One Brooklyn Bridge Park Open for Business
Without a whole lot of fanfare, One Brooklyn Bridge Park opened for business yesterday. There’s no pricing info on Stribling or the development’s Homepage, but one prospective buyer dropped us a note with this report from inside the sales office: There are 445 apartments in the complex, ranging from $650 a foot on the BQE…
Without a whole lot of fanfare, One Brooklyn Bridge Park opened for business yesterday. There’s no pricing info on Stribling or the development’s Homepage, but one prospective buyer dropped us a note with this report from inside the sales office: There are 445 apartments in the complex, ranging from $650 a foot on the BQE side to $1,200 a foot for Manhattan views; three bedrooms start at $1.8 million. There’s one model apartment to look at (a two-bedroom) and none of the most prime units are available for sale yet. One interior design detail of note: The Sub Zero built-ins are wood covered to blend in with the cabinets. (We’ve included an interior rendering on the jump.) It’s easy to be skeptical about this project given the proximity to the BQE and the fact that there’s going to be another couple years of construction, but we bet that time will show that this is a place people want to live, especially when the park is done. What do you think?
Photo by rguskind
I think this place is a buy buy buy. I love the look
1. There will be PILOTs and annual rent to the park governing body, whatever that may turn out to be. Developer is reportedly seeking legislation to make PILOTs tax deductible. Word has it that the sale/lease with the state is dead without the change in regulation.
2. There will likely be a J-51 tax abatement, for converting a commercial building to residential.
3. This isn’t public land. It is privately owned land that will be deeded over to the state as part of the park financing deal.
Land lease is scary. Your common charges are very high. Look at Battery Park, not easy to sell there because of the maintenance.
2:42 Unless park maintenance payments are considered payments in lieu of taxes (PILOT) which would be an effective real estate tax abatement to owners. Maybe.
I was walking about CC without taxes included – on that basis $1 per sq. ft. is very high for a new development.
Including taxes, I would agree that $1 is decent.
The only way this or any other luxury building has less than $1/sf maintainence is with re tax abatement. Seems weird that there would be a tax abatement for a luxury project on public land….
While I don’t think $1 psf is high for Brooklyn, I can’t believe that $1 psf will be the approx cc number for this project. Amenities are never free. You pay for them as part of the unit cost and in monthly charge. Size of building plus location could add up to an above average monthly cc.
Good luck getting insurance for that location. Both for condo/coop board for the building as will as owners for their individual apartments.
Thanks 1:24. Part of what makes the CC high is the rent that has to go towards park maintenance. Hardly any other building has a similar expense.