Set Speed Condo Report: Lookout Hill Condos
The recent news of the reopening of the Brooklyn House of Detention has set many interested buyers on edge. News abounds of some buyers being told otherwise at the 75 Smith condos. Those who own condos at Boulevard East on Boerum Place are also around the corner. A third condo project set to start sales…
The recent news of the reopening of the Brooklyn House of Detention has set many interested buyers on edge. News abounds of some buyers being told otherwise at the 75 Smith condos. Those who own condos at Boulevard East on Boerum Place are also around the corner. A third condo project set to start sales that is within feet of the BHoD is 199 State Street, known as the Lookout Hill Condos. The sponsor is accepting broker co-brokes on these units. The project features 46 condos on 11 floors and 4 penthouses. Preliminary occupancy is for December 2006. Quite a high-end project, residences will have Poggenpohl cabinets, Viking refrigerators, ranges and dishwashers. The sponsor of this project, Alchemy Properties, has a suite of high-end condominium projects in their portfolio, including the Bond Street Lofts in Soho.
Sizes range from 677 square foot studios for $470K to large 1,629 square foot 3 bed, 2 baths for $985K. The common costs run on the high side, from $524 a month on the studios to over $1000 on the larger units. Abated taxes are less than $100 per month on all units. PSFs are in the $600 range. This seems to represent below market value prices– could this be a nod to the reopening of the BHoD?Comparable sales in the neighborhood probably run around $800 psf, including some units at the Dean Boerum Condos. In the near future, there will also be another Two Trees condo project two blocks away at 110 Livingston.
Pros of this project are close proximity to (1) the Brooklyn Bridge for bicyclists (2) a myriad of subway stops at the Borough Hall stations and (3) plentiful shopping on the Atlantic Avenue and Court St corridor. Cons, aside from the BHoD, include the YMCA/Courthouse Apartment south of it which may block light for a lot of units and the heavy automobile traffic of Brooklyn Bridge Boulevard.
Pricing and Floorplans [Lookout Hill Condos] GMAP
About the Developer [Alchemy Properties]
New Non-DUMBO Tribeca [Curbed]
Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.
We just went into contract. Got one of the two BR on one of the lower floors. What do people think of the north facing units on the lower floors?
I saw the open house and it seemed very nice with lots of space. The commercial area seemed to be the detractor for us.
any lookout hill purchasers out there? it looks like about 15 units have sold – pretty good deals at ~580/psf.
Who in their right mind wants to be on the BQE for more than $700 psf. Mind-boggling. Get earplugs and a respirator.
At least on Tiffany Place, while far away from Borough Hall, at least is relatively quiet for the units on the side facing the water.
The saving grace of the BHoD is that it is on the other side of the Boerum Place Boulevard which is at least 4 lanes wide. Hopefully it won’t reopen.
jj,
no, didn’t mean that it was abutting the bqe, but that it was in a non-prime part of bklyn heights and it was hitting 900+ psf.
me no mean to mince words.
Is there a suggestion here that 322 Hicks is situated along, overlooks, or is somehow even audibly exposed to the BQE?
It is isolated by several hundred feet of other buildings between it and the BQE, down a long city block, then around the corner, and then halfway up the block toward quiet State Street.
You probably meant to say it’s exposed to Atlantic Ave traffic (at the end of the block), no?
does anyone know that in hoboken/jc condos, carrying costs can be over $1500 a month on a $750k condo?
this makes brooklyn look like a bargain.
plus you know what, for the guy who said monthly would be $2886, well check this out:
http://dumbo-newyork.com/index.cfm?objectid=DAAFAF51-3048-7098-AFDC1A5BD66C12B5
yes, one bedrooms for 2462-2885…at these levels, would you rather rent than own?
that’s right, that’s what i thought.
those court house apts are less than a block away…
199 State seems to be less expensive on average than other buildings I have done sales in locally. The finishes are better than most Dumbo buildings and $150 psf less. I would rate this a very good buy. The developer said at open house yesterday that they don’t really look to raise prices and want to sell out pre-construction. That remains to be seen.