Category Archives: Brooklyn

The Barclay Center gets a pre-fab neighbor

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In one year, the junction of Atlantic and Pacific Avenues has gone from “a lot” to “a ton.” For years, the area was known as a bustling little business district. However, with the opening of the Barclays Center, this one time shopping destination has become an architectural epicenter.

On Tuesday, New York City officials held a “groundbreaking” (during which no soil was actually dug up) for a 32-story, 363-apartment tower. This apartment tower, located next to the Barclays Center will be the worlds largest prefabricated “modular” building.

 

Barclays Center apartment navy yard Brooklyn modular construction

New Brooklyn complex going up next to the Barclays Center

 

Constructed in parts just two miles away from the Barclays Center at a Brooklyn Navy Yard factory, this building will be comprised of 930 chassis (steel-framed boxes). Each piece will  trucked to the project site from the Navy Yard, where it will be lifted into place and bolted. This method varies from conventional construction in which the building is cosntructed on site and “essentially” in one piece.

The use of modular construction saves the developer, Bruce Ratner, heaps of money in completing this building which will contain 181 low and middle income units and 182 units at market price. The design of the building has been coordinated and completed by ShoP Architects, who also designed the Barclay Center.

Construction is expected to be completed by the Spring of 2014.

 

OK Cupid co-founder falls in love with Williamsburg Walk-Up

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The RealDeal, yesterday, announced the $1.6 million purchase of a three family walk-up in Williamsburg by Christian Rudder, the co-founder of the popular online dating website OkCupid. Rudder was clearly struck with the love arrow on this one.

184 north 9th street williamsburg christian rudder ok cupid

184 North 9th Street purchased by Rudder

Rudder, already a Williamsburg resident, acquired this 2,700-square-foot building, which was exclusively listed with Danielle Villalba, a broker with Nest Realty Consultants. For me, personally, this purchase is very intriguing on three levels: Its appearance, the price tag, and the wonderful development that may or may not be undertaken on this classic rowhouse.

  1. Appearance- The house is a throwback…like just looking at the yellow siding facade makes me want to turn on an episode of All in the Family with the great Archie Bunker (played by the late Carroll O’Connor). The AC units (which I bet will get switched out for Central Air) add to the “gritty-borough aesthetic that can be seldom found in Manhattan.
  2. Pricetag- Despite being listed for $1.59 million, Rudder and his wife decided to pay 1.6 million dollars for this property. Rudder is a pretty smart guy. So I’m sure he found something worth the extra $10,000 and that is wasn’t money thrown away.
  3. Makeover- One may not be needed. With Christian Rudder being both an accomplished entrepreneur, it is very possible that this purchase is simply for investment purposes. What this house will look like in two years only adds to the intrigue.

The Blocksy Verdict on 184 North 9th Street

Some are of the opinion that high profile neighborhoods and their high property tax values force buyers to overpay for properties like 184 North 9th Street, which would sell for at least $300,000 less in many other neighborhoods. But on the converse, a home is often only as valuable as the pleasure derived by owner from the immediate surroundings of their property.

Thus, with so many variables factoring into house buying, both seen and unseen, it can be said that a buyer’s choice is generally a rational one, with much of the value being personal, subjective. And thus, a buy always a “good” for the buyer unless their values shift.

To me, this love-at-first-site purchase by the OK Cupid co-founder was a “match made in heaven.”

Brooklyn property auctions tomorrow, starting at $175,000

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brooklyn property auction kings county

Auction will take place at 360 Adams Street (Brooklyn)

Tomorrow December 18th , Kings County will be auctioning off ten Brooklyn single family properties (with exception to one multi-unit residence). Many of these properties are estates, including one at 573 Alabama Avenue which was damaged in a fire.

These ten Brooklyn properties included neighborhoods such as Bed-Stuy, Bushwick, and Williamsburg…so like all the hipster hot-spots.

Potential buyers are requested to be present at the Brooklyn Supreme Court Building (360 Adams Street) by 12:45 to register for the 2 pm auction. A certified or bank check with 10 percent of the opening bid price and a blank check for the remaining balance is required.

Brooklyn Auction 299 Bay 13th Street, Brooklyn, NY 11214 Bath Beach real estate

Blocksy Pick: 299 Bay 13th Street in Bath Beach, starting at $410,000

Bed-Stuy real estate market heats up

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When many New Yorkers think about refined and luxurious neighborhoods, Park Slope, Brooklyn Heights, Cobble Hill, and even Dyker Heights are what come to mind if they really know the borough. However, developers in the Bedford-Stuyvesant (BedStuy), the home of gangster rappers such as the Notorious BIG, Jay Z, and Fabolous, are looking to break  into the ranks of elite Brooklyn neighborhoods.

