Update on the 166 Montague Street Conversion
The conversion of the Franklin Trust building at 166 Montague in Brooklyn Heights is well underway but is not close enough to completion for the project’s website to have any information. All we know at this point is that the 10-story landmarked building will ultimately contain 24 residential units along with a health spa and…
The conversion of the Franklin Trust building at 166 Montague in Brooklyn Heights is well underway but is not close enough to completion for the project’s website to have any information. All we know at this point is that the 10-story landmarked building will ultimately contain 24 residential units along with a health spa and a part-time doorman; Elliman will have the exclusive. The Real Deal reported last summer that one-bedrooms will be about 800 square feet, the two-bedrooms 1,250 square feet and the three-bedrooms 1,600 square feet. Sales are expected to start in the late spring or early summer. You gotta think they’re going to at least try for $1,100 or $1,200 a foot for some of the nicest units.
166 Montague: The Height of Change in Brooklyn Heights [The Real Deal] GMAP
Um, aren’t both 1 Brooklyn Bridge Park and OPP having trouble moving their remaining units? And the jump from an average of $1000 to $1200sf is a BIG leap.
This building itself might be gorgeous, but the per square foot price will depend entirely on what the finished product looks like. And even if it is friggin spectacular, $1200 per square foot is not going to happen in this market.
They are asking over 1000sq ft for 1BBP and for 1PP (Meir building), meanwhile this is IN Brooklyn Heights – 2 blocks from BMT and IRT subway (and 5 blocks from IND), it will have Manhattan views from many of the apartments (which are more or less protected by zoning) and the building is GORGEOUS.
The reason why the price for condos rarely break $1000 a ft in BH is because there are virtually NO condos in BH! The few larger multi-family buildings are generally co-ops (which cost less per sq ft with higher carrying costs).
You might want to open a window now and again, you know, like 7-9 months out of the year.
3:07 – $1200 sq/ft for a condo in a mediocre location in a neighborhood that has rarely if ever broken $1000 other than for well renovated single family townhomes? A steal? Are you kidding?
I don’t think an apartment in a walkup carriage house can be compared to an elevator turn-of-the century office building with high-ceilings and views of manahattan.
$1200sf will be a steal
2:40 – the more the developers spend, the lower their margins. I wouldn’t put it past them to cheap out on the (significantly more expensive) soundproof windows, esp. on the higher floors.
Either way, $1200/square foot for the ugliest corner in Brooklyn heights proper seems pretty optimistic to me in this market. Aren’t those very nice condos at 118 State Street (nicer block, also asking around $1200/ft) STILL sitting on the market after first being listed in June 2007?
who in their right mind thinks these developers spending MILLIONS are not putting in soundproof windows?
I use to live on Clinton street in Brooklyn Heights and that street is very noisy. It is a main thoroughfare for all the commuters from Staten Island and southern Brooklyn and taxi cabs to get to the city. There is a constant honking of the horns throughout the day and throughout the night, car alarms blaring and fire trucks using it to get to where ever. Soundproof or double paned 1/4″ laminated glass is a must.
This is not Manhattan. Drop it below $1000/sf or watch them languish.