Love Lane Mews

Remonds me of this place for sale from back in the day -

http://streeteasy.com/nyc/sale/347695-house-43-love-lane-brooklyn-heights-brooklyn

was on the market for over three years, price chopped from $3MM to under $2.2MM, and still no takers....

43 love lane faces the new developments. It was a really weird layout and backed onto the apartments in the street behind.

i think the mews will sell eventually and the area is great but that street is just plane average, walking down past the cvs late at night is just going to feel funky and the prices dont reflect this.

it's nice but the pricing is too bubble. they need to be a hair more realistic

Nice development (good layouts, finishes, etc.), but agree that over-priced for neighborhood.

I went to look at some of the layouts a few weeks back and they seemed nice, but like everyone said, overpriced for the neighborhood. The street to get to love lane felt like some back alleyway. What would you guys think is a fair or more reasonable price?

Saw them, Expected more but was disappointed. In a nut shell, they don't deliver. Way too expensive and CC and taxes incredibly high.

"was on the market for over three years, price chopped from $3MM to under $2.2MM, and still no takers...."

I actually toured that place... it was cute. I actually like the alley thing, its a pretty alley for the most part, footsteps from the commerce, but quiet. Carriage house block. Only problem was, there was a garage they were tearing down for condos.

Did that get built?

Ah, wait, this thing is IT.

gocha.

To, this building being renovated fixed the only major problem with the street.

just toured the place. It's nice but overpriced. The agent said they have accepted around 10 offers around list and that the developer was not willing to give much in terms of pricing or concessions. seems they are confident.

seems they are confidence men

Does anyone know status of closings on this building. They are saying fall but then won't commit for those already in contract won't commit to a date and reference the January 2012 drop dead date where those in contract can rescind and get there money back. That feels scary wonder if there is something wrong here. Appreciate any insight

What's going on with the development? seems like they hired a new leasing agent and prices have been dropped by 10% (sill pretty expensive).
Would love to get some insight or updates.

my understanding is that manhattan skyline (sponsor and developer) has taken over the marketing and is being much more "marketing oriented". they have dropped prices 10% on some units but not all.

What am i missing here? why these are apartments are not selling like hot cupcakes now that they dropped their prices?

Still $1000+psf

so what's the sweet spot? $900? $850? I'm struggling to find real comps for this place in that area.

looking at the comps I don't think they are priced badly. Positives are doorman, gym, parking in building, central location, some spacious apartments, landmarked. Negatives are some funky layouts, not great views particularly on the low floors. Some of the first floor apartments are down as much as 15+% in the 900s psf. Think the sponsor only got real on price in late September and before that was being very unrealistic and building lost big momentum. Now they have to build it back up. It will be interesting to see if activity picks up...my guess it you will see it.

They are still overpriced for the quality and finishings. You still have to pay a monthly fee for the parking, yes its nice but its an additional expense.

The units are large but again, at 1000/sq ft one would expect more than through the wall heat/ac. The low floor views suck and they get very little sunshine.

They will sell these after another 10% reduction.

It seems as if the Sponsor elected to "give" a free parking space to each buyer once they determined that retaining ownership of the parking was not financially viable. Each unit is now coming with a deeded interest in a parking space, the carrying costs of which are projected at $340/month for the first two years. The lot will require a full-time attendant (24 hours per day) as each space will not be accessible (think double and triple parking). Sponsor claims that the parking space is worth approximately $70,000 on the open market, however, they are unwilling to separate the parking space from the unit and retain title to the parking space (even at zero discount to the asking price).

They decided to "give" the parking spots back in March. I think it's outrageous they're asking people to pay the $340 a month without questions asked.
Anybody knows where do they stand right now with price per sqft? it seems they entered into some contracts, i assume it's after some decent discount to the marketed prices.

Do owners have to pay the parking space fee if they don't have a car then?

I think these will start selling-at discounts. There is no other inventory in the neighborhood. 75 Clinton units are much smaller and more $ per sq ft and BB Park is on the "wrong" side of the BQE.

Would love to know the real price at which new contracts were entered. I think they are playing games. Lowered prices by 17 to 21 percent and then all of a sudden raised price just before they entered contract on street easy. Think they don't want people to know how much they are discounting Any insights

You have to pay the parking fee whether you have a car or not. They said that buyers own the space with a deed, and then the buyer can sell or rent the space if he or she does not want to use the parking space. It does not make sense to me...
I agree with Level_Club. 75 Clinton is much more $ per sq ft and one BB Park is wrongly located...

