One Brooklyn RIP

Well, it must be nice to have nothing better to do with your days than to pass the time on the subway. I envy you that luxury.

Matt,

Tomorrow you will be at the hump.

more accolades for matt.

"Well, it must be nice to have nothing better to do with your days than to pass the time on the subway. I envy you that luxury. "

Yes, you really need to narrow down your commute so you can spend more time posting here...

Seems that they've taken off the silly Audi promotion and started a 35% off across the board sale, except for the units w. direct water view. Even if it's not on their inventory on the website, once you inquire about pricing, you'll get about a third off the 2007 listed price. It comes down to $600-700/sf. Worth taking a plunge?

Maybe this is the future of all new Brooklyn condo tower projects:

http://www.phoenixnewtimes.com/2009-10-15/news/concrete-bungle-tempe-s-twin-towers-condo-project-collapses-financially-leaving-investors-in-the-rubble/

So nearly 400 units priced at between $300K and a million dollars.

Are there REALLY that many households earning between $100K and $500K in Tempe - who all would want to live in this particular housing development?

Realistically speaking, NY doesn't lack neither money nor potential buyers. The biggest problems for projects that don't sell well is they are ill priced. My own experience from weekend OH in fringe areas like LIC, fort greene or 1BBP is that, once the price was chopped 30%, they attract foot traffic and close at 5-10 units/months. They are not entirely sold out yet, but sometimes the layouts and floors you want the most are already in contract.

you're overlooking the problem of the cost of new construction (or the completion of partially built new construction) exceeding the price that people are willing/able to pay. and the confusion brought on by multiple tranches of debt all trying to get out.

But 1BBP IS completely built, including the amenities... The only thing that could go wrong is common charges if the developper collapses, right? Plz correct me if there're other concoerns to worry about.

Matt, that's the most comical part. At the time these condos were planned and marketed, you could buy a 4 bedroom, 3 bath house with pool, 2-car garage plus driveway that can hold 4 more cars, etc. etc. etc. for about a third of the price of a 1 BR condo, virtually no RE taxes, and the low upkeep costs that go with concrete construction in a no-freeze zone ... less than a mile away.

The target buyers were, apparently, people from the coasts who somehow would want to live in what isn't even the most desirable part of that undesirable metropolis, who would buy into the "turnkey living" thing, and the unlovable amenities, and the vague hope that a little walkable downtown would be built, which of course is impossible in a place so dominated by cars. The new, nearby light rail system notwithstanding, a dense downtown still requires massive, massive numbers of parking spots, which sort of makes the downtownyness totally DOA.

Of course, those were the target buyers, but the REAL target buyers (an altogether different thing) were Cali flippers who had flipped out as much as they were going to in that state, and looked for greener desert pastures in NV and AZ ... hence the late start in the bubble boom for those latter states.

I love reading about "190 degree temperatures"!

"The target buyers were, apparently, people from the coasts who somehow would want to live in what isn't even the most desirable part of that undesirable metropolis, who would buy into the "turnkey living" thing, and the unlovable amenities, and the vague hope that a little walkable downtown would be built, which of course is impossible in a place so dominated by cars. The new, nearby light rail system notwithstanding, a dense downtown still requires massive, massive numbers of parking spots, which sort of makes the downtownyness totally DOA."

It seems like every market in the country wants to refashion itself into it's own version of SoHo.

As of yesterday almost all the units who had 30-35% price reductions have disappeared off the 'available units' section of their website. Have they finally started selling? I admit, I have a contract out.

I doubt it

i hope so but I doubt it also. The rentals are now popping up on Craigslist.

What's the point if they're closing one unit per day? They have more than THREE HUNDREDS both listed and on hold! You'll still have a chance to buy at this point next year ... even at such a (unlikely) selling pace.
Jocoru - I also have to remind you that the discount, until now, is mostly applied to the direct or less direct BQE facing units. The best ones with harbor views are still in stock.

"The target buyers were, apparently, people from the coasts who somehow would want to live in what isn't even the most desirable part of that undesirable metropolis, who would buy into the "turnkey living" thing, and the unlovable amenities, and the vague hope that a little walkable downtown would be built, which of course is impossible in a place so dominated by cars. The new, nearby light rail system notwithstanding, a dense downtown still requires massive, massive numbers of parking spots, which sort of makes the downtownyness totally DOA."

Yes, back in the day, we used to call these... uh...

suckers.

Excuse my ignorance, can someone explain how this place fits vis a vis say Edge/NSP...and why this place seems, apparently, to be in worse shape than those places. It doesn't seem to be too far from Brooklyn Hts cool areas..

We are interested in buying a building in this unit this spring/summer, but only if prices go down. What is everyone's take on when that may happen again, if ever? Thanks for the feedback.

I know RAL, the developer, personally. I was a good friend to him for 25 years. You can NOT trust that guy to ever tell the truth about anything.

He's got a record with The Office Of The Attorney General, for the mess he made out of Franklin Tower in Manhattan. He cut corners in ways that were dangerous and potentially deadly. You can look it up...

He got caught, only after the buyers moved in. He had to pay them a one million dollar restitution.

"It doesn't seem to be too far from Brooklyn Hts cool areas.."

I wasn't aware that any part of Brooklyn Heights was "cool".

;-)

"I wasn't aware that any part of Brooklyn Heights was "cool"."

Just because you can't afford it doesn't mean you should deride it.

I've actually never lived in a neighborhood as cheap as Brooklyn Heights... except for college.

"I've actually never lived in a neighborhood as cheap as Brooklyn Heights... except for college."

Prices have gone up since the '70s, Grandma.

yes, and the gap between BH and the neighborhoods I lived in grew.

Sorry you can't afford even Brooklyn Heights...

and now I get why you shill "brooklyn heights adjacent".

Google RAL Companies and Affiliates. Educate and enlighten yourself, before even thinking of buying at O.B.B.P.
The developer, Robert A. Levine, has a record at the Office Of The Attorney General,re: Franklin Tower, in Manhattan. He cut corners on that conversion, in ways that were very dangerous and potentially deadly. He was forced to pay them a one MILLION dollar restitution.

RAL can't be trusted to be honest about anything.

And, that's the truth.