Price Increases at One Brooklyn Bridge Park
On Friday StreetEasy recorded slight price increases on about a dozen units listed for sale at One Brooklyn Bridge Park. For example, a 1,020-square-foot unit went from asking $965,000 to being listed for $995,000; the same condo was originally listed for $1,300,000 in 2008. Most of the prices bumps were 3 or 5 percent. The…
On Friday StreetEasy recorded slight price increases on about a dozen units listed for sale at One Brooklyn Bridge Park. For example, a 1,020-square-foot unit went from asking $965,000 to being listed for $995,000; the same condo was originally listed for $1,300,000 in 2008. Most of the prices bumps were 3 or 5 percent. The massive conversion was nearing the half-sold mark last summer.
One Brooklyn Bridge Park [StreetEasy] GMAP
To, ARKIT, like I said, the bank was willing to loan me $$ on a 2006 price in October 2008. No other lenders were at the table at that time. It was not a cool situation and I was not happy with the spirit of the discussions. As for the contract. I’ll say it again. Levine was not acting in good faith. As evidence, please review the number of closings he had during that time. Then look at the number of apartments on the market, Then please review the sales cuts a few mere months later which matched my offer. There is tons more detail – but I lived it many times and am choosing not to go through the muck yet again.
NY is always the last in and last out of any market decline. I remember 1989-97 (should have acted on that memory in ’06!!). It took a long time for NY and NY real estate to recover. People were leaving the city in droves as there were no jobs and lots of crime.
Unemployment is at the heart of the issue. Hard to sell premium properties if fewer people command these salaries. Services are being cut, education is severely impacted and crime is rising. NY is still in recession.
I am native, love this city and hope to stay till the day..,. but am a realist and tired of the cheerleading.
To, Ali: Sorry, never read people’s profiles, but I will now…not that they may be accurate. Will ease up on ‘aderall’…good one. But I can tell you I’m not a broker, nor have I taken an exam.
To, GalBkly: I think Gatorny has a point, regarding signing a contract. Other lenders have been lending, like Wells, since early last year. Employment on a National average does need to come down to improve confidence in buying, but New York City has many different dynamics to consider beyond the unemployment rate.
@gatorny – I stand by my comment. I only briefly mentioned some of the issues – but to clarify — the key one being that the only bank that would lend on the property was the underwriter… and they were willing to loan me the 2006 amount in Oct. 2008. Hmm. Try that one on for size.
I’m not sure why you’re defending him.
And unless unemployment gets below 7% — we are heading for a double dip. Tons of other reasons — but time is precious these days.
You have a profile that says you are a 40 year old male designer, so there is that. Ease up on the adderall, fella.
To Ali…How do you know I’m a ‘Sir’, or a Broker? Your insult is taken as compliment because I’ve never touched a real estate course, but it spotlights my savvy street smarts that no course can teach…THANK YOU, Ali.
Regarding my gender assumption, as far as you know, I’m a female physcotherapist that would label you a sexist.
WalMart corporation has just mandated a new direction that their personell do not refer to appliances as ‘she’, or a pillow as that ‘guy’…just an FYI.
Spinning proximity to the subway as a negative is a new one. Is that on the borker exam? Well played sir.
Not many people clean their own windows…since the windows on the bottom open inwards, you can clean them easily. Yes, they are mid height…about 45″ up from the floor…but with high cielings, it feels just fine. The corner units on the inner courtyard have full floor windows. What’s wonderfull is that all the windows go up the VERY TOP OF THE CIELING! When you are in bed, on a couch, in a chair, you see the sky…I see the moon, and I’m on the inside courtyard, mid level floor. I’d much rather see sky than a neighbor!
What is so great about the windows? Maybe they are sound proof?, I don’t know, but they are impossible to clean from the outside, and with all the traffic around they must get filthy fast…but then if you do open them, you get car soot in your apartment…and of course they don’t even have screens….
I also noticed from the pictures the windows seem to be kinda high, so that if you are sitting on a couch you would have to look up, not straight ahead???
Larger picture everyone…New York is a great place to live…Brooklyn Heights being one of the best areas…I lived in DUMBO for ten years…near the BQE and had no problems sleeping. There are apartments almost on top of the Manhattan Bridge, yet there they stand fully occupied.
New York City could grow by another 1Million people in the next decade. Just look at how tech/media companies are relocating/starting up in NYC…perfect test market with all the mobile-users. Seeing how the web is moving away from what we know today into an AppMode platform, more media companies will set up here.
