1 brooklyn bridge park

no. in fact, a salesperson quoted rentals at $66/sq ft/mo and sale numbers vastly above what's listed on streeteasy.

I'm not sure what the developer is waiting for. The pricing is just too high for this market

also said a parking space would go for 150K. selling agent did express skepticism at developer's behavior. it seems as if something obscure must be going on for the situation to persist and nothing more than 100 rentals to come on the market at unrealistic prices. or a sort of 'the producers' phenomenom.

Interestingly there are many more units on onebrooklyn.com than show up on streeteasy and the prices are down up to 33%, mainly in 10 to 25% range. Maybe the sponsor or their lender is finally beginning to capitulate...

I wasn't aware that the developer was even renting units out at this point. Interesting. But the rental price/sf is nuts.
I think the info at onebrooklyn.com is really old. Maybe those are the original ask prices

ygbkm-did the salesperson mention any plans for a rent with option to buy strategy for the bldg? how long can they hold out in this market????

yes, rent with option to buy - THE SAME UNIT YOU RENT - was quoted at $66/sq ft/mo with maximum half of year's rent going toward purchase.

I bet that waiting another 6 months will yield rents of <$20-25 sq ft and decreases in sales prices of 40%. There's so much inventory, rumors of the 'park' becoming a holding ground for the BQE as it's moved, tons of other developments, and, though the views are nice, the apartments themselves have rather dull bathrooms, kitchens, small closets, and the hallways from entry or elevator are endless. While there, I saw a young mother unloading groceries near the garage and no one helped her load them only a cart or get them the nearly half mile to her apartment.

The shuttle is running, however, and with nice weather, perhaps the developers remain deluded that a certain sort will come out and snap up the apts.

I know so many "certain sorts" of people who would be willing to brave the epic hallways and high maintenance - if the pricing was more in line with their incomes.

The buyer for this property: long-term Brooklyn residents who have been priced out of Brooklyn Heights, or who just want more space and modern conveniences than most BH co-ops offer. Yes, they could buy/renovate a townhouse somewhere nearby, but they don't need the hassle or the upkeep. Maybe they've already lived through a renovation, outgrew their current homes, and want something turnkey. They have kids, and know that the park will be complete eventually. In the meantime, they can always bike down to Dumbo or go to the Palmetto Playground on State Street. They have dogs. They have a car. They're sick of trying to park in the Heights, or in Park Slope. They have kids in private school in the Heights, work in Manhattan, and One Brooklyn Bridge's odd location would actually improve their commutes. And they are willing to pay $700/sf for the privilege. Not a penny more.

To my mind, that's where the pricing always should have been. The other costs are just too high, and will stay high in the future. That's okay for people who are making use of the cornucopia of amenities offered by the building (which working families would). The views are amazing, but the finishes are only good, not great. But the very same features that are a negative for most truly high-end buyers - the location, the commute from the garage, the proximity to the BQE - are actually positives for a slightly less high-end buyer.

Tina
(Brooklyn broker)

Exactly. I would buy here in a heartbeat if the pricing were more realistic. The location doesn't bother me, I would love to trade my pre-war for a cleaner more open space, I am sick to death of parking in the Heights, Im not interested in being interviewed by another coop board and I would LOVE a gym in my bldg. But, the developer's current pricing structure is so far out of line... that I am willing to wait.

Actually, with the tightened lending restrictions on new condo developments, I'm not sure how they are going to move the remaining several hundred units.

I'm sure they have some sort of plan - we just haven't been told what it is. Both One Brooklyn Bridge and the Edge (in Williamsburg) are being kept under wraps. One issue I see with the building is that it is so massive - nearly as many sf as the Chrysler Building - that any plan will have to be comprehensive, and fool-proof. I hope such a plan exists.

Tina
(Brooklyn broker)

Tina touches on one of the big negatives of buying in this building, current asking prices notwithstanding (and I will wager that the lower prices on onebrooklyn.com are more up to date than those on streeteasy)... Over 350 units to move which implies a few things:
1) Less than 20% of units are sold (75/439) so tough to secure a loan even with 20+% down
2) Major monthly nut for developer to hold unsold units (taxes + common charges + interest) - if he defaults the condo has second lien and we know how that story goes...
3) Developer will likely rent a significant # of units to mitigate those holding costs - the clearing price for rent will further highlight the disconnect on asking prices
4) All of above worsen the proposition of an exit strategy if one buys and circumstances change within however many years it takes to clear the remaining units
Maybe the developer does indeed have a comprehensive plan but it's tough for me to see him maintaining control based on his sales strategy to date in a deteriorating market...

The plan, such as it is, revealed:
http://www.brownstoner.com/brownstoner/archives/2009/05/rentals_price_c.php

I want to see if all the amenities offered to the buyers will be available to renters as well. If so, and if I were a young, sporty professional, I'd rent here tomorrow - even for $1875 for a studio (check the floor plans - the studios are XL). These sale prices are much closer to where they needed to be at the beginning, too.

