Set Speed Condo Report: Atlantic Yards Views
This week’s report focuses on a project located catty-corner to the proposed Atlantic Yards project and at the nexus of three burgeoning neighborhoods–Fort Greene, Boerum Hill and Prospect Heights. Located above the Dunkin Donuts diagonally across from the Atlantic Center, this condo project has the benefit of being well-located for transportation options. Given the convenient…

This week’s report focuses on a project located catty-corner to the proposed Atlantic Yards project and at the nexus of three burgeoning neighborhoods–Fort Greene, Boerum Hill and Prospect Heights. Located above the Dunkin Donuts diagonally across from the Atlantic Center, this condo project has the benefit of being well-located for transportation options. Given the convenient location, you’d think that this would have sold out quickly. Not the Case: Only 2 of the the 7 units are in contract according to the Corcoran site. The rest of the places are priced from $379,000 for a 527-square-foot studio to $595,000 for a 1,025-square-foot duplex. The fact that these apartments are listed in the Recent Listings section of Corcoran suggests that their asking prices have been lowered considerably since they were originally offered. Common charges are $178 a month to $459/month for real estate taxes for the largest units to half those for the studio.
A few positives of this project are the central location, good light, nearby access for the religious-minded, quick shopping access and, for some, the availability of duplex units. A few negatives are bad light if the 17 Gehry towers are built at the Yards, noise from 4th Ave/Flatbush/Atlantic traffic and litter from Dunkin Donuts patrons down below. Judging from the pictures on the site, amenities include granite counters and stainless steel appliances as well as wood strip floors. At $495,000 for an 1,149 square foot duplex, these units just might appeal to a single person or young couple who can live in a lively and bustling area and yearns to have a work space separate from their living space. But as of yet, no one has stepped up to the plate.
Atlantic Avenue Condos [Corcoran] GMAP
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.
There is another condo conversion directly across Atlantic Avenue from this one that has been selling. Would be interesting to hear comment from someone that has seen/compared both.
My take on it was – what a waste to convert that mess – should have torn it down and built a solid highrise (or at least midrise). Now the intersection will always look less than it could have been.
“this thing is worth about $210,000”
I agree whole-heartedly. This is one of the least desirable locations in Brownstone Brooklyn, given the traffic and pollution… it’s always dirty at that intersection. A few houses down the side streets in either direction, and it’s very nice, but these are ridiculously overpriced.
Let’s call a spade a spade — the 1149 square foot 1 bedroom duplex would probably rent out for $1600-$1700 at most (giving due regard to the fact that it is large, but still a one bedroom in a pretty noisy location). Maintenance and taxes would cost the owner roughly $550 per month, which leaves only $1150 per month to pay the mortgage. This means that your mortgage needs to be roughly $180,000. Assuming that 10% down is the most you would want to put down for an investment property this means that at the top end of the range, this thing is worth about $210,000 (being generous).
Note that the calculation assumes that you would be able to rent it out for 12 months of the year, which is not at all clear given that you expect construction there in the next 10 years.
And, I think that even if you disagree with my calculations above, you must agree that no one in their right mind would actually purchase any one of these apartments for the purpose of living in it themselves, for all of the reasons mentioned in the post above.
My feeling about this is that the units “in contract” are not really “in contract.” I have a feeling that corcoran, in order to get the ball rolling on some projects is saying that some things are “in contract.” I am having an extremely difficult time believing that some actually bought the unit that’s listed as “in contract” on 7th street between 3rd and 4th.
Ok, I am done ranting for the day.
Look I know you anti-Atlantic Yards people will try to put an AY spin on anything, but these condos are not still on the market b/c of AY; they are asking between $580 sq ft and $720 a sq ft for walk-up aprtments in what is TODAY a very loud and busy corner (not to mention subway rumblings); it is upstairs from a very BRIGHT and 24 hr Dunkin Donuts, the corner was seedy approx 6mo ago and I believe a loud clarion call for evening prayers goes casscading down the street at incredible decibles from the previously (presumably) terrorist sponsoring mosque a few doors down.
Without even trying I found I could move to Union St (4th and 5th) for more space and less $ –
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=834486
Atlantic Yards has nothing to do with it.
In addition to the traffic and noise issues, this is also an area with a lingering prostitution trade and consequently higher than average street crime rates. The neighborhood has certainly improved from 10 years ago but it’s still far from desirable.
This is also above a subway station that has at least 6 subway lines converging there as well as the LIRR. The rumblings at rush hour must be terrible.
“A few negatives are bad light if the 17 Gehry towers are built at the Yards, noise from 4th Ave/Flatbush/Atlantic traffic and litter from Dunkin Donuts patrons down below.”
Thats putting it lightly. I’ve taken cabs at various hours coming from Manhattan to my apt in Pk Slope and waiting at that light before making the turn onto Flatbush is INTERESTING to say the least. Happy for whoever owns that Dunkin Donuts because they’re doing good business — but the all night noise and homeless folks hanging out on your doorstep is not worth the cheap mortgage.
Why would you buy here versus going a couple of blocks in to Lafayette or Greene?
Feel bad for whoever those 2 peopple are who’ve already bought into this mess.
This place is at the corner of Hell and Hell. The noise would be horrific. Also, I think setspeed missed a big problem here: What’s up with the little building to the south of this one? I would imagine any south-facing windows could end up blocked off by a new building. Setspeed, do you know anything about the F.A.R. on the next door neighbor?
That is a question I have wondered about regarding the Atlantic yards project. Given all the great places to live in Brooklyn, Manhattan why would someone chose to live in the traffic, noise, crowds, of Atlantic & Flatbush – it isn’t Manhattan where there are some compensating benefits for the congestion and it won’t have the quiet, small scale feeling that makes Brooklyn desirable. It is sort of the worst of all worlds. I really wonder if the market rate units will be very desirable.