From Mints to Condos at 20 Henry Street
It’s been a long time coming, but now that the conversion of the former Peakes Mason Mints building at 20 Henry Street is coming to market, we suspect there will be plenty of pent-up demand. Signs announcing the launch of 20Henry.com recently went up on the scaffolding. The only useful information to be gleaned from…
It’s been a long time coming, but now that the conversion of the former Peakes Mason Mints building at 20 Henry Street is coming to market, we suspect there will be plenty of pent-up demand. Signs announcing the launch of 20Henry.com recently went up on the scaffolding. The only useful information to be gleaned from the site at this stage (it’s just a place to register your interest) is the list of pricing tiers. The cheapest apartments will start in the $400,000 to $600,000 range; there will also, not surprisingly, be units that are north of $1,250,000. According to DOB filings, there are 22 apartments in the building. A comment on a Brownstoner thread last year said 43 and the Eagle said 14. Which one is it? GMAP
It’s still sad to see the end of more Mitchell-Lama middle income housing.
“Just sold a TINY studio in Park Slope for 379K this past month FSBO.”
You’ve been flogging that story for months now. It’s about as convincing as the panhandlers on the subway who use the same sad “I was burned out of my apartment this week” story for years on end.
20 years? How many decades of affordable housing do you expect taxpayers to pony up for?
Sheesh
Thanks 12:45 and 1:44. Useful information.
I have been inside. This bldg will need a complete interior rebuild, top to bottom, to fetch market rates for “luxury” condos. Only top two floors have views depicted in advertisement. I will be interested to see if they get approval to build higher, as there is no height limitation on that particular lot. This pre-offering plan approval advertisement is used to guage interest at different price points. Owner will use feedback to determine whether or not project is feasible. Owner paid approx $425 psf for existing building or $325 psf for existing plus approved buildable FAR of 14,500 sf on vacant portion of lot. The return on the project is bolstered by the ability to build new on the vacant land. These acquisition price points were high 12 months ago. They are certainly problematic today as the end user sale price is stagnant and construction costs are only going higher. Only some demo has been completed so far. This project is 18 to 24 months away from coming to market. Maybe the condo market will have rebounded by then.
12:34
It was originally a factory building. The rentals came later (about a hundred years) and where mostly studios with mezzanines.
The building will be gutted and the new layouts will be contemporary living spaces.
They are not just changing the appliances.
I wonder about the quality of conversion, seeing that it was a rental building. Any former renters care to comment?
I saw the drawings and they intend to restore the building very nicely with the right windows, a new cornice, freshly painted “mints” sign. It will be lovely and unique in Brooklyn Heights, which does not boast any other loft building like this one.
I hope they get started soon. So many projects are stopped right now because of the credit crunch and the weakening real estate market.
10:38, you or someone else brings up the fact that an architect and an attorney were among the tenants at 20 Henry Street every time the subject comes up. It is not the fault of the other former residents of 20 Henry who were artists that the landlord decided to rent to people who were not.
Having spent 20 years living in that building, I can attest to the fact that the majority of residents were in the arts and most of those who were not (for instance, my neighbor who worked in the tunnels for the MTA)were working or middle class. Anyway, since the rents were subsidized by the government according to income, if those tenants who you complain about were in a higher income bracket, then they paid higher rents.