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
Obviously I have never looked at this building and didn’t look closely at the map. Carry on.
They should move the building to the other side of the BQE.
Biff… oh yeah. Duh.
This is not dumbo and this is not a “new” building…. also, lovely view of the BQE from half the units has to be the big elephant in the room.
These prices are all well and good – but they don’t account for the fact that this building is still under 15% sold. Unless they get the numbers up to where an owner can re-fi or sell (75% sold), buyers are basically getting an illiquid asset with a strong possibility that it could take years to make the building viable.
true, Dumbo is pricey, but sort of depressing after buying in, to wake up in a windowless box ( if you sleep in the “study”) or with a view of your kitchen
lechacal, this is in Brooklyn Heights, not DUMBO. It’s a bit of a stroll from there to DUMBO actually.
alsawo, I thought, like me, you weren’t crazy about the location of this place.
2800 is market rate for a 1 bdrm? f me.
DUMBO prices are very high (many record sales, and some pretty recently). I don’t understand exactly why, but that’s probably just because of my lack of familiarity with the neighborhood. It doesn’t surprise me at all to hear prices that are higher than other areas of Brooklyn.
Prices in DUMBO will level out higher than other areas of Brooklyn. Prices in Carnegie Hill will level out higher than Harlem. Prices at 15 CPW will always give me vertigo. Just because prices are coming down across the board doesn’t mean every apartment in the city should be affordable for the people who frequent this board.