Brooklyn Point cutting prices

who do prior contract owners ask - real estate agent or lawyer?

I would reach out to both my realtor and my RE attorney.

Given that mortgage lenders seem to be tightening underwriting criteria I wonder if both the odd deal structure (you don't actually own any Real Estate when you "buy" a unit here) and low pre-sale numbers are going to make it hard to get financing which will actually close a loan.

Wow, Brooklyn Point is a land lease? Amazing that they would build a new land lease since we now all know what a terrible idea it is.

Brooklyn point is a special situation, as you can see by reading the offering plan. It is not a typical land lease/ leasehold situation as the cooperative has the absolute right to purchase the premises for $1 after 20 years. The deal is set up this way due to the tax abatement with the city.

As far as the financing goes, there are no problems setting up financing for this building. There is a preferred lender like with any other new construction, but there are no restrictions on financing.

30 is always unusually negative and misinformed about this development.

BK indent, Please post the link where you patiently explained facts to perma-bears.

I find it interesting that I'm the one who is supposedly "unusually negative and misinformed" but Bklndent has now changed their position from demanding it was a "Land Lease Condop" to "It is not a typical land lease/ leasehold situation."

I'm about to close soon with financing. It's doable - but for sure, the requirements are getting more stringent,

I don't think Bklndent comes here for the bear hunting.

Recent price reductions look to be in the 9% - 13% range. Does anyone know when the next round of price cuts are scheduled?

Roughly 2 weeks after Bklndent shows up again to tell us this time is the buy of the century

@30yrs, May be when they can't find enough number of suckers to buy even at this artificial discounts on an overmarked up price?

Also, looks like the sponsors have already started to rent out few of the one bedroom apts.

@prp The sponsor is not renting any units at Brooklyn Point. I don't know where you would have gotten information like that. Clearly what is happening at Brooklyn Point is similar to what is happening to Real Estate across the city. It is not in its own bubble. New York Real estate is obviously having a tough time right now due to the pandemic.

There are three units listed for rent on StreetEasy currently. And two de-listed rental listings. Wouldn’t those be coming from the sponsor?

@BkIndent
List of past sales: https://marketproof.com/building/brooklyn/downtown-brooklyn/138-willoughby-street-11201?tab=units&sub_tab=past-sales

Don't see #36B or #36C with any sales history but listed for rental.

So today we have both a post saying how Brooklyn Real Estate is booming and a post blaming the poor sales in this building on the pandemic. They can't both be true.

@lrschober Brooklyn Point has already been doing closings. These are not from the sponsor.

36B and 36C are closed sales, but they are not listed yet. These units were purchased by the same person, who is renting them out.

Brooklyn Point's financing prevents the sponsors from leasing out the units.

>> Clearly what is happening at Brooklyn Point is similar to what is happening to Real Estate across the city. It is not in its own bubble.

Good, reassuring to know it is in the same bubble as the rest of the city.

@BkIndent
How do you know that those apartments are already sold to same person. There is no public info about it. Do you have any access to the sponsors or work for them?

I know because I met the broker who has the two units listed.

And like I said, the sponsor cannot rent units, only sell them.

@BkIndent: I am guessing you won't be answering this part of my question?
-->Do you have any access to the sponsors or work for them?

Don't pretty much all sponsors have some clause in their offering plan that they have the right to rent, if they are not able to sell? Is there any specific reference in offering plan here, which says sponsor is banned from renting units directly?

@prp, I do not work with or have any affiliation with the sponsor. I purchased a unit at Brooklyn Point.

Yes. It is a specific clause that is related to their financing.

See my first post in the above thread and then check out this one:
https://streeteasy.com/talk/discussion/46120-nyc-lenders-tightening-lending-standards

I already closed on a residence in this building, and there were no issues with a jumbo loan and 80% financing. There is a list of banks who are financing in this building at low interest rates and 80% LTV. The sales office can provide you with a list of the banks that are doing deals here.

Bk, Congrats. Enjoy your new home.

https://therealdeal.com/2020/11/19/brooklyn-point-is-a-leap-up-for-him-gary-barnett-on-why-he-tapped-serhant/?utm_source=facebook&utm_medium=hootsuite&utm_term=the+real+deal&utm_content=59da39ac-b591-494e-9a8c-25dbd9048124&utm_campaign=hootsuite_general&tpcc=hootsuite_general

4 years in and finally passed 2/3 sold.

We were close to bidding on one for a client last week. They decided to go with 98 front instead. I actually sent them a link to this thread. However, the decision came down to price/configuration and the parking/ storage included.

Depending on the units, 98 Front would have been my choice too. (Though the last clients who I brought through there ended up at One Clinton.)

ali r.
{upstairs realty}

Pricing reset is coming throughout the city, just a matter of when the owners finally throw in the towel