The development of the Bedford Stuyvesant is rather stark for those who remember the neighborhood during the early 1990s when it was plagued by crack houses, abandoned brownstones, and low-income, under-serviced residents.

Bed-Stuy Big Buys: 333 MacDonough St. & 442 Hancock St.

Bed-Stuy’s newly found swag has been symbolized by two hot properties which are fetching million dollars price tags. The first is a newly restored and renovated townhouse which sits at 333 MacDonough.

333 MacDonough BedStuy real estate 442 Hancock

333 MacDonough St. sold for $1.34 million

As reported by Jason Sheftell of the New York Daily News, this four floor, 11 room, three family Brownstown was sold for over $45,000 the initial asking price after a bidding war. Sold to a couple from New Jersey, this townhouse will have two rentals for its two one-bedroom units for a projected $2000/month rental fee.

Meanwhile at 442 Hancock Street, another promising property emerges in the BedStuy real estate market. This 2 unit brownstone has a asking price of $1,150,000 after being purchased for just $224,000 by the current owner, Prestige Home Development Corp.

442 Hancock Street BedStuy real estate market 333 MacDonough Street

442 Hancock Street asks for $1,150,000

With all of this square footage, express A-train access, and quality craftsmanship in homes with rising property values, the BedStuy real estate market could be a gold-mine in the making.

Crib Wars: Midtown East Rudolph House vs. Greenpoint Chateau

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This week’s “Crib War” is being waged by two foes which could not be anymore diametrically opposed to each other. The properties in comparison are the Paul Rudolph House of Midtown East (23 Beekman Pl.) and a “Brooklyn-style chateau” in Greenpoint at (28 Broome Street).

23 beekman rudolph house 28 broome street crib war

(Taken from Brown Harris Stevens website) The Paul Rudolph House at 23 Beekman

In the land of fitted suits, hedge-funds and other “American Psycho” cliches sits the Paul Rudolph Home at 23 Beekman Place in Turtle Bay, Midtown East. The 4 unit townhouse constructed by Paul Rudolph in a modernist fashion has already been landmarked by the New York City Landmarks Preservation Committee.

Apart from its historically convention defying architecture, the townhouse is crowned by a 4,000 sq foot penthouse which was previously listed at $14,000 per month and sits above a wall spitefully constructed by one of its immediate neighbors.

The owner of the Paul Rudolph house, who purchased the townhouse for $ 6.325 million in 2002, is listing this iconic Midtown East spectacle at $27.5 million.

The Greenpoint Chateau

In perfect contrast to its stereotypically audacious and pricier rival across the East River, sits a very lucid and stoic “Brooklyn-esque chateau” at 28 Broome Street in Greenpoint.  This cylinder 5 unit walk-up is relatively new in its construction with a 2008 completion date.

23 beekman paul rudolph house 28 broome street crib war

(Taken from ResidentsTeam.com) Views of 28 Broome Street

Offering rooftop terrace views to all 5 tenants, 3 car garage access, green space (for all but one unit), full stainless steal appliances, central air, and even jacuzzi tubs for select units, this building is of course quite the bargain with a listing price of $2.8 million.

Crib War Winner

The Blocksy pick is (drumroll….) 28 Broome Street. With the Brooklyn housing market heating up despite a global recession, the value of this property will only increase.

While both modern and prestigious, the Rudolph’s $27.5 million asking-price and prick-ish neighbors seem to have brought the demise of this townhouse in this week’s Crib War.

Councilman Lander seeks to halt Lightstone Group’s Gowanus development

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New York City Council member Brad Lander, in an open public letter released Tuesday last week, asked the Lightstone Group CEO, David Lichtenstein, to forgo all plans on its multi-million dollar Gowanus development.

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Councilman Lander

In light of the devastation caused by Hurricane Sandy to low lying neighborhoods in New York City, Councilman Lander of the city’s 39th district, asked that Lichtenstein and the Lightstone group to withdraw a proposal it made earlier this year to the New York City planning commission to construct 700 new rental units on the banks of the Gowanus Canal in Brooklyn.

Councilman Lander is not the only one seeking to halt future development in Zone A, which includes Gowanus, in light of Hurricane Sandy. The Friends and Residents of Greater Gowanus (FROGG) also released a statement asking the City Planning Commission to place a halt on the Lightstone development proposal.

