Corcoran Group Releases Data on Brooklyn RE Market

I'm late blogging about this since it's yesterday's news, but as a home owner in Brooklyn and avid real estate enthusiast, I found Corcoran's data interesting. Here's an excerpt from Brownstoner, specifically with regard to Brooklyn RE:

The Corcoran Group released its year-end market data today, and the brokerage’s stats show the ’07 Brooklyn market making healthy (if not huge) gains over 2006. The median sales price on all condos and co-ops was up 7 percent last year, to $590,000, while median townhouse values rose 2 percent in ’07, to $1.2 million."

"... Brooklyn Heights, where the median price shot up 19 percent, to $1.3 million. Cobble Hill/Carroll Gardens, on the other hand, showed a median price decrease of 9 percent, going from $950,000 in 2006 to $860,000 in 2007. And Park Slope’s median price slipped from $999,000 in ’06 to $928,000 in ’07."

$7.8 M Penthouse Listing in Clocktower

Check out this Sotheby's listing for a $7.8 million penthouse in the Clock Tower (1 Main St.) building in DUMBO. Pretty nice!

Reality Check: Brooklyn Apt Rental Round-up

Yesterday on the F Train, I overheard a man complaining about real estate prices in New York. He was also commenting on the planned conversion of the Peter Cooper Villages/Stuy Town buildings to condos. He said, "You know, the ones that look like projects?" I would have to agree with him on that one, at least from the outside.

Downtown Brooklyn: 1 Bdrm in 110 Livingston ($3,490/month)

Vinegar Hill: 1 Bdrm/Conv 2Bdrm, Duplex Loft on Gold Street (1 month free rent $3,208/month)

Carroll Gardens: 2 Bdrm 1 bath, elevator building, v. close to BQE ($2,800/month)

DUMBO: 2 Bdrm, 1 bath @ York & Adams ($4,700/month)

DUMBO Fights Back

The Brooklyn Paper reports on the opposition to the proposed Walentas building near the Brooklyn Bridge in DUMBO.

But Walentas’s Two Trees Management plan still doesn’t cut it: “We do need a middle school, but this need … should not be used to leverage an out-of-scale development,” Karen Johnson, president of the DUMBO group told The Brooklyn Paper.

I fully agree ... but ...

"Walentas told reporters this week that the reappearance of his old foes wouldn’t stop him from continuing to seek support from the city on his plan."

Craigslist Rental Apt Round-up: DUMBO, Red Hook, Carroll Gardens and Williamsburg

Red Hook: No fee garden apartment with hardwood floors and new bathroom and kitchen. It is a nice area near Fairway and my friend Lisa, an obvious bonus ($1500/month). This looks like it may be a similar listing, if not the same one.

DUMBO: Private house 2 bdrm/2 bth w/stainless steel appliances. Not sure if this is technically DUMBO given the photos, but looks nice ($6,000/month).

Carroll Gardens: 3 bdrm/2 bth w/private terrace off master. Skylights, w/d and nice appliances ($3,500/month).

Red Hook: This place is gorgeous, although can't picture the location off the top of my head. 1 bdrm totally redone on 2nd floor with shiny new hardwood floors and stainless steel appliances.

Williamsburg: Nice renovated 2 bdrm with central air and heating. Close to the L (Grand) and has stainless steel appliances - great kitchen ($2,200).

DUMBO: Looks like J Condo units are up for rent already. This is a 1 bdrm on the 4th floor -- totally new building and modern design ($3,000).

DUMBO: Rental on 4 Water st for only $8900/month! It does have a really nice private deck, but still.

Another DUMBO Building to Go Condo

An industrial building located at 37-45 Bridge street in DUMBO (actually Vinegar Hill) will be turned into 53 condo units. The property was bought by private investor Baruch Singer for $13 million, or approximately $205 per square foot.

JCondo Ready for Business

dumbonyc offers a nice update on JCondo, including pictures of the building and units.

Rental Listings Round-up from Craigslist

DUMBO: Aclove 600 sq ft in JCondo - $2195/month
DUMBO: Studio 700 sq ft at 79 Bridge Street - $2600/month
Red Hook: 3 bdrm, 2 bath duplex - $2,400/month
Carroll Gardens: 1 bdrm on Clark St. - $1,400/month

Hope for Fourth Ave Section of Park Slope

Yes, my rhyme wasn't that cool but at 5 pm on a Friday what do you expect? Just saw this article from the NY Post about the beautification of Fourth Avenue.

We've all strolled down the boutique and restaurant filled Fifth Street and the treelined side streets, but I would have to agree that I've never thought much of Fourth Street. In fact, the only time I really go there is to find parking for Al Di La or with my husband to get the car fixed, washed or gassed up.