There are parking spaces available in the area for under $200/month. The parking space is a money loser. The Sponsor would have retained ownership in the parking lot if it could be operated profitably.

@Ralph, i think they should have just turned it into a condo garage and sold parking spaces to local area residents.....they've sunk too much money to undercut much further but the problem is they are way overpriced.

expect some of them to close for at least 30-40% less than current quoted prices by the time they get listed with official city transfers.

Heard from a BH resident that sponsor wants to start closings with only six contracts. Yikes I wouldn't want to be one of those contract holders. What bank would be willing to finance a purchase where only 15 percent of the building is sold and what resident would want to live in a building that may not provide services, will drop prices underneath them and might have to restructure I don't think their reported contracts are real. They seem to be desperate to get momentum

Had anybody heard about LEAK issues in this building.

Gas leaks?

Poor construction. Water leaks. Saw a complaint filed at ny buildings department

Javanbunch what are you talking about? There is no complaint filed with the DOB nor would there ever be a violation for water leaks.

Didn't you post in another thread you signed a contract here, whats your deal?

is there a tax exemption in this building (i.e j51, 421a, 421b)? If so, for how long?

There is a complaint filed. I am happy to email a copy of it to anyone who wants it. I am asing a question and have no signed question what is your deal level club

No signed contract sorry

Javanbunch,
You posted on the other thread as a happy buyer with a signed contract, simply reaching out to other buyers. So no credibility here.

trying again...

is there a tax exemption in this building (i.e j51, 421a, 421b)? If so, for how long?

i visited love lane and loved the building and am a very interested buyer. i searched on the department of building's site to see if these claims (javabunch's) were true but they are unsubstantiated. here is the copied and pasted document below:

NYC Department of Buildings
Overview for Complaint #:3395247 = RESOLVED

Complaint at:
9 COLLEGE PLACE

BIN: 3001843

Borough: BROOKLYN

ZIP: 11201
Re:
CERTIFICATE OF OCCUPANY IS NOT BEING COMPLY WITH (BALCONY LEAK UNTO 4TH FLOOR APARTMENT ) ALSO OTHER APARTMENT

Category Code:
31 CERTIFICATE OF OCCUPANCY - NONE/ILLEGAL/CONTRARY TO CO
DOB District:
N/A
Special District:
LH-1 - LIMITED HEIGHT
Assigned To:
BROOKLYN BOROUGH OFFICE
Priority: C



Received:
11/08/2011 09:42

Block: 236
Lot: 71

Community Board: 302
Owner:
LOVE LANE MEWS, LLC


Last Inspection:
11/16/2011 - - BY BADGE # 0686
Disposition:
11/16/2011 - I1 - COMPLAINT UNSUBSTANTIATED BASED ON DEPARTMENT RECORDS
Comments:
JOB 310030409 COFO ISSUED CONSTRUCTION SIGNED OFF


Complaint Disposition History

Disposition
Disposition
Inspection
Date
Date
Code
By

If you have any questions please review these Frequently Asked Questions, the Glossary, or call the 311 Citizen Service Center by dialing 311 or (212) NEW YORK outside of New York City.

I have wondered about tax exemptions as well. It is exactly the kind of development that should have them, yet the huge taxes suggest otherwise.

Does anyone knows of elevator buildings with new cook's kitchens of this quality on the market in Brooklyn Heights or Dumbo?

wow, they are on a roll seems like. i wonder at what $ per sqft the apartments are selling for.

It appears there has been no movement at all here. Any update on when closings will commence?

When they stop having disorganized open houses and changing apartment prices (which are too high to begin with) as regularly as airlines change prices. Then people will buy the apartments (which, incidentally, are very well done) and they will have enough sold to begin closing.

Closings have begun. Just hasn't shown up on streeteasy

The condo dec was recorded with the city on December 13th, 2011 (effective date of November 28, 2011). No unit closings have been recorded with the city yet.

I have a contract on a unit in this building. Have been told by sponsor they closed one unit in December, one unit last week and two other closings are imminent. Not sure how long it takes to record things with the city. If facts are different I would love to know

first closing is up

$1,100 per sqft. Ouch!

Including parking spot?

yes includes parking spot (each apartment comes with one) , although you are responsible for monthly parking cost. think cost is around 330 per month..but don't remember exactly.

