One Brooklyn Bridge .. again

>Also, what's the nearest subway?

You have a google maps problem?

This has been discussed to death.

Two words: land lease. Buyer beware. This is a home that you can afford to buy only if you have money to burn -- and virtually unlimited finances.

The city-facing units have spectacular views. Some have very generous layouts and soaring ceilings, but you'll need to do something innovative to build up the floors, otherwise your windows will be so high of the floor that you'll feel like you're in a giant basement apartment.

Also the units have some serious ventilation issues, as well as the building in general. Complaints abound about "moist" and stuffy hallways leading to dank-smelling carpeting.

As far as the nearest subway, take your pick: A/C/2/3/4/5/R. The building offers a shuttle service to Borough Hall, but honestly, if you can't walk a handful of blocks you might want to consider not an apartment building but assisted living.

Thanks Matt. The subway question was a stupid one, but your other points are interesting. I'd heard nothing about the ventilation issues or the hallways. What strikes me about the building is how solid it is .. built like a fortress. But I was unaware of the land lease situation .. this alone speaks to educating myself more on the property. My concerns for future costs and devaluation were based more on flooding potentials.

The park is nice and just keeps getting better, and yeah, the views are beautiful. But the more I hear about the place, even balancing good takes and bad, it does sound like a rich man's gamble. (Depending on one's definition of risk.)

I lived across the street from this building for 10 years. For that reason, in general, I have a soft spot for the neighborhood and even the building.

And yes, it IS built like a fortress. It's one of those buildings one can sleep soundly in during the strongest of hurricanes, knowing that The Big Bad Wolf can huff and puff, but he'll die of exhaustion before he'll even break a windowpane.

On the flip side of the coin, however, it's a building that was never designed or intended for human habitation. It was designed and built as a factory/warehouse. The ventilation issues (as well as natural lighting issues in many of the units) are the direct result of taking a building that was supposed to have wide-open floor spaces and dividing it up into apartment units.

Like many "loft" buildings in New York, this is a building for people who are fine with the edgy "charm" of choppy, illogical floor plans. Not to knock it, but it's not for everyone. If you like the order of a logically-laid out floor plan with an entry foyer that naturally flows from living areas to bedroom areas, you'd best stick with actual apartment buildings that were originally designed as homes in the first place.

The fact that it wasn't designed for human habitation isn't an insurmountable negative and depends largely on the layouts and other factors. I live in condo in Cobble Hill in what used to be a factory and it's a more livable layout than many brownstones I've been in. But the ventilation issues are another thing and make sense given it's proximity to all that salt water along with the enclosed design of the building.

I just can't help thinking that, depending upon the land lease situation, it could be a somewhat speculative solid investment. (Speculative keeping in mind that the units aren't cheap and haven't been since the days when they were giving away a new Audi with your purchase.) The views alone are worth pause and I don't think the window design would bother me terribly. But a 40% raise in common charges, on the other hand, would.

Even during the free Audi days, those units were never "cheap".

I know someone who bought FOUR one-bedroom units -- side by side -- to create a gigantic single apartment for his family. He definitely spent eight figures, all told -- CASH.

That's the kind of buyer for this building.

Cash isn't a bad way to go if you can afford it. Even if you could swing four units in a row you'd still need some pocket money left over for knocking down and cutting doors in those two-foot thick concrete walls. On the other hand, there's potential value added for the low-end (under a million bucks) buyers when someone with limitless resources pours this kind of money in to a purchase. All depends on the other factors and if the building survives future storms be they economical or meteorological. As to the relative cost of the smaller units, it depends on your particular situation. I'd take a solidly built 800 sq foot loft with a great view over the same footage in a poorly arranged two bedroom. The definition of cheap is relative to one's tastes and changing financial climates.

I live in the building and haven't had problems with my unit's ventilation. As for the halls, yes they do steam clean the carpets pretty frequently.

I don't understand the critique about the windows...I love my view overlooking Brooklyn and the sunrise.

I'm sure the views are great.

As long as you're standing on a step stool.

How tall does the step stool need to be?

3 feet.

Of course, if you don't face the water (and maybe even if you do), your sills will be covered in soot...

There's no soot in my BQE facing apartment, and it has been much less dusty than my rentals in EV and Midtown West.

Landlease is a non issue. Building can purchase land for $1 in 90 years. Pilots are on a defined schedule.

Rent_or_buy is correct. 3% fixed yearly increase on the lease, but even with the land lease OBBP common charges are in line with similar buildings. Not all land leases are the same and OBBP's is as good a land lease as there is.

NYCMatt has some very pointed opinions about OBBP they just aren't very accurate. It is not a building where one needs unlimited finances. I don't know what the basis of that statement is so I'll say only that common charges are competitive with other buildings and we had a 0% increase last year.

And I don't know where NYCMatt gets that either the units or building has ventilation issues. Neither is true. "Complaints abound about 'moist' and stuffy hallways leading to dank-smelling carpeting" Where are these complaints? Walk the hallways there is nothing moist or dank about them. I'm very particular about smells, they're just not here. Just by way of example, each unit's kitchen has an actual externally vented ventilation hood. Most units just recirculate air. Not here.

Choppy, illogical floor plans? Certainly a few especially in the "H" but most are logical, spacious and flow well. As for the window issue, it's a matter of personal opinion. But I've never seen a 20 foot by 10 foot window in a basement even if it does begin a little higher than typical. It also ignores the many units with floor to ceiling windows.

As for flood risk, OBBP is in the process of safeguarding its operating plant in case of another Sandy. When completed the operating systems should be protected even from a significantly worse storm.

3%/yr--for 99 years compounded--what a deal!
bqe views/stench
floods==>insurance? mortgage? resale?
great views (if youre > 7'6")
shuttle to Borough Hall for the subway??

I caNT WAIT!