505 Court Street Hits the Market
Curbed alerts us to the fact that it’s officially open season over at the the Court Street Lofts in Carroll Gardens. Corcoran’s managing the offering which has prices ranging from $475,000 for a 6th Floor one bedroom to $1,075,000 for a Penthouse. Waddya get for your hard earned money? Full-time doorman? Check. Granite countertops? Check….
Curbed alerts us to the fact that it’s officially open season over at the the Court Street Lofts in Carroll Gardens. Corcoran’s managing the offering which has prices ranging from $475,000 for a 6th Floor one bedroom to $1,075,000 for a Penthouse. Waddya get for your hard earned money? Full-time doorman? Check. Granite countertops? Check. Limestone tile? Sure ‘nuf. You can’t tell diddly from the listing–nothing but an exterior rendering. We’d love a report if anyone gets inside.
Court Street Lofts [Curbed]
505 Court Street [Corcoran]
Are you retarted? O live right next to the building! THE THING ISNT EVEN BUILT YET! How the hell did you go to the open house? are you some kind of a false promoter or something. You Fucking people piss me off because your destroying the neighborhood by building your yuppie paradises and causes us working people unnessary grief.
I am a buyer at 529 Court Street. Agreed, the location of 505 isn’t the greatest but 529 is even worse. However, I went to the open house at 529 just moments before I went to 505… there was no comparison!! 529 court street has incredible finishes, cement ceilings, amazingly large decks (ours is 1100sq ft.), garaged parking, great layouts and is brand new!!! If you are going to sacrifice the location for a little more space, 529 Court is the way to go! http://www.529court.com
After doing a lot of research on 505, I learned that the hard wood floors aren’t secured to the subfloor. You will notice this in every unit that you step into… the floors crack and pop under every step. There is no plan to replace the floors, only refinish them. They aren’t going to replace plumbing or electrical either… just give it a new face and shinny metal.
Ikea has plans to run a shuttle through the smith/9th station and there is some talk about them fixing it up. Also, every empty lot and building has been purchased by developers in the Gowanus. This area is waiting for re-zoning to take it away, and there is no question that it will be very desirable.
PROS ABOUT 505 COURT STREET: LOCATION CAN ONLY GET BETTER! NICE WINDOWS AND CEILINGS HEIGHT!
CONS: EVERYTHING IS BEING DONE WRONG! PLAN ON LOTS OF RENOVATION PROJECTS AND PLUMBING PROBLEMS!
The development has been on the market for over a month and they’ve only sold 11 units (of 130) so far. Probably because the Sponsor sucks. Refuses to negotiate any of the points in the Purchase Agreement. It’s essentially a take it or leave it deal and at almost $900 a square foot, it’s not that much of a deal. Plus, who the heck knows when the renovation will be finished?! They say December which means at least March 2006 or later! I think the Sponsor (Metropolitan Housing Partners) thinks that they are developing another SoHo / Tribeca project that will be immediately snapped-up by eager yuppies. So far that hasn’t happened, and for good reason. Buyer Beware!
I heard: 20 or so units released so far in the 3 weeks since they hit the market … 12 or so accepted offers. Total reno. on the units so bath / kitchen and windows will be fixed. New lobby, elevators, roof. Seems like it will go fast but who knows with all the angry current renters, etc. What do others think?
I have lived in 505 Court for 2 years. I love the 12-foot ceilings and 8-ft windows, but the building does have its problems.
1. The elevators get stuck. They were ‘refurbished’ 6 months ago but I haven’t seen much improvement other than they look nice.
2. No water at all or no hot water every couple of months for ‘repairs’.
3. No heat in the middle of winter.
4. Bathroom drain is terrible. We have to Draino our tub monthly. I’ve heard many people have the same problem. Absolutely no water pressure in the shower either.
5. Mice, roaches, and ants (but they do have an exterminator come monthly).
6. The windows are terrible quality. They are supposed to be replacing them, but I’ll believe it when I see it. By the time they get around to replacing the windows, owners will probably have to pay for them anyway.
7. I have seen prostitutes hanging around the Smith-9th St subway station. Almost every morning on my way to work, there is broken glass on the ground around the station. The night doormen have told me of problems with muggings on Huntington St. And the management/sponsor wants to get rid of the video security!! Smith-9th station was on the MTA’s capital plan for total renovation, but got dropped to only minor repairs. However, I do think the area will improve as Carroll Gardens proper overflows down Court St.
My apartment is listed at $750/sf, which I consider a total sham after viewing several other apartments for sale in the Carroll Gardens, Cobble Hill, and Park Slope areas. In my opinion, one of the major risks in buying is the conversion plan itself. There are serious issues with the plan including who will have control of the building.
I am very interested to know whether offers have been accepted on the vacant apartments and how much below asking price the offers were.
One correction to an earlier post – the new Sponsor is only offering an insider discount of 3% (down from the original 5%). That ‘discount’ wouldn’t even cover half the cost of a basic kitchen/bathroom renovation. This whole situation is enough to make a tenant permanently cynical.
Curbed.com mentions this project often – not too favorably. Again today. Buyer beware.
I rented in this building for 1 year and there were always problems. Elevator gets stuck, no heat, rats on the streets, prostitutes down the block in “crack alley” I did always have a few of the everchanging billboard over the BQE and always had the latest update on traffic. I remember when they sent letters to the tenants saying they could purchase the units for a 5% discount. They wanted 8 somethin for our unit!!! HAHAHAHAHAHA, I feel sorry for any schmuck that buys here, I mean there are so many buildings coming on the market why would someone buy here? I though they were out of their minds, to me it will always be a cool/shity rental building.
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529 is almost on top of the BQE.
A negative for both is that smith/9th is their subway station – way high in the sky.
From what I gather building wasn’t well-run or maintained as rental so better get the prospectus and read engineers report carefully.
Maybe someone that lives in bldg. will read and comment.