It’s been a long, slow road for 53 Broadway but it looks like the residential development is finally on track. The site sold to the original developer in 2005 for $6.9 million, who got as far as filing plans and starting to dig the foundation in 2008. But it’s only been in recent days that development has started to poke its head over the construction fence in the wake of an acquisition of the property for $9.9 million in February. As far as we know, the seven-story building is still supposed to look like this.
Two Burg Lots Sell, Including Long-Stalled 53 B’way [Brownstoner] GMAP


525 Clinton Avenue is officially back from the dead. just listed one-, two-, and three-bedroom rental units. Prices range from $2,925 to $5,200/month, and there are 33 units in all. (Those prices are a far cry from Assemblyman Hakeem Jeffries proposal to turn this failed luxury development into affordable housing.) When the building was marketed as a condo, prices were running between $650,000 and $950,000. Bonjour Capital nabbed this property off the auction block for $25.5 million five months ago. At that time, 80 percent of the building was complete. Work resumed this March. Click through for some interior shots of the finished product!
525 Clinton Avenue Listings []
Bonjour Says Hi to New Brooklyn Apt. Building [Crain’s]
Building Permits Renewed for Stalled Clinton Hill High-Rise [Brownstoner]
Stalled Clinton Hill Development Has a New Owner [Brownstoner]
525 Clinton Avenue: The Song That Never Ends [Brownstoner]
Another Foreclosure Auction Set for 525 Clinton Avenue [Brownstoner]
Foreclosure Auction Scheduled for 525 Clinton Avenue [Brownstoner]
Stop Work Order at 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue: Something Happening Here? [Brownstoner]
Will 525 Clinton Avenue Really Go Affordable? [Brownstoner]
The Ghosts of 525 Clinton [Brownstoner] GMAP


A building super at a group of three buildings on 46th St. in Sunset Park allegedly punched tenant activist and strike leader Francisca Ixtilico, sending her to the emergency room at the Lutheran Medical Center via ambulance yesterday afternoon. Ixtilico was attempting to film repairs to the building’s electrical system at the time. Police reportedly arrested the super, Israel Espinoza, as well as neighbor and Occupy Sunset Park organizer Dennis Flores, who said he pulled the building super off Ixtilico. Earlier this month, 51 families at 553, 545, and 557 46th Street started a rent strike to protest ongoing problems with hazardous wiring, vermin, and garbage. The building, which is in foreclosure, has had frequent blackouts and loss of heat during wintertime. The strikers hold a vigil nightly at 6 pm outside 553 46th St. Click on the video link below to see Ixtilico being wheeled off in a gurney, as well as Flores’ arrest, and witness statements.
Update: An article in the Spanish-language newspaper El Diaro says Ixtilico, 65, suffered a stroke as a result of the assault.
Sunset Park Rent Strike 07-19-12 Tenant Attack and Arrests [YouTube]
Activist Arrested Defending Sunset Park Tenant [El Diaro]
Sunset Park Rent Strike This Thursday [Brownstoner]
Photo by bogieharmond


Up, up, up. That’s the best way to describe the direction of rental prices for studios, one-bedrooms and two-bedrooms in Brooklyn over the past year. Real estate firm MNS has crunched the numbers and found that on average rental rates were up over 10 percent in June over a year earlier. Two-bedrooms led the pack with an increase of 12.7 percent followed by studios at 10.4 percent and one-bedrooms at 9.7 percent. Dumbo was the most expensive in all three categories. You can click on the image above to make it larger.


Prudential Douglas Elliman and The Corcoran Group both released their second quarter Brooklyn market reports today. The highlights: The number of sales is up, inventory is down. As for prices in the second quarter, they were up by pretty much every measure–average sales price, median sales price and price per square foot–versus the same quarter a year ago and the first quarter of 2012, according to Corcoran. Elliman showed similar, albeit less bullish, trends, with the exception of median sales price, which dipped less than 1 percent. The luxury market, which Elliman defines as starting at $999,000, outperformed the overall market by rising more than 5 percent year over year. Mortgage underwriting is still “irrationally tight,” said Elliman, but mortgage rates continue to fall to record lows. Corcoran’s numbers confirm anecdotal reports Bed Stuy is hot: An increase in sales of townhouses there caused the median price of townhouses Brooklyn-wide to drop year over year. Elliman shows a modest increase (1.3 percent) year-over-year in the average sales price of a 1-3 family home. “The standout is the brownstone market, a small niche, with only 3 percent of the Brooklyn market [share],” said Jonathan Miller, president of real estate analytics firm Miller Samuel and author of Elliman’s market report, in a story by The Real Deal. “But it is the highest-priced housing stock.” The 18 percent decline in inventory in the borough year-over-year is “firming up the market by stabilizing prices,” he added. The graph above, which can be enlarged by clicking on it, comes from the Corcoran report and shows historical sales and price per square foot changes since the third quarter of 2008.
The Elliman Report: Brooklyn Sales 2Q 2012
The Corcoran Group Q2 Report
In Q2, Brooklyn Inventory Down, Brownstones Commanding Higher Prices [TRD]
Chart by The Corcoran Group


After getting approved in February, the townhouses at the Carlton Mews project have been steadily rising and are now topped out. The five two-family pads have been targeted to be finished this winter. Any guesses as to what the asking prices will be? We’re betting around $2.5 million a pop.
Carlton Mews Townhouses Rising [Brownstoner] GMAP DOB
Permits Finally Approved for Carlton Mews [Brownstoner]
Carlton Avenue Mews Back in Focus [Brownstoner]
LPC Recap: Nay on 27 Cranberry; Carlton Mews on Track [Brownstoner]
The NEW Carlton Mews Revealed [Brownstoner]
Carlton Mews Sells Again [Brownstoner]


Richard Meier’s On Prospect Park has reached its finish line. Straight from the building’s lead broker, Cheryl Nielsen-Saaf:

“The initial sales process at 1 Grand Army Plaza has indeed reached its conclusion. It was a wonderful project to work on from my perspective and I feel very fortunate having been there from the beginning during the design phase and well before sales commenced. Then through the downturn in 2008, adjusting to the new market realities and selling the majority of the units despite its very unique and different style.”

What a ride! Plans were first announced for this project in 2005, it hit the market in 2008. Construction on the penthouse units wrapped in September 2010. We just featured a resale as yesterday’s Condo of the Day. GMAP


We’re not sure why this building hasn’t popped up on the Brownstoner radar before, especially considering the fact that it started out life as a Scarano project, but for some reason it hasn’t. Recent work on the facade though has put it firmly in our sights. A tipster wrote in to say that the windows were getting replaced. Turns out it’s part of a residential conversion that will create 59 apartments in the 50,000-square-foot loft building. And, man, is this going to be some apartment building! As the photo on the jump shows, the ceiling height–and scale in general–is very impressive. Can’t wait to see how this turns out. GMAP


CPEX, one of the most active commercial brokers in Brooklyn, has issued a comprehensive report about sales activity over the past eight years in Brooklyn as well as the other four boroughs. The good news is that just about every market segment and metric you look at shows that business bottomed in 2008 or 2009 and that it is significantly up from then, both in terms of sales and dollar volume as well as price per square foot. We’ve pulled out a few graphs for this post but check out the full report for lots more detail.