I think the cold reality is that they are just asking too much per square foot. Sure there are people who will pay $1000+ per SF because they can and they like the property, but these apartments have been on the market, stagnant, for a year. I have visited the building twice and we like it, but we live in the best part of the W Village in a doorman loft building, and beautiful apartments here go for $1100 a square foot AND our maintenance is lower. So why would I pay a premium to live in the Heights with a higher maintenance? If you assume that this property is among the nicest in Brooklyn Heights, and you assume that BH is among the most expensive in Brooklyn, you still cannot really get above $800 or $850 a square foot, and $1.1 or so per square foot for maintenance. The developer of this project is clearly holding out and i think it will backfire. You can play this game in manhattan because you'll get 20 people at an open house for a dirty closet on 9th avenue, but, respectfully, Brooklyn ain't the same. I can only imagine the interest payments they are paying on this place, which must have cost $100mm plus for the purchase and remodeling. One good point i see is that they sold a 2br for about 1.3mm and they were asking 1.6mm which means they ate around $300k on the deal. This is the kind of deal making that will fill the building. Otherwise, fuggedaboutit

Great analysis guywithcat. I am thinking about a move from tribeca but it has to be worth my while. CC and taxes are way higher than what I pay now, and $340/month for parking is not exactly a sweet deal. Shouldn't it be free if you "own" the spot? I would love to do a high floor combo if it came out around $1000 psf, but it seems they are looking for nearly $1600 psf on them. That's what I paid for a primo location Tribeca condo with much better finishes, a crazy awesome view, central heat and air, abated taxes and low common charges. Not going to happen!

Can someone explain why the taxes are so high? The taxes on a 1500 sq ft apt here start at $1500 but reach over $3K/month once the abatement expires. In what world are the taxes on a 1500 sq ft apt $36K per year? I am so baffled. This development looks good but the monthlies are so strangely out of whack. I looked at the taxes for a nearby townhouse priced higher and they are only $245/month. What is the deal?

Guywithcat, $1,100/sf for the "best part of the W Village" seems quite low, even for a co-op builidng. While "best" is certainly a subjective reference, buildings on Jane, West 12th, Horatio, West 11th, etc. with doormen sell for far more than that. Look at 99 Jane, for example. I agree that Love Lane Mews is over priced, however, they are closing units at 20% below ask (and I bet you'll see future closings at even a larger discount). I agree with you in that comparable units in Brooklyn should trade at a significant discount to the West Village. However, if you know of condo buildings with doormen in the West Village that offer similar ammenities and finishes to Love Lane Mews for only $1,100 psf, please share the address.

Apt 4A 1973 square feet and $2.19 million, in a building with way nicer finishes, a doorman and in the best part of Tribeca, right on the water.$1100 psf. So why would I pay $1600 and crazy monthlies for this place in Brooklyn? I thought I was moving there to SAVE money!

diggin76, I would guess that there is a specific shortcoming with unit 4A at 250 West as it is priced signficantly below other two bedrooms that are available. I am not arguing that the location is superior to Brooklyn, but there must be a reason that it is priced 19% below the other two bedrooms. For one, it faces an interior courtyard. Dont get me wrong, all things equal, I'd choose Tribeca over Brooklyn.

diggin, where are you seeing pricing for $1600/sq ft.? Closings show its around $975 and sales listing are between $1000-1100.

250 west street is done by elad properties. look into that. the units many of them which i have seen have limited views and less light then LLM. No parking, etc.

The parking situation is a problem, they need to be more clear on weather you own it or are you stuck renting it at a mandatory $340 a month which is not guaranteed.
Also, tax abatement doesn't make sense the taxes are lower for the first year without the tax abatement and then jump up about 30% when the abatement kicks in. Can someone explain this?

this is interesting. this closed for 1.45 (i think) in december. and now the owner wants 1.75, while there is still tons of inventory in the building. someone smocking crack?

http://streeteasy.com/nyc/sale/662882-condo-9-college-pl-brooklyn-heights-brooklyn

it's a layup!

flip it good!

Can anyone explain the tax abatement situation in the building? Yesterday I looked it up on the DOB website and there is no record of a tax abatement on the building. Also don't understand why the taxes appear to go up when the abatement kicks in.

