In response to Gary's question on the previous post...according to the city's Department of Buildings, it appears that 27 Lincoln Rd. does not have any active building permits on file. The lot, which also includes 35 Lincoln Rd., also doesn't have a C of O; at the moment, it's zoned for a 2-story business/office. (Of course, there's enough pro-development sentiment that that wouldn't likely present a problem.) This doesn't necessarily mean anything one way or the other: a sale might not have gone through yet; the phantom developer could be waiting to finish up with the asbestos removal; the permits could still be working there way through the pipeline. But it is worth noting...
(In other development news: it looks like the former PPLG HQ doesn't have any active permits out either...)
Showing posts with label condos. Show all posts
Showing posts with label condos. Show all posts
Saturday, June 16, 2007
Wednesday, June 13, 2007
This should be interested: seven-story condo to go up on Lincoln...maybe?
According to what would qualify as unconfirmed rumor out there in the, um, straight journalism world, a seven-story luxury condo is going up next to the Lincoln Rd. entrance to the B/Q. (That's the space where a storefront is currently being gutted/going through asbestos abatement.) This, according to someone who read something on the PLG Listserve, where someone said she'd talked to one of the workers at the site.
The beauty of this rumor is, like all good rumors, it makes a certain amount of sense. After several years of whispers of imminent development, a bunch of actual projects are actually in the works. There's also talk of other action -- like, for instance, at the homestand of the former, fearless PPLG leader, which was bought (by a developer, natch) for about a 30% above asking.
Of course, that rumor that everyone in the final scene of the Sopranos had been