Ground Broken on Tower Next Door to BAM
We got a tip that demo has started on the three lots next to the BAM Harvey Theatre that Brooklyn Papers reported, and we discussed, last August. At the time, the speculation was that a 20-story hotel or 30-story residential condo could be in the works. Any more news floating around out there? Who’s the…
We got a tip that demo has started on the three lots next to the BAM Harvey Theatre that Brooklyn Papers reported, and we discussed, last August. At the time, the speculation was that a 20-story hotel or 30-story residential condo could be in the works. Any more news floating around out there? Who’s the architect? Any drawings? How about a photo of the demo–we’re chained to our desk right now.
Towers Next to BAM [Brownstoner] Live*Local
Hotel Harvey [Brooklyn Papers]
Thanks, smatti. I think that block is a problem — it’s almost too central, that area right now is a madhouse. But I have a feeling that whoever bought something in such an great-looking and centrally located place will get their value’s worth in the long run. Esp. since it’s a building with only 4 units. That’s a dream.
Wow, those are HUGE reductions–40%–at the Firehouse.
Anon 8:31 re Firehouse Condos
There are three units in this new condo (gut rehab built in and extended upon shell of old firehouse). The 2d floor went to contract this month; the 3d and 4th floors are still available (see Elliman site for pix and floor plans). 3d floor had a contract out last month, but it must have cratered.
I have seen them and the finishes are ‘very nice’ but the layout is awkward (BRs are squeezed into one end, and are small). Either they missed the market or misunderstood the market. 3d floor is now asking $695k but was originally offered in August for $1.2m; 4th floor asks $895k but was originally $1.5mm.
The location is great for transportation (10 subways within 3 minute walk) but that block is a little rough at these prices, as was discussed in a previous thread.
Anon, I sure hope all this development causes a “glut in supply.” There are tons of hard-working renters with decent incomes in Brooklyn that are praying that the supply/demand curve changes, causing prices go down to where we can afford to buy a place for our families. I say bring on the supply….let them overbuild, it just means I’ll be able to afford a place.
sorry, the carlton condos are on brownharris stevens. it’s a brownstone conversion, i think.
Lt, what are the new condos on Cartlon?
ltjbukem, when you say “we’ve seen drops at the firehouse condos”, do you mean drops in prices, or drops in numbers of vacant apts?
That firehouse building looks awesome. Is it nice in there? have you seen it?
My guess: in general, this area will get uppereastsided with average restaurants, average stores, averagely wealthy average people. The real estate value will go up in general; but within the range of condo options, they will have to compete for buyers, and the cheapo/cookie cutter stuff will have to lower its prices, while the more idiosyncratic buildings will stay pricey. This happened on the upper east side when there was a condo glut in the 90s.
what does all this condo development do to property values in the area? development has a postive impact, obviously, but wont too much cause a glut in supply? where are all these buyers going to come from?