History of Contention

The appeals of the Councilman and FROGG are just the latest troubles developers have encountered in the Gowanus region, which received several feet of water water from Hurricane Sandy.

In 2010 ,the Environmental Protection Agency halted a development at the very same Gowanus canal site due to concerns of early 20th century pollution of the canal.Now safety concerns surround issues of tropical storms and not old factory waste.

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Interestingly, as pointed out by critics of Councilman Lander raised no opposition to the 2010 Toll Brothers proposal which was halted by the EPA. Lightstone for the time being remains committed to their development project of Gowanus as indicated in a public statement where in Lightstone states that it will “move forward to build a high-quality, environmentally-sound residential complex.”

With both sides of the aisle committed to their positions, it will be interesting to see who will win this battle. Profits vs. Storm Safety: both are rather important in New York City.

 

 

 

 

 

Barclays Center raises both Brooklyn’s profile and its Rents

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Neighborhoods such as Boerum Hill and Fort Greene have long been symbols of gentrification and urban renewal. But while the newly constructed Barclay Center will bring a number of new jobs to Brooklyn, we at Blocksy are sure that higher property values shall also come to this yuppy borough.

As reported by Adam Fusfield of The Real Deal, there may be a strong correlation between a upward trend of rents in neighborhoods adjacent to the new Barclays Center and the building of the new mega-entertainment complex itself. According to Fusfield, rents in Boerum Hill and Fort Greene rose by 3.4 % and 3.0 % respectively between the months of August and July this year.

Brooklyn Barclay's center Fort Green Boerum Hill rents

Taken from TheRealDeal.com

Whether the latest increase in Brooklyn rents is a direct outcome of the new arena is a reality that cannot be proven. For as every college freshman in their introductory statistics course learns, “correlation does not equal causation.” After all, Brooklyn rents were on the rise long before the notion of “the New Jersey Nets becoming the Brooklyn Nets” ever entered our imaginations.

Gentrification: A rising tide that should lift all boats

However, a much larger and concrete lesson can still be taken away from the recent construction of the Barclays Center and increasing rents in West Brooklyn: The rise of Brooklyn is very real.

For much of the early 2000s, Brooklyn was simply a fad for many curious Manhattan-ites. Only your crazy bohemian (and later, “hipster”) friends dared to make the trans-river trek to the distant shores of Williamsburg, Cobble Hill and even Red Hook. Today, West Brooklyn’s once sparsely populated neighborhoods are once again thriving as cultural meccas and young, family friendly communities.

Brooklyn Barclay's center Fort Green Boerum Hill

Merchants in nearby Boerum Hill and Fort Greene will all be looking forward to the increased foot traffic from the Barclays Center

And even with higher rents, all is not doom and gloom for the young and hip paupers of New York City. The rise of Brooklyn has led to an improved and larger housing stock. Moreover the increased supply of housing in Brooklyn should, in theory, lead to some price competition for landlords in Manhattan, especially in Manhattan neighborhoods south of 14 Street.

Thus, all in all, this rising Brooklyn tide should lift all boats.

Fort Greene real estate market stays Warm

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152 Lafayette  Avenue in Fort Greene, Brooklyn, a four story brownstone townhouse, came short in setting a neighborhood sales record. However, the property sale was able to teach us all a valuable lesson: Despite a depressed national real estate climate, folks are looking to pay big bucks to live in Brooklyn.

In spring of this year, a five story Forte Green townhouse at 181 Washington Park closed for $ 3.28 million, raising the closing bar in Fort Greene to a new neighborhood record. This summer, the four story 152 Lafayette Avenue fell just short that record setting closing with a $3.1 million dollar bid.

fort greene real estate market 152 Laffeyette Avenue

Images from Brooklyn Properties, listed on NY Observer website

Brooklyn as a good buy

The once ragged Fort Greene real estate market has emerged in the last decade as both a cultured bulwark for West Brooklyn professionals and a real estate hotspot for brokers.

The value of New York City neighborhoods is especially acknowledged in a region in which real estate is ailing. Traditionally high-end real estate markets in Northern New Jersey and Connecticut are struggling to attract new buyers while formerly economically-challenged in areas such as West Brooklyn and Upper Manhattan are enjoying a large level of market demand.

The brick townhouse was purchased by its previous owner for $2.025 million in 2007 before a round of extensive renovations. Brooklyn Properties’ brokers Suzanne Debrango and Ian Johnson were able to secure the $3.1 million bid this summer after the townhouses owner sought only $3.05 million.

This five-bedroom, 2.5-bath home at 152 Lafayette is full of a lot of historic charm and a relevant market lesson: Real estate can still be sold for big money in New York City even amidst the lagging markets in other parts of the region.

