211 23rd Street: Livin' La Vida Scarano
When we were discussing the Greenwood Hill Condos on Tuesday, we epressed surprise at the fact that the entire building was comprised of one-bedroom apartments. Not necessarily what you’d imagine the target demographic of the nabe to be. Turns out that developer is not alone in his thinking. Just down the street, the unfinished Scarano…
When we were discussing the Greenwood Hill Condos on Tuesday, we epressed surprise at the fact that the entire building was comprised of one-bedroom apartments. Not necessarily what you’d imagine the target demographic of the nabe to be. Turns out that developer is not alone in his thinking. Just down the street, the unfinished Scarano project at 211 23rd Street is made up of eight studios and one bedrooms as well (two are in contract, six are available). The studios are priced in the mid-$400’s and the priciest one bedroom (a first floor and basement duplex) is $889,000. Browsing the listings, one sees frequent use of the word “mezzanine” — no surprise given the architect involved. It may also not be a surprise to see the DOB website shows an active violation on the books since November 30 of last year. Anyone know what it’s for? We’re sure the locals will be able to fill us in on how this construction process has gone as well.
Available Units [21123Condo.com] GMAP
Not my cup of tea but I’m sure it’s somebody’s cup of tea because it sold.
I take my hat off to old-timers like Bob Marvin, we need more folks like him in the bk. People who aren’t caught up in the trends; people that just want to live in and maintain a great home on a good block, even if it’s in a less popular nabe.
I wouldn’t buy in this development if I had 800k to spend. I would be more inclined to buy the slated-for-demolition frame house next door because I know that it’s just a matter of time before the developers come knocking (maybe 5 -10 years from now).
1:53 is very wise, and so is 2:00pm
greenwood heights is already an amazing neighborhood, like it or not.
of course i own here – i’m smart.
2:00 and the threads your sewing – speculate all you want. The point is these condos are obscenely overpriced for that neighborhood. With the monthly tax fees of $2200 1:56 calculated on top of your mortgage / etc – the buyer of this 1 bedroom apartment has to making around 200k a year minimum to afford this. If you are making 200k do you want to live here?
I disagree 1:35, the buyers for these properties are no longer the flippers/speculators/investors that fueled the market in 2004 and 2005. The current buyers most likely plan to set down roots and grow with the nabe. They probably identify with the park slopers and plan to age in place with their neighbors in the slope.
Ex-park-slopers are already fleeing to the outer reaches of sunset park (48th st, 60th street, etc). And this nabe is right smack in between both groups. So I don’t really see these condos (ugly or otherwise) as being the abandoned buildings of the future.
Anon 1:22- Its not wrong, take a look at the document. I’m reading the notarized offering plan that Greenwood has graciously posted on the site, and peeking at the RE tax section. The current assessment opinion of the building offered by the appraiser for non-abated RE taxes is $139K per year. With only 8 units sharing common interest in this building, its gets pricey real quick. For example, unit 2 (1BR) with 1433 sq ft has a 18.84% share of common interest in the condo, getting in the $27K per year zone. The buyer would not get hit with these taxes until after the 15 year abatement expires, but it has to impact resale value. Plus the buyer would have to carry the full taxes after closing until the abatement is approved by city HPD. Thats a hefty $2200 added ontop of the mortgage/maint monthly. Condo taxes are totally screwed up.
There are literally 800k 1 bedrooms all over Brooklyn. I seriously want to know who would pay this price to live in one in an ok neighborhood but not a great one?
I bought a studio in Chelsea in 90. Sold that for 3 bedroom in Williamsburg in 95. Sold that for a two bedroom in Park Slope in 01 and sold that for 1/2 a building in Bushwick, which I’m renovating now.
None of these went for anywhere near those prices (well sort of) but the neighborhood was established (except for the sake of Bushwick, which is still a shithole, but more fun and vacant then the rest of Brooklyn).
What I find strange about this board is that they’re so many people who stay stuck in a rigid perception of the market.
The property and the location might be sh-t to you but it’s obviously a gem from the perspective of the buyer.
Those 2-3 store frame houses are all headed for demolition, eventually. The scarano type condos are the model for future development in the area. Not that I agree with it. But this appears to be the current trend.
The slope is also part of an evolving continuum. The borders of the slope, along with their trendy restaurants and boutiques, are encroaching on greenwood heights and sunset park.
Cozy 1 bedrooms (no bigger than 400sf) by the cemetery are renting for upwards of $1500. Prospect park and the eateries and stores of park slope are only a few minutes bike ride away.
Not that I agree with their decision, but I believe the buyers of these condos are buying into the future of the area.
1:25 makes an important comment. As offensive as these buildings are in terms of ugliness, ill-advised floor plans, and bulk, it is bothersome at a very deep level that they are not built for people to actually live in. By that I mean, MOST people–the overwhelming majority of people in this neighborhood, this borough, this city and this country–expect to own a home they can live in for at least a few years for $800,000. What we’re seeing being thrown up around Brooklyn are cynical pieces of crap designed to make some nasty piece of work a very quick, very large buck at the expense of the homeowners and taxpayers already on the block. Who’s buying these pied-a-turds? People desperate to hop on the real estate profit train, now leaving the station. not local or new families looking to put down some roots. These are the abandoned properties of the future.
Yeah, but this basically IS Sunset Park. I have good friends who live on this block. Social workers, school teachers, office workers, musicians, garment workers, auto mechanics, and retirees are amongst the people who own houses on this block and are pretty represntative of the neighborhood as a whole. Most of the housing, aside from the new stuff like this, consists of plain aluminum siding wood frame boxes, 1980’s federal housing program assisted thrown-up co-ops, and a bunch of older apartment buildings in varying states of repair.
It’s essentially the same as much of Sunset Park, aside from the townhouses by the park itself. It’s not a bad neighborhood by any stretch, and there are just a couple of new restaurants and bars on 6th and 5th Aves. now amongst the Mexican and Polish stores, but Park Slope it ain’t. I know the folks who live and own there are surprised, bemused, and somewhat shocked to see places like this with their Park Slope pricing come to their neighborhood, especially all studios and 1 bedrooms in an area that desperately needs more family housing.