Condo of the Day: The Mill Building
We were talking to a (non-Corcoran) broker the other night who was contrasting Toll Brothers’ lack of understanding of the Williamsburg market (as evidenced by the 8-foot 9-foot ceilings in North 8) with the spot-on aesthetic of The Mill Building on North 3rd Street. We haven’t been inside either, but we are excited to see…
We were talking to a (non-Corcoran) broker the other night who was contrasting Toll Brothers’ lack of understanding of the Williamsburg market (as evidenced by the 8-foot 9-foot ceilings in North 8) with the spot-on aesthetic of The Mill Building on North 3rd Street. We haven’t been inside either, but we are excited to see a condo project that wasn’t afraid to keep the original factory floors in place, regardless of their “imperfections”. (He also mentioned what a broker dynamo Kara Kasper is, but that’s another topic.) For those of you who have been inside The Mill Building, do you think the developers did a good job of preserving some of the original building’s original charm? It looks like prices are about $600 a foot which seems okay for the location and quality. Agree? Disagree? The Corcoran site shows 17 listings still available, which means that a lot of the units have already sold.
85 North Third Street [Corcoran] GMAP
Photo by justiNYC
my boyfriend and i just bought in this building, luckily before the 2nd increase went into effect a few days ago. they did a great job, it’s beautiful inside. we took it even though we have a lovely view of a brick wall. nothing in the area comes close size wise for the price and all the new developments in the area look like they could be in any (crappy) city. the realtors are not nice or helpful but who cares, it’s 1750 square feet!
the mill buidling website is updated.
http://www.themillbuilding.com
seems a bit incongruous to one week cheer ‘green’ buildings and the next decry lack of ceilnig ht (as in more cubic feet to heat and cool).
But as they say, Toll brothers may not understand their market here – sometimes a smug hypocritical one.
Oh good, it’s that creepy poster on acid.
My friends lived here when it was a rental. I appreciate they kept some of the raw elements of the original space, such as the exposed beams and wood floors. Seems like they left the layouts pretty open too.
That penthouse on the roof was always very cool. No one has lived in there for years.
kara kasper is a hottie as well as having a catchy name
1-The doorman is full time, the super is not.
2-Why would parking be included? The garage is to be a rental.
3-The real estate taxes are a little more complicated. The taxes they quote are the current taxes. They may actually increase first and then decrease. The J51 abatement is a little complicated, but there is probably an abatement in the future. Even if they go up to the projection in the prospectus, they will be far less than the unabated taxes at almost every new construction.
I visited both properties on their first day of sales.
I was unimpressed with the Toll Bros building — it seems that they don’t understand the audience here and what’s appealing. I also thought the apts were overpriced.
I was very impressed with the Mill Building. Unfortunately, the reasonably priced apts with great layouts and street views were taken the first day. The apts that remain are $1MM plus, or look at a brick wall. For those willing to make major compromises, they’re probably still worthwile to check out. As an fyi, the doorman is not full time, and the parking is not included (they plan to rent monthly, and eventually move to selling the spaces).
One additional note…the Corcoran realtors at the Mill Building were very rude. Their demeanor was that they were doing the buyer a favor. This may unfortunatley work in a hot market, but can’t be the foundation for a long-term relationship. Also, on the first day, one of the realtors (who comes across very green) mentioned that parking was included and that the building will be receiving a significant tax abatement (both are false). My friend, who ended up buying in the building, also had the same horrible experience with the Corcoran realtors.
The maintainence is like 50 odd cents a foot.
24 hour doorman. Garage, etc.
The building I am in now is like $1.55 a foot.