I have said it before and i will say it again. I purcased in the building and I was given a detailed explanantion of all of these items. Not only by the sales staff but also it's very finely detailed in the offering plan. Any good attorney can explain the legal jargon in way that is satisfactory. Obviously this bldg is not for everyone but if you are interested in buying and are concerned with taxes, common charges and parking, I suggest you call the sales office and ask the people who are knowlegeable on the bldg, not someone who is looking at numbers and compalining about things that mean nothing to them personally.

By the way diggin76: If you're so in love with this building in Tribeca, by all means stay in Tribeca.

The parking space is likely being sold as a piece of real property, specifically as a separate condo unit, for which you must pay maintenance and taxes.

Does the offering plan provide a copy of the management agreement for the parking lot? And does that plan outline the costs to operate the lot? The maintenance cost for each individual space is far in excess of what the typical expense is for parking spaces within condominiums. To put things in perspective, you can rent spaces from for-profit parking lots for a similar price. This lot is not being operated for-profit (at least it should not be). The sales staff indicated that the parking agreement is locked in for only two years. Before buying, I would definitely want to confirm that the developer is not subsidizing the cost of the parking operation for two years, which would lead to a large maintenance increase after the initial two year period.

Again, i would suggest anyone who is interestead in buying at Love Lane Mews to request a copy of the offering plan and the amendments that outline the details of all amentities and expenses associated with the building.I do not understand people making comments about things regarding this building that they simply do not have knowledge of.

You don't need to own the spot. You can sell it if this is something you don't need. I would happily pay 300 or whatever it is to have it serviced 24hrs. It needs to be serviced because once the building is full it will be hard to manouver around. Press a button and I am in my own garage. That is very nice. But again, you can buy the apartment and choose to sell (or lease) the garage spot.

happybuyer, I did ask the question in the sales office and they could not give me a definitive answer regarding the existence of a subsidy and the potential cost increase in two years. When a sales agent for a property responds to a simple question with "you'll have to have your lawyer review the offering plan" I get a bit concerned. If you have followed the comments string, you'll see that I asked the question of the group months ago. I believe that is the intended use of this forum, to vet issues and hear other opinions regarding certain buildings of interest. It seems that you have gained comfort with the parking situation, rather than chastising those for even asking, perhaps you can share the correct answer?

Ralph Jones, broo100 is correct. The parking space initially comes with the purchase of the unit.Currently there is no valet because it is simply not needed yet.Once there are more then 10 cars it will be necessary to have the valet in place, then and only then are we required to pay the $340 month maintenance. If you do not have a car you may lease or sell the space to another owner in the bldg.

I am just wondering how easy it is to sell the parking spot, and who can guarantee it is no problem with selling or leasing? As a person who does not own a car, I am afraid of having the parking place with paying for the empty space.

Did you talk to the developer? I bet that if that was your only sticking point you could negotiate it out of the contract if you don't want it. I am looking in the building and just think that keeping it increases the pool of future buyers should i ever want to sell the apartment. There are not many places to park in BH

Yes, I talked with the developer and gave me not much information about it. Also, tried to negotiate it out of the contract, but it was not negotiable.

If the $340 covers the full freight of operating the lot, its not the end of the world. My concern when speaking with the developer was controlling the operating expenses of the lot so that monthly costs do not sky-rocket. Mainly, I wanted to know if the initial two year agreement with the lot operator was subsidized by the developer. As I mentioned before, most for-profit parking lots in the area charge approximately this amount and that allows them to operate a profitable business. I know the developer states that the market value of a parking space in Brooklyn Heights is $70,000, but they do not substantiate that value. Assume a buyer of a space uses 50% leverage on the acquisition at 6% on a 25 year amortization schedule (I believe this is a very reasonable assumption). Under that scenario, the buyer of the space would have a total monthly cost of $565.51 for a parking space. I do not think it is reasonable to assume that a parking space would appreciate in value in a material way so the argument that this is an investment is a tough one.

Given my concerns, I asked if the space could be separated from the unit for no consideration (i.e. the developer keeps this $70,000 "asset" and is not required the discount the unit) and the answer was no.

Anyone have any insight on the high common charges/taxes? This building looks attractive but their must be reasons why they have moved...

I don't think the common charges have moved from the time the original offering plan. The taxes are an estimate and i believe stated before the abatement There are 38 units in the building and that may result in a higher common charge than a building with more apartments in it.

