One Brooklyn Bridge Park

I like this building and location and looked at it when it first was offered but didn't pursue it bcs I didn't really understand the landlease thing at the time (and neither did the broker -- who also didn't know anything about the potential of two neighboring buildings: "no such plan. no such potential plan" he said) and thought the price was high (it's lower now) and didn't like the height of the windows.

The biggest issue is the reconstruction of the BQE. I think they will HAVE TO detour one direction of traffic down Furman, blocking off Joralemon for a decade+. This makes getting to the Iris Cafe a pain in the arse, especially if they take away let light at Atlantic and just let that lane plow all the way back up to the BQE. The only way they would NOT do this is if they build the new BQE out into the East River, around the Piers -- this is one proposal. Furman would be spared but the rest would suck. They're not going to do this. They're going to take Furman "temporarily" (you know, from 2020-2035). Maybe not when you're living there, but if plans are released in next 4-5 years, it will make it hard to sell. By that time, the new buildings down on Pier 1 will be on paper for sure and I wouldn't want to sell against those either.

There was a unit in the Times a couple weeks ago where the owners raised the floors and it made all the difference regarding the window height. Excellent decision. Wish the developer had done that

I don't know why RAL didn't figure that window/floor thing out, ten years ago.
Before he re-invented himself as a "developer" he was an architect.
For "Waldbaum's" supermarkets.

Hey brooklyncowboys--can I contact you in person? I would like to ask you a few questions if that's cool?

brooklyncowboys and gatornyc - my husband and I are considering moving in to the building and i would love to ask you some questions through email if either of you are okay with that?

Does anyone have an opinion on the townhouse units? are they loud? Does anyone have very young children that live in the building and if so is it convenient with a child?

Hey brooklyncowboys, we're looking at apartments in the building and would love to speak with you about your place and how you've liked living there so far. How can I reach you?

hi gummy bear, sure. sound me your email and i'll drop you a line.

MSO, I was away on vacation so sorry for the delayed response. You can email me at gatornyc at hotmail.com.

MSO - the building has a lot of young children, as you're probably aware there is a children's play room and an art room in the building. Further, there is a screening room that is used frequently on rainy days to show kids movies. Townhouse units are somewhat removed from the remainder of the building and accessed through their own "wing" hallway. I'm pretty sure they're all on the West side of the building, and there isn't consistent traffic back there.

Really a perfect moment to think of making the biggest investment in your life in a building on the fringe... Seems that OBBP could use some more loan extensions...

Right at this moment:
WSJ: Stocks sink as fears set in (280 points off in one day; biggest drop since mid 2010)
http://online.wsj.com/article/SB10001424052702303657404576359003490165720.html?mod=WSJ_hp_LEFTTopStories

WSJ: housing imperils recovery:
http://online.wsj.com/article/SB10001424052702303657404576357170425058088.html?mod=WSJ_hp_LEFTWhatsNewsCollection

More from yesterday & today:

Crain: NYC-area home prices hit 9-year lows:
http://www.crainsnewyork.com/article/20110531/REAL_ESTATE/110539987

NYtimes: Housing sliding to bottom:
http://www.cnbc.com/id/43236978

http://www.nypost.com/p/news/local/brooklyn/brooklyn_bridge_park_green_turning_CCOb0m71G4qpSyCT3JcuUP
The city issued a dire warning today that Brooklyn Bridge Park’s lush green lawns will soon go brown unless more high-rise condos are built... Highlighting the problem is a $4.2 million operating budget for next fiscal year that officials said faces a $1.8 million deficit. About $1 million of the gap is due to the project’s first housing project, 1 Brooklyn Bridge Park, on the souther edge of the development, falling flat in meeting funding goals.
[OBBP] opened four years ago but is still about 40 percent vacant...
But Levine was recently able get the payments lowered ...

Brooklyn Bridge Park future in limbo after upscale condo tax bill slash
http://www.nydailynews.com/ny_local/brooklyn/2011/06/15/2011-06-15_taxing_new_woe_for_bridge_park.html
... it's outrageous that One Brooklyn Bridge Park gets to reduce their taxes. There was an agreement for this property to pay [for park upkeep].

http://www.brooklynpaper.com/stories/34/24/print_bbphousing_2011_6_17_bk.html
Years ago, Levine got a steep tax break to build the high-rise within the park. At the time, he fought opposition to the sweetheart dealing, saying that the more he earned from his luxury tenants, the more he would put back into the park’s coffers!!!

I viewed the apts there today. I was looking at apt between 700k-999k. I was impressed with the layouts, but the floors were sketchy. They weren't solid or even. The salesman said there was foam inbetween the floor and the concrete. That's not so good. Without a proper subfloor there will be issues in the not so distant future. Already there were "soft" spots where the floor was sinking. The layouts and ceiling height was nice but I don't think the price is worth being so far away from the train and neighborhoods and services and being next to the BQE isn't really a plus. I was surprised to see the exterior of the building along the North and West side coming apart with gaping slashes and holes in the concrete. The doorman said there used to be awnings and they were ripped out. Huh?

I lived in BK heights coop for 7 years and live only one block away from subway. 3 years ago when I first visited OBBP, I thought this building was far and ridiculously over priced ($1300/sq ft river view). Since then I have been looking for a full 2bed/2bath condo, and visited all condos in BK heights, Dumbo, downtown BK, cobble hill, and even Park Slope. I like NONE of the units. Yes, I am very picky, and I want a perfect place that I can live in for the next 15-20 years.

