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
Ditmas- Makes you wonder “what were they thinking?” It can’t be healthy and it’s not pretty for those facing the BQE. But that’s what happens when your greed outruns your common sense.
There are easily four stories of this building that are practically unsellable: who would want to play 500K for a studio or nearly a mil for a 1-BR for the privilege of sucking in exhaust from the BQE every day?
“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”
i.e. “If you buy at our above-market prices and hold long enough, inflation will make you think you made a gain.”
“I can’t imagine living next to the BQE and having to walk to this desolate (and NOISY) location. It’s near a nice neighborhood, but not in one.”
Exactly right. This isn’t Brooklyn Heights. It’s down the hill and under the expressway from Brooklyn Heights.
The building looks like DUMBO.
Just walking by this building is intolerably loud. I can’t imagine living next to the BQE and having to walk to this desolate (and NOISY) location. It’s near a nice neighborhood, but not in one.
aslawo, that makes sense. Seems to be a bit of movement regarding the park. While I’m highly doubtful any part of it will be done in accordance with the initial schedule, it appears it’s at least being worked on.
Actually – I think despite his geographic incompetence, what lechacal said still has resonance. Even though this building is in Brooklyn Heights it has more in commone with a typical Dumbo condo than a brooklyn heights home. It’s a converted industrial building with awe-inspiring views of the Manhattan skyline, east river, and bridge, but is close to a noisy highway and relatively isolated from everything else. That also describes 90% of the buildings in DUMBO. I personally have always used DUMBO as a comp to understand this building.
Flower Gel – I think the building is a bit over 30% in contract (maybe only half of those have actually closed though). Either way – if you’re looking to hold for at least 5 years, this is still a good investment. With the park around this building clearly in construction now this would be the building I’d want to own in (if I could afford it) once the recession is over…
Biff, you’re right. I’m definitely not crazy about the location. I like neighborhoods. But at the same time, I live only a block or so away in a much smaller and dingier apartment, and I think the location could grow on me when (if?) the park opens.
At the end of the day I probably wouldn’t buy here (I’m too much of a sucker for old hardwood floors, tin ceilings and such), but the fact that I’ve moved from “never” to “probably not” is probably a good sign for OBBP. Prices are still too high, but they’re getting closer to what they should be.