The article discusses and offers pics of the new real estate developments and retail establishments in the area. Looks very nice, actually.

Old Factory on Henry Street: Lots of Potential

I was walking around Brooklyn Heights last weekend and I passed by 22 Henry (or maybe it was 20?), the what seems like an abandoned residential building/used-to-be Peaks Mason Mints candy factory. The windows are all knocked out but you can see old air conditioners and built-ins in some of the apartments. It seems that there may have been some bad history with this building and forced evictions.

Given the location - especially the proximity to P.S. 8 - and demand to live in the area, I am so surprised that a developer has yet to snatch up this property. I did a few Web searches but couldn't find any public information (perhaps I'm just looking in the wrong places). Plus, who wouldn't want to live a block from Noodle Pudding and Henry's End?

After some different searches on 20 Henry, I found some information on Brooklyn Heights Blog about the failed attempts to refurbish this property into condos, but seems it has been stalled. Based on all the information about 20 Henry, it's likely I read the number on the building incorrectly ... then after reading this notice by the Brooklyn Heights Association it looks like there may be two separate projects on the same property.

If anyone has any info on this property, please leave a comment.

$7.5 Million Penthouse at 1 Brooklyn Bridge Park

The New York Post reports on the planned $7.5 Million penthouse at 1 Brooklyn Bridge Park, along the Brooklyn Heights waterfront, that will offer 4,638-square-feet over three floors, with panoramic views of the Manhattan and Brooklyn skylines from inside a state-planned public park.

Then there's more on the DUMBO side of Brooklyn Bridge Park from the Brooklyn Daily Eagle.

Jehovah’s Make Bank

As a DUMBO resident, I am always on the lookout for news of property sales.

Just read in the Brooklyn Daily Eagle that Watchtower Bible and Tract Society (a.k.a. Jehovah’s Witnesses) will sell several six Brooklyn Heights properties, citing a decrease in Brooklyn staff.

Three properties are being sold as a portfolio:
• The Standish
• 183 Columbia Heights
• 161 Columbia Heights

Then, the three being sold separately are:
• 165 Columbia Heights
• 105 Willow St.
• 34 Orange St.

Brownstoner has some images up of the properties. One of the commenters on Brownstoner estimates the market price for 165 Columbia Heights would be about $3.5M. The views must be amazing.

57 Front Street, DUMBO

I have always been really curious about this property, 57 Front Street, especially now that its on the same block as the now infamous novo clutch building (which dumbonyc did a nice historical overview of btw). I can sort of see into the apts from my apt at 70 Washington and the units look really spacious, lofty and new.

I was poking around on the Corcoran Web site and came across a listing. From the photos posted (see photos at left), looks like all my assumptions were correct -- the units are very clean, open and nicely finished. There is a new gym (according to the pics) and the unit has river views as well, something I couldn't tell from over here. The only drawback seems to be the communal laundry room.

David Walentas Stirring Up Trouble

I can't attend the Landmark hearing today, but I do hope it goes through.

Rumors of a plan by David Walentas of Two Trees to build on Front Street is causing heartburn for some of the 70 Washington Residents, including myself. According to dumbonyc.com, "his first attempt to build a tall building on this site in 2004 failed due to opposition from community residents."

What's strange is that he would be cannibalizing his own customers who live at 70 Washington. The proposed building would truncate our views of the bridge and significantly impact the value of the property. I guess he doesn't care now that we've all paid for the condos and the loss would be our issue to deal with. I certainly hope this isn't the case.

It would be the old Novo Clutch building, which commenters on dumbonyc.com say recently saw the "illegal removal of dangerous asbestos as well on the roof to prep for the 'cheaper' demolition of the Nova Clutch building. Without informing the public, the airborne microscopic asbestos particles due to this inappropriate removal have unnecessarily exposed the local residents unknowingly."

85 Adams

Not sure if anyone else noticed, but people have moved into 85 Adams. Looks like the lobby is fully finished but it's unclear as to when the construction adjacent to the entrance will be complete. This is the location for the infamous feng shui zen garden.

Magic Johnson backs Brooklyn condo project

Interesting project in Greenpoint being financed by the former Lakers player.

Basketball legend Earvin "Magic" Johnson and his joint-venture partner, Canyon -Johnson Urban Fund, will provide $12.4 million of financing to help build a 130-unit condominium project in the growing Greenpoint section of Brooklyn.

The Green Street project will offer one-, two- and three-bedroom units, targeted at single professionals or young families who cannot afford Manhattan real estate prices. Bank of New York has provided a $41 million loan for the project.