Recently I saw a unit at OBBP, and I felt in love with a south facing unit. High ceiling, great kitchen, and rectangular layout with no wasted hallway. I knew about the potential obstructed view, but for the price and size, I can live with that. Noise is not a problem for me as I never open window anyway. I am planning to put in an offer on this one.

I saw many negative comments on this building, solely based on the price/view of certain units and I guess they are from those who don't live there. Everyone has different taste. For me, I dislike old building, walk-up, no doorman and no gym. I even complain about the slow elevator at 70 Washington when I went to see a 4/F unit open house. This building is perfect for me, love the amenities. Not to mention I love the new park.

Will post more if I really get the unit.

The development sites inside BBP are already calling for proposals:
http://www.brownstoner.com/blog/2011/07/proposals-to-be-accepted-for-bbp-housing-hotel-builds/?stream=true
It means:
1. South views at OBBP are almost garanteed to be blocked in a couple of years, not to mention the construction noise & pollution;
2. 150-180 brand new units to choose from in as soon as 2-3 years, in a more centric & better location in BBP.

l a n d l e a s e

I'm going to look at an apartment there with a friend. Just to see for myself what's up inside.

I will be in disguise, just in case RAL has a face-detection device installed in the lobby.

P.S.: My friend is in town from Telluride. He's a writer at newspaper there.

Gator,if you hear an alarm siren going off; please don't be alarmed.
If you see Levine The Younger tackling somebody to the ground, it's probably me.
I'm gonna roll him like the Crocodile Hunter.

"krikey!!!!"

You can't fool the face detector Truth.
I've seen the examples from Pinellas County arrest records. First arrest after someone's taken meth, to 20th arrest after someone's taken meth ... the person to me looks completely unrecognizeable, but not to the face recognition system. It's also a wonderful tool for weeding out fraud, like those based on multiple drivers' licenses for multiple identity.
Maybe though you should move on from worrying about 1BB?

No worries for me, huntersburg. I'm not buying there.
We're just going to take a look.

I'm just curious as someone who is looking to purchase here, how much, if any, have common charges gone up since the condo opened? They seem a bit steep now and am just worried they may only go up more going forward.

anyone view this building recently? wondering what you think about the pricing of the units out in the market from the sponsor? reasonable, high?

Wow, still a lot of apartments for sale here... and each one I check, prices down substantially since previous transactions...

That's because they're still priced at about 65% above value.

this seems like such a dog--it's a land lease, a non-starter, but then the $psf is way high--are the taxes abated?--cuz the monthlies are already quite high

imagine being stuck trying to resell here

70% sold, resales are happening..

"resales are happening"

We'll see how "happening" those resales are in about ten years when the tax abatements expire and the monthlies triple.

dying to see the resales juucey--pls provide links, with original sales prices

30% of the building is STILL unsold. Wowzuh... that's awful.

resales???....helloooooo??

howd it go for them sellers?

Time to roll out the "FREE" cars again.

And I have to say that while I see some progress on the park, it still looks mostly like a construction zone. A path connects it, but mostly just empty tiers. Weren't they claiming it would be done already?

@SomewhereElse - yep, i dont live in the building but live a few blocks back in a brownstone. It depresses me everytime i walk the promenade. whats even more depressing is the number of people in those "sheds" that are sitting on their fat asses collecting a pay check while nothing is happening outside....!!

Wow swe, you're still spouting the same trash about OBBP, huh? You said the same thing about the building a year and a half ago when it was 30% sold. Not its 70% sold and you have been proven wrong as the facts are that OBBP has been one of the top selling buildings not just in Brooklyn but the City. But why let the facts get in the way of your opinion. It may not be selling like it was 2006, but OBBP is doing very well in the current real estate market. Check the recent closings. Most recent was for $3.6 million and another for $3 million.

As for the park, the construction has been slower than anticipated or desired but it is progressing. These are the realities of the current economy. Nevertheless, the Empire Fulton Ferry section and a portion of Pier 6 opened this summer. And though it may not appear that work is being done above ground it is because work was being done under the piers (to the pilings) so that the on pier work could commence. Pier 5 and some of the uplands will be completed by Fall 2012. Pier 2 and the pier 3 uplands will be finished by the folloiwing Fall.

> Not its 70% sold and you have been proven wrong

70% sold after years? Sorry, sounds like I proved myself awfully correct.
One more time... a THIRD of the apartments are still unsold. That is awful.

> As for the park, the construction has been slower than anticipated

Wow, you just admitted that I was right about that, too.

Thanks, you've done a great job of showing how right I was...

> These are the realities of the current economy

Yes, as I said, it was the wrong time to try and sell this thing...
Right again.

Thanks, you've done a great job of showing how right I was!

it's a land lease building, right?

Where are the re-sales?
It's not Gator's unit because he's in there for the long haul and he's happy there.

OBBP is just too big and too expensive for this market/economy or any other. Even 2006.
It is the Capella of Brooklyn RE.
Brought to you by RAL, the developer who ruined Mountain Village in Telluride with a hotel that was too big and too expensive. Over 10 years to build. 200 million. 100 rooms that were not completed when the hotel "opened" with only 27 rooms ready to rent. Less than 2 years later in foreclosure.

SWE loves to be correct. Do the Snoopy dance, SWE.

Tequila! (i could only remember the pee wee herman dance)

It's when Snoopy gets happy and does that dance, hind legs/paws in fast action.

oh yeah, with the movement lines.... right...

swe: Let's dance!