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.
Yeah I’m sure they’re real quiet in Gravesend theaters.
Anon @ 2:17 – I think the big issue with BHoD reopening was with inmates calling out to people living and walking nearby as well as the ability of inmates to look into your apartment – neither of those will be a factor this far away.
The finishes are economical which might explain the economical price.
70 Washington is in DUMBO and who’d want to live there??
this is ridiculous. the cheapest unit costs $2886/mo** to own.
**http://www.corcoran.com/property/mortgagecalc.asp?yrs=30&interest=6.25&price=%24470%2C000&pdown=20&cc=%24524&tax=%2447&submit=calculate
why is this a strong buy?!
also.. that theater is terrible. people can’t shut up while watching a movie.
Christ, I could buy a nice sized unit at 70 Wash. with the nice landmarked facade and similar amenities and get by on $300/mo. with common charges and taxes. And I can move in right away.
I live right near this development. What I find pretty hilarious is that everyone was slamming 75 Smith last week in the other HOD post, due to its close proximity to it — yet the Lookout is what, an extra fifty paces to the other side of HOD? Sure its across Boerum and half a block down. I get that part. But do you think the prisonoer’s visitors won’t be walking down State for any reason after they visit dear-old-jailbird-dad? And the cops won’t be parking on State, too? This location will still have all the same effects of the jail as the other surrounding buildings in the area. THAT SAID — I don’t think the jail re-opening is going to affect prices at all. Like ltjbkuem listed in his post — this area’s amenities FAR outweighs the jail. The only weird thing with the YMCA is not the blocking of light (which will happen), but from Lookout you’d be able to see right down into the pool.
Wonder what causes difference in CC.
Larger # of units = lower CC per apt?
Low CC = future reserve fund shortages = special assessments?
More amenities that cost $ = higher CC
(doormen, porters, rec room)?
What about the criminal court building? That should be more a concern if anything. At least the criminals are locked up in the Brooklyn House of Detention – criminals are walking in and out of the criminal court building!