One BBP Nears the 50 Percent Mark
One Brooklyn Bridge Park has sold a total of 202 units, almost the halfway point for the waterfront development, the developer announced yesterday. (This shouldn’t come as a huge surprise to anyone who read our post back in May reporting that it was 44 percent sold!) The condos first came on the market way back…
One Brooklyn Bridge Park has sold a total of 202 units, almost the halfway point for the waterfront development, the developer announced yesterday. (This shouldn’t come as a huge surprise to anyone who read our post back in May reporting that it was 44 percent sold!) The condos first came on the market way back in 2007, and those first couple of years were mighty slow going. The development is crediting “the opening of Pier 6 and immediate occupancy” for the recent boost in sales. To that list we might add last year’s sizable and overdue price cuts! Prices now range from $470,000 to $2,595,000, according to StreetEasy. GMAP
There is one alternative plan for the BQE expansion being offered by State DOT that could save this building. If DOT goes with a tunnel rather than widening the existing alignment, the BQE could conceivably be turned into a greenway. This was from the mouth of DOT. But don’t count on the powerful interests of Brooklyn Heights to fight for it, since they don’t want any tunnel underneath them (even though it wouldn’t involve taking any properties.) As it is, if the BQE is widened, it will mean more noise, dust and view of the highway for the residents on the Promenade OR they could use their clout to have the Promenade widened… maybe into a nice big skateboarding venue?!
thanks, gator!
buttermilk, many of the units on the BQE side of the building have sold. I would note that for units on the BQE side on the 6th floor and up, all you see out the window is a great view of downtown Brooklyn. You can’t see the BQE until you literally are right up against the window.
Maly, actually the last big run up in prices in NYC was NOT linked to job growth. 80 DeKalb is 85% leased. Market has bottomed. not saying prices will improve, but activity is up and will stay up. The times they are a changing.
11217,
The Jehovah’s Witnesses have a thousand units or more in “prime” Brooklyn Heights and Dumbo that are on the market and ready to go. They’ll wait for the right price, but when the other places you mentioned are sold out, look for this stuff to be bought up and turned around.
Ditto all the stalled projects like 20 Henry.
Spring was big for sales all around the region. Pent up demand from the dead year that as 2009, realy low interest rates and good Wall St. bonuses. Things are really slowing down right now, but inventory is still really tight in most areas.
Next Spring will be another big test. Interest rates could be higher, and there could be a lot more sellers if either foreclosers pick up, or more baby boomers decide they are ready to cash on in their retirement savings tied up in Real Estate.
50% sold for OBBP is pretty pathetic, considering 20-25% of the places were sold or in contract pre-Lehman and price were cut 35% across the board. They are more than half way through their 2 year financing extension. Could be very interesting to see what happens if they don’t have a strong spring.
ok just read down and domino is approved, but it says ground breaking in late 2011 and that it’s 10 year project can we not talk about it as relevant to any kind of inventory until it’s relevant as inventory. maly – 80 met is not all that big, but anyway i disagree that the neighborhoods are interchangeable.
article in the Post about buyers and renters of expensive apts. in WB yesterday – http://www.nypost.com/p/news/business/realestate/residential/will_call_ZcT5SexSiXOH6o0eZI2SmK
One thing stated by the people the interviewed, and true of all the people i know personally that fall into this group (which is everybody i know that bought or rents pricey apts), is that they really are only considering WB in brooklyn, not another brooklyn hood. WB is an extension of the LES or the East Village or just downtown manhattan in general. people following the music, the food, the stores, the art, and the entrepreneurial spirit that is dying in lower manhattan. knitting factory, music hall, and brooklyn bowl all owned by former manhattan club owners for instance. downtown brooklyn is not that.
if you wanted to make the argument that LIC is a target for the same buyers as downtown brooklyn, that i’d be more likely to believe. both places seem to attract the generic middle class that might have been in murray hill or uptown a few years back.
no, they only sold the ones overlooking you 😉
I don’t think people want Downtown Brooklyn specifically. What they want is nice, new, not too expensive housing close to their jobs (in Manhattan.) So it’s not like people are pining for Flatbush/Gold/Fulton. They would take a place in Williamsburg or the Domino factory or the arena. At the rate they are going, Toren or 80 Met have at least another year to go to sell out. Prices are moving sideways or down, NYC population is not increasing that fast, and the impetus to buy has somewhat abated now that rents are down and the speculative churning is gone.