Tag Archives: Williamsburg Real Estate market

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.”

Almost there: Domino Sugar Factory site one step closer to development

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Last Friday (September 21st) the Supreme Court of the State of New York dismissed a law suit filed by the Katan Group against the Community Preservation Corporation Resources (CPC). In the suit, the Katan Group was seeking to block the sale of the 11.2 acre site to Two Trees Management (owned by the Walentas real estate family) for $185 million in order to construct a projected $2 billion mixed use community.

The Decision

In the decision announced by the Supreme Court of the State of New York, Kings County, the suit was dismissed. Court documents stated that Kattan did not possess a “right of first refusal on the property, a contract provision that was not a part of the second operating agreement.”Whether Katan will take this matter to the appellate division is unknown.

In a statement CPC stated that they are “extremely pleased that the court has once again found Katan’s allegations meritless,” and no look “forward to closing the transaction with Two Trees.” Meanwhile, still one additional lawsuit persists in seeking to block the sale of the Domino site to Two Trees.

Background

The battle between Katan and CPC over Domino dates back to March 2012 when Katan sued CPC for mismanaging the development project. At that point Katan petitioned the courts to block CPC’s earlier plans to let its lender Pacific Coast Capital Partners convert the CPC loan on the project into an equity stake.

In the opinion of Katan, such a maneuver would weaken its on stake in the site. The New York Supreme Court judge, however, decided against Katan in that suit.

The original deal struck between CPC and in 2007 Katan included a joint $55 million purchase of the Old Domino Sugar Factory site which would have later been converted into mixed-use space with 2,200 apartments, with 30% of these apartments to be reserved for “affordable housing.”

No word on affordable housing has been given from Two Trees or CPC.

Moving Forward

For years now, those in New York City’s real estate and development community have waited to see what would come of the development controversies at the old Domino Sugar Factory site in Williamsburg Brooklyn where rents have climbed 10% in just the last year.

However, while there is quite likely a good bit of merit to the claims made in court by the Katan Group, most of us onlookers want them to just sit down and shut up. After all, we want condos and townhouses…sweet ones, and we really don’t care who builds them.

With sound financial backing and proper lending, the increase in housing supply should also offer more variety to both potential buyers and renters.

While we have little idea of what Two Trees Management has in mind for the old Domino Sugar Factory site, we at Blockhawk know one thing for sure: new housing won’t get built in court.

Williamsburg back in the ring. Lower East Side seeks to mature.

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Along with other neighborhood gold mines such as Gowanus, Central Harlem, and Bed-Stuy, the Williamsburg real estate market was poised to emerge as thee hotspot in Brooklyn where 20 and 30 something hipsters could still enjoy their youth before getting married, having children, and moving to Park Slope.

Well, according to Katherine Dykstra of the New York Post, the Williamsburg real estate market is on a resurgence and able to adapt to the current unavailability of bank financing for sales.

Williamsburg back in the ring. Lower East Side seeks to mature

Photo of the Edge Condos in East Williamsburg

Ergo with a larger number of properties having to go as rentals, the Wiliamsburg is finally able to fill in the numerous vacant apartment units that symbolized the real estate gridlock of New York City’s post-2008 economy. With this new show of demand, Williamsburg is now back in the scope of land developers and investors.

Meanwhile, back on the Upper East Side, residents are pushing for more mature retail options. As reported by Julie Shapiro of DNAinfo, Community Board 3 (Representing the Lower East Side) is asking land and building owners to rent space to a variety of “community friendly businesses” such as grocers, butchers, etc.

Williamsburg back in the ring. Lower East Side seeks to mature

Lower East Side Residents seek to replace drinks and served food with more fresh veges

From now on, any applicant seeking liquor licenses must show that they have the backing of Lower East Side residents. CB3 board members are also considering the requirement of special permits for large chain retail and special tax incentives for independently owned small businesses.

It looks like the Lower East Side is trying to go from being a bar crawl to an actual neighborhood. Let’s see how this one goes.