Red Hook real estate market warms up

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Like many New Yorkers, my first reason for ever going to Red Hook was to pick up some very in expensive furniture from IKEA. However, during both my shuttle ride to IKEA and the water taxi back to Lower Manhattan, I realized that I had just visited a very unique and special New York City Neighborhood.

As reported by Ken M. Christensen of Crain’s New York, I am not the only outsider to see the great potential and value of the Red Hook real estate market and business district. Although serving as an industrial/port corridor for much of the 19th and early 20th century, Red Hook is becoming far less industrial and more residential.

red hook real estate market van brunt brooklyn real estate

Image taken from http://realtycollective.blogspot.com

The Rebirth of Red Hook

While the Red Hook real estate market is now becoming a “New York City well-kept city,” it was long considered to be a complete dead-end for the last 60 years by many New Yorkers. Up to this day one can still only use one bus line in order to connect to the nearest F train stop in Carroll Gardens. However, this relative isolation in the very shadow of Manhattan and the statue of Liberty seems to lend a great deal of geographical sexiness to the Red Hook Real Estate Market.

This one-time industrial skeleton is gaining noticeable consumer substance once again. In fact, the increased demand for Red Hook real estate has led to the MTA announcing a re-opening of a once suspended bus, in addition to the existing B61.

Following in the footsteps of major projects such as IKEA and the Fairway Market opened in a late 18th century warehouse, Future development in Red Hook include an arts collective in a former warehouse and a renovated carriage house. This fall, the Municipal Art Society will host tours of the revitalizing community.

red hook real estate market van brunt brooklyn real estate

Right image taken from http://www.urban75.org

Van Blunt, the main strip in Red Hook has enjoyed the increased traffic from tourists venturing in from “far-way lands” such as Soho, and Murray Hill. Its eateries, delis, and restaurants are all posting upward trending revenues year after year.

The Red Hook real estate market offers new residents from more expensive neighborhoods a more affordable and slower pace of City life. However, the number of glamorous warehouse purchases and row-house renovations are still relatively few and far between. Moreover, the neighborhood is still zoned for industrial use, restricting residential development.

So for now, Red Hook can still be that underdeveloped NYC get-away. But of course, we at Blocksy aren’t at all opposed to a few new condominium developments in Redhook. After all, the more the merrier right?

Condos on the rise while Brownstone’s stay flat

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While many in Manhattan are cringing at the idea of micro apartments, others are savoring the expected increase in inventory for condos in the city of style.

Condos are Back

As reported by C.J. Hughes of the New York Times, it seems as though the the hunger for New York City condominium developments has returned as memories of the condo-collapse in 2007 recede from recent memory of both investors and potential buyers.

In a manner far more conservative than the development occurring in New York City before 2007, condominium development projects are back online as firms like RFR Holding develop at 530 Park Avenue, and others like the Stahl Organization push into Brooklyn.

Brownstones New York City condominium condo

One Madison Park

At the peak of the condo craze in 2007,  there were 507 planned condo projects in Manhattan and Brooklyn alone, as recorded by the New York attorney general’s office, who regulates the planning and approval process for condominium development. Last year, there were just 255 in Manhattan and Brooklyn. This same figure is expected this year according to state records.

Market in Brooklyn

Meanwhile, about 1,500 new condo units are expected to hit the market each year in Manhattan according to Kelly Kennedy Mack, president of the Corcoran Sunshine Marketing Group. And even with this increase supply of condos, the per square foot value for each condo is also expected to rise from $1,400 a square foot to $2,000 per square foot.

However, while Condo prices and supply climb in Manhattan, brownstone availability in Brooklyn has dipped as prices remain flat in the second quarter of 2012.

Brownstones New York City condominium condo

Prized Brownstone real estate in Boerum Hill, Brooklyn

“Pricing didn’t do a whole lot,” in the second quarter in Brooklyn, said Jonathan Miller,  Miller Samuel president to the Real Deal. According to Miller, there was an 18 percent decline in inventory throughout Brooklyn in the past 12 months, a trend which has also happened in Queens.

A recent Prudential Douglas Elliman report illustrates an increased median sales price in the Brooklyn which is now at $586,000, up 2 percent year-over-year. Meanwhile, for the brownstone market in particular, the median sales price, at $1.3 million, is up 9.5 % .

The Bottom Line: Buyers are still holding on to their wallets and are watching to see what prices do in the next couple quarters or so. With a recession in the balance and an economy in the balance, buyers are far more likely rent instead of buying.