PROOF: Google paid 2B cash for it’s building…they saw something in NYC, and they’re not going anywhere anytime soon…Oprah, Queen of Daytime, is starting her own network, OWN…and she’s not going anywhere anytime soon because she’s on the hunt for a huge mansion in NJ. I wont even mention what Madonna did in creating a double wide mansion with a 40′ living room and a 3,000 square foot back yard…oh, I just did!
So, down the road, there will be more jobs created, more companies spurting up, and with all the people coming, there will be a housing shortage….yes, a housing shortage in NYC!!!! Why? Because no one is developing new properties right now.
As the population growth continues, all of NYC’s water fronts will become more valuable (VISION20/20)…anyone walking West Chelsea/West Village can see that with some of the priciest homes all the way from The Sky Garage (aka 200 11th Avenue, as in Nicole Kidman, Dolce Gabbana) down to Superior Ink (thank you, Marc Jacobs!).
Brooklyn is experiencing a newly growing status. Hello Bjork and Matthew Barney! (Does everyone reading this know that DoBro is actually the envy of all other US cities….you know, DoBro…it’s not that far from here…where Shake Shack is opening not to far from H+M and Panera, Filene’s, etc, etc….With all that, it remains under-serviced.
So, for all the people complaining about money and trying to win the lottery to buy something, set up shop in DoBro…5,000 people await, right now, for your local services..and more are on the way!
If you can buy now, before all the mortgage changes begin, do it…only if you plan to stay 3-5years minimum. If you have good/great credit, all the more reason….so you can get one of those low-interest-about-to-be-ancient-30-year-fixed-rate loans that will be the envy of everyone from 2012 and on …see it now…cocktail parties reminiscing the ‘good-ol days’ when you could get a 30 year fixed loan so easily.
So much of our pre-bubble mind set was, ‘get in, make dough, sell, buy more and bigger, get in, make more dough, and buy even bigger’…things changed a bit. If you have the old mindset still, don’t buy now…maybe ever.
Long term short, One Brooklyn Bridge is an amazing warehouse conversion…and yes, as I’m sure you’ve deduced by now, I do live here, and love it…the staff, amenities and details make it a luxury building.
Why would the Doyenne of Real Estate herself, Ms. Elizabeth Stribling, buy here if it weren’t a great opportunity? I bought before knowing she purchased here…recently, the Asymptote Architect couple bought here, too.
Why would they…those of great architectural record?
Because they see a great value in the price and location that will only go up….only go up as the water front gets further developed, and Governor’s Island becomes even more of a destination for locals and internationals…as evidenced last summer by Prince Harry’s Veuve Clicquot Polo Classic charity match to which the likes of Prince Harry, Madonna and Prince have attended.
Enoooooouuuuugh name dropping already, I know! IT’S JUST SICK!
Point is, the building is great…it’s spacious, lots of light, (the windows not facing the BQE get much less dirt, obviously.
Point of interest, when i lived in Chelsea, on 26th (when it was all no-man’s land/Flea Market days)…I didn’t live anywhere close to a highway, yet I had more soot on my window panes from idling trucks than I would have living in a garage…serious soot.
Regarding the air on this side of the BQE because everyone wants to know… the most polluted air in NYC is actually the upper east side…shhhhhhocker, I know! (Again, mostly due to idling cars, busses and limos). So, don’t worry about the peeps here at OneBBP…most of the ocean breezes and salt air just carry it away.
All said and done…there is the matter of the 10 minutes it takes to walk to my train…it’s tragic! I’m actually forced in the morning to get oxygen in my lungs, warm up my heart and absorb some vitamin D before getting on the train…it’s shameful, pitiful, just wretched that humans are subjected to this kind of cruel and unusual torture…why, Why, WHYYYY?
I do so envy those that have that little dash sprint to the subway…they just leave from inside their apartments, jump on the train, stay in the office all day, go to a bar, dinner, then their apartments again never to see the light! Never to have to agonize their feet and exercise and walk…so humiliating it is…I feel as though I am the bottom of the barrel when I am forced to walk the walk of shame every beautiful morning…ugh, ugh, ugg…
OMG, I have to rant…why does everyone in NYC think their 8 minutes is soooooo precious…get up earlier!
Yes, I could go on…but I’m sure so many negative readers are sick of my PollyAnna-Ing…well that’s my perspective because I’m pretty damn happing living here.