Think it will be enough to turn it around?

Tina
(Brooklyn broker)

Thanks for the update link, Tina, but no, I don't think it will be enough to turn it around. There are so many "ifs" hanging in the air with this place. IF the park gets built. IF there's a flood of buyers and it reaches more than 15% sold. IF the 1 BBPark people keep that shuttle bus running.

And $2800 is 'market rate' for a 1 BR rental in a fringe area of Brooklyn Heights? (even swank 1 BRs with lots of amenities) Somebody better tell the rest of prime Brooklyn landlords. Have the 1BB Park people taken a stroll down Montague and looked at the rental listings plastered all over realtors' windows? You can get a nice 2 BR in Cobble Hill for $2,800 with no need for the shuttle bus.

The string of comments following the initial Brownstoner post pretty much nail it -- the prices are still too high unless some other sweetener is added to the mix (rent-to-own?)

They really seem to be banking on investors, not residents, buying their condos. The full promise of this building is 10-ish years away, at best, IMHO.

that walk to the nearest train is so friggin horrible. i have no faith that anything can save this turkey except MASSIVE price cuts.

I actually used to live across the street from the building, in one of the townhomes along Joralemon Street. Lived there for 10 years in the same apartment. Yes, the walk to the nearest train is crazy -- but you get used to it. I did for 10 years. If I could afford one of the bigger units, I'd do it in a heartbeat. But that's only because I lived in that same block for 10 years, and it feels like "home".

I have lived in this building for 9 months. The walk to the subway, as mentioned here several times, is under 10mn ie less than someone living on york avenue on the UES walking to the 6. Let's get real people. The fact is if you want to live on the water and have protected views, you prob arent gonna live on top of a McDonald's or take the elevator down to the subway. It is a trade-off that we are thrilled to have made. The living experience/ staff is phenomenal. I hope this project ends up successful, not only because of our investment but because the potential for this vision is truly unique. Blogs have become a stage for people to vent their frustrations and spread misinformation. If you truly are curious about living here you owe yourself to tune out the noise and come see one sunset- just one- from here. The apts here are unlike any I have lived in or visited in my 12 yrs in NYC.

Spieler ... I hope to be joining you there one day!!! :)

spieler1 - I think this building has lots of fans of its vision, its uniqueness, its views, even its location. I count myself among them. But it is just too expensive for me. I lived at Columbia Street & Degraw (talk about a lousy walk to the subway) as they began the conversion, and dreamed of one day living there. Till the apartments came on the market and I realized it was waaaay out of reach.

Tina
(Brooklyn broker)

Spieler, I agree with everything you say, except you downplay the inconvenience of this place -- it's not just 10 minutes to the subway, it's 10 minutes to ANYTHING.

But regardless, the success of the development isn't going to depend on the opinions of a bunch of commenters on a blog. Either the place is going to have to drop its prices or find a bunch of buyers with your means. It's no more complicated or nefarious than that.

Like Tina, I could be thrilled to death about all of 1 BPP's features, and a visit there would still be more akin to visiting the Taj Mahal than a place I could think about living.

Are there more you's than me's in this market? Only time will tell.

It's remote, and the BQE is spewing pollution night and day. Absolutely spewing it. That said, and with respect to renting, I'd live there for a water view and a cut, yes a cut not a premium, over prime Brooklyn Heights. How the developers can hope for a premium over Brooklyn Heights when it is a fringe of Brooklyn Heights is confounding.

i was surprised that there were people purchasing apartments there for $1+M facing the BQE. I think there were a few article about that in NYT. I think a "power" real estate broker purchased a penthouse for $3+M.

I like the views, but would be able to get similar places in Brooklyn Heights where there's life and be much closer to the transit system.

They are aiming at the suckers who will be driven there with blinders on.

Isn't this the place where you can open the window and reach out and touch the cars on the BQE? Ugh. I would never live right next to so much pollution. It's like living on 4th Avenue -- you could never open the windows. Nuts.

They should definitely put a big gym in this place!

4th Ave would be like a walk in Prospect Park. If you open up the window that faces the BQE for an hour, is like smoking for 20 yrs.

all you smokers, start more smoking or just move to this warehouse turn exclusive condos.

And to think I used to run along that road on the bottom and make my way up towards the Brooklyn Heights promenade and then run on the Brooklyn Bridge and back! I used to convince myself that it was just during the night and the traffic was less but come on, like ab_11218 says, "...like smoking for 20 yrs" or in my case more like 50 yrs due to the heavy breathing during my runs.

Point being, the BQE is pollution nightmare.

Great point pollution freaks. And living on 1st ave, 2nd ave 3rd ave in manhattan is such a green dream! Go back to your mom's basements. Your frustrations are a bit ... obvious?