Rentals, Price Cuts and Loan Extension at 1BBP
One Brooklyn Bridge Park, the high profile condo conversion set in Brooklyn Bridge Park on the Brooklyn Heights waterfront, announced late yesterday that it had managed to successfully negotiate an extension on its loan agreement for another two year, buying it some time to try to move some of the many unsold units in the…
One Brooklyn Bridge Park, the high profile condo conversion set in Brooklyn Bridge Park on the Brooklyn Heights waterfront, announced late yesterday that it had managed to successfully negotiate an extension on its loan agreement for another two year, buying it some time to try to move some of the many unsold units in the luxury building; to that end, prices were cut across the board by as much as 20 percent in some cases. According to the website, this means that studios are now as low as $500,000 and a two-bedroom can be had for under a million bucks. We believe that our new pricing structure creates smart investment opportunities for buyers who will be able to realize long-term appreciation on these residences,” said R.A.L.’s namesake Robert Levine. In the mean time, up to 25 percent of the units will be offered as market-rate ($1,875 for studios, $2,800 for one-bedrooms) rentals. (Note: One Brooklyn Bridge is an advertiser on Brownstoner.)
Stribling Closes at 1BBP, Optimistic About Spring [Brownstoner]
Tough Times at One Brooklyn Bridge Park [Brownstoner]
What’s New at OBBP [Brownstoner] GMAP
this location is shit and should have been developed as affordable artist residences. you can do so much better than what they are offering here for the same money or less.
i lived near by facing the water with nearly the same views and honestly, it gets boring after a year or so and with the apartments across the hall at almost half the cost, it’s hard to justify the price.
sam – they are renting out the units they couldn’t sell which I would venture to say are the studios on low floors pretty much at eye level with the bqe.
Take the views out of the equation and you have exactly what I said before – an overpriced rental in an inferior location.
An inferior location???? The building is right on the freakin’ New York Bay with the most incredible views you can imagine. Are you comparing it to a dumpy tenement with a fan in the window on the other side of the highway?
It is the location of this building that makes it special. Maybe not to everyone’s taste, some would prefer to live in desolate stretches of Flatbush Avenue or Livingston Street or Myrtle Avenue but others like the idea of the location right on the water. When you walk into those units the views can knock your socks off. they are awesome. Really. The BQE runs right around DUMBO too but those buildings are very successful.
And i’m sure those are starting rental prices for a unit facing the BQE. I live very close to the BQE and it’s loud and dirty. But then again, I pay 40% less in rent then a similar space in my neighborhood. No matter how nice the building is – paying a premium to live in an inferior location is silly.
Yes, Archstone’s official prices for their BH building were higher than several of their Manhattan ones when I checked a couple of months ago.
Think it’s the scarcity value of the large building / good amenities / no broker fee type rentals in Brooklyn that drives it.
In spite of my comment above I think that rentals in this building will do well.
“2800 is market rate for a 1 bdrm? f me.”
I think the archstone buildilng on montague is charging close to 3k for one bedrooms.
if they really want people in here cut the studios down to 350k or rent the studios for 1600 and one bedrooms for 2200-2400
the extension of the loan agreement is good news for the developer of this historic printing plant on the Brooklyn Heights waterfront. The circa 1920’s building was purchased from the Watchtower Bible Society who used it as a production plant for printing its bibles and other religious books. I think they have relocated this operation to the exurbs along with the workers. So what to do with an obsolete historic printing plant? I think what was done here is a good thing, the apartments are quite nice from what I saw one weekend, the idea is that eventually this building will be connected to Fulton Ferry and Dumbo by a waterfront park to be called Brooklyn Bridge Park. It is an exciting concept, some are skeptical of the delays in building the park, but a glimmer of hope comes from recent leaks that the Mayor wants to take over full control of the Park (along with Governor’s Island) and eliminate the State’s role. That would get things moving assuming Bloomie is re-elected. Unlike the Oro and the Forte and the Torren, this is not a new building, it has been adapted to a new use like One Hanson Place. And the units are not at all loud in fact they are very silent thanks to new windows and modern HVAC. People should visit the property before saying things that are completely inaccurate.
I have no connection to this project at all but I am rooting for its success. It would be good for Brooklyn.
I’m a fan of some of the condo developments in BK, but not this one. One Hanson is excellent but overpriced. Forte looks good & prices OK but would not buy in a new development that still has as many unsold units. One BBP is in an inferior location to either, in my view, with premium pricing and apparently greater financial risk.
“ne Brooklyn Bridge Park, the high profile condo conversion set in Brooklyn Bridge Park on the Brooklyn Heights waterfront, announced late yesterday that it had managed to successfully negotiate an extension on its loan agreement for another two year, buying it some time to try to move some of the many unsold units in the luxury building; to that end, prices were cut across the board by as much as 20 percent in some cases. ”
What was the Bondholder was going to do, foreclose on a depreciating asset???? I’m willing to bet the largest Condo developments will have a Bankruptcy Judge dispense the Assets!!
If you bought in one these Condo developments you are so fucked it’s not even funny!!
The Condo Management Companies are on life support (Hanson Place, Forte, Oro, etc..) ! When they go BOOM who is going to take care of the maintenance you your place???!!!
T-Minus Six Months Assholes!
The What
Someday this war is gonna end…