RalphJones, yes of course there are buildings in the West Village for far far more than $1100 a sq foot. I was merely saying that our building, at the corner of greenwich street and perry, goes for around $1100 a sq foot, and has a doorman and in-building parking. All things being equal, why would you pay the same rate for something in BH -- unless you specifically wanted BH, and wanted to pay as much as you possibly could. As for Happy Buyer, I have no doubt that if one buys at Love Lane, you will like your place as it is a nice place. But if these things are sitting on the market for more than a year now, I cannot imagine how one can expect to resell their place unless they do a major price drop which would mean a big loss. By the way, I had the same response from the broker about the taxes -- that they would go up in a year, for a year, then back down. He could not tell me how much they would go up ("maybe double" he said, as I recall) nor how much they would go down. Then he explained that the reason the garage was $340 a month was because the building signed a contract with a company to manage the lot for two years. This is all too much nonsense. HEY OWNER -- Lower the prices A LOT, cover/subsidize your tax complications yourself so we dont see bizzarro changes in the first three years, reduce your maintenance fees (which I am sure are there to accomodate overages in his build) ditch the parking fee and offer to strip the parking place off the apartment price, and educate your salesmen, then maybe you'll move a few of these things.

Guywithcat, if you have been following this development closely you will notice that prices have gone down here. That is why they went from selling none to selling 13 in a short period of time. I have been looking in places in tribeca (I live there now) and the west village and let me tell you, I have NOT come across places with doormen and garage at 1100 a sq ft. Also, the places at love lane have been all closing at lower levels (practically all of them in the high 900s), you can see that in street easy so why do you keep posting this about 1100? I just did, optimistically, a search on streeteasy of the west village adding in the description of "garage" and "doorman" and ONE listing came up for 2,500 sq ft. Maybe in a fringy area or very noisy street, maybe a first floor a gut you can find something closer to 1100? Certainly not a brand new, pretty mews street like Love Lane with a private garage (most people like myself value this A LOT). I hope to move in in the near future. And about maintenance, yes, it is high, and I wish it was lower but, again, it is a 24 hr boutique-y building with a doorman and a super. That costs $. There are many other options without this full service that may be better for you.

My goodness people, get an offering plan. It's all there in black and white. If you can read, you will understand that the the taxes are not double for a year. I would not have purchased otherwise. In fact, they are quite low for the first 18 months. Then, when the J-51 abatement starts, they are quite reasonable, in my opinion, for Brooklyn Heights and the location of this building. I believe that the apartments are taking longer to sell because the prices are higher than most in the area. My feeling is, it cost more but its also worth more. I have talked to a few other owners in the bldg and ALL of them are very happy with their purchase and are not concerned about reselling. All of the apartments here are very unique. We are also on an exclusive street in the middle of BH. I don't think it's necessary to compare this to buildings in Manhattan, regardless of the neighborhood. This is Brooklyn and if you want to live in an exceptionally nice, new bldg with full service and indoor parking, there really isn't a better place to be. It's certainly not for everyone. I mean, I couldn't care less about the West Village. I wanted to live here. It's all a matter of preference. If you don't like it, no one is forcing you to buy it. For anyone considering buying here, get an offering plan and discuss it with your attorney. That's how you buy a property, not by comparing notes on a blog.

Happy buyer. I too just contracted in the building and agree with all your comments. Think it is a very unique building. I have a question for you .. You mention there is no parking charge till there is an attendant which I also heard would occur when ten people are living there ( apparently only 3 cars). Can you confirm this

confirmed no parking charge till an attendant with Carole happy buyer. many thanks look forward to meeting you in the building.

Wow... This building has taken off. Is this the same all around Brooklyn heights?

We signed a contract for a 2 bed here, really like the finishes/quality of building and the proximity to shopping, transportation, our kids doctors, etc. Wish we would have jumped on it sooner, wound up paying very close to asking, perhaps there was more room to negotiate a few weeks ago. However, we're very excited to join the community here. Have met current residents who seem very happy with the building/management.

What are the chances of 1H ever getting sold? it's like leaving in a fish tank, where all BH is watching

It is so predictable that any blog conversation always devolves into people getting angry at eachother. Happy buyer, if you cannot be respectful, please do not share.

Having lived here a few months we can say this has been the best investment. Great building and for what we have, we do not feel like we overpaid in the least. Looking forward to being here for many more years to come. Cheers to our fellow neighbors!

Hi Silgrey, I am in too. Love it! Almost all sold