for $1.6 million. We called it “a steal” at the time and it looks like we were right: The property changed hands in June for $1.8 million. Now it’s back on the market with a new color and a new price $1.995 million. After Beth and any co-brokers take their cut, the new owner won’t have a lot to show for her effort, so we’re suspecting that this sale is one of necessity not opportunity. Does anyone know if any work was done to the interiors (besides clearing the previous owner’s extensive clutter)?
7 Columbia Place [Corcoran] GMAP P*Shark
HOTD: Deal on Cottage Row Survivor [Brownstoner]

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We got an email — along with these photos — from an old friend and Brooklyn Heights resident asking if we’d heard anything new about the conversion of the Love Lane garage. As you may recall, news broke last August that Sterling Equities (which also owns The Mets) was in the “earliest stages” of turning the 400-slot parking garage into 40 condominium units. Given the paucity of parking in the area, many residents were in a tizzy trying to find a back-up plan for their cars. We haven’t heard anything new. Our friend hypothesizes that the framing on the roof (inset) is to demonstrate the size of the planned expansion. Anyone got an update?
Plan Will Put 400 Parkers in Tight Spot [NY Daily News] GMAP P*Shark
Love Lane Garage Going Condo? [Brooklyn Heights Blog]
The Alleys of Brooklyn Heights [Forgotten NY]

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BROOKLYN COLLEGE AREA $610,000
2787 Bedford Avenue
4-bedroom, 1.5-bath, 77-year-old attached brick-sided house; dining room, renovated kitchen and bath, living room with bay windows, semifinished basement; 18-by-100-ft. lot; taxes $2,386; listed at $649,000, 4 weeks on market. Broker: Mary Kay Gallagher.
See the old listing here.

BROOKLYN HEIGHTS $325,000
75 Henry Street
600-sq.-ft alcove studio in a postwar building; 24-hr. doormen; maintenance $518, 65% tax deductible; listed at $345,000, 21 weeks on market. Broker: Corcoran Group Brooklyn.

PARK SLOPE $890,000
306 Second Street (Cityview Gardens)
3-bedroom, 2-bath, 1,339-sq.-ft. condo in a newly constructed building; dining area, eat-in kitchen; terrace; gym in building; common charge $240; taxes $864 (abated); listed at $899,000, 3 weeks on market. Broker: Aguayo & Huebener.

From the print edition of yesterday’s New York Times.

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View from Promenade, Brooklyn Heights. Photo by sibertekt.
Local Drivers Clogging the Streets [NY Times]
Mike Hesitant to Cut Property Tax [NY Post]
Toxic Soil Stolen from IKEA Site? [NY Post]
Rental Dementia: Miracle on Broker Street [NY Press]
Antique Oak Mantel For Sale [Brooklynian]
War Over 16th Street Condo [Brooklyn Paper]
Slope Muggings Get National Attention [Brooklyn Paper]
ISO Brownstone Facade Restorer [Forum]

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Built in 1964, the 153-unit co-op building at 40 Clinton Street had six apartments turn over last year, the most expensive being an 11th Floor sponsor unit that went for $595,000. Now there’s a 725-square-foot one-bedroom on the market for $460,000 with a $760 maintenance that looks pretty decent to us for what it is. The layout looks pretty good and the building has some nice touches like a part-time doorman and a common roof deck. Given the era this was built, we doubt there’s much in the way of architectural charm but there are lots of closets and probably decent light. Can anyone speak to the interiors on this building?
40 Clinton Street 1 BR [Douglas Elliman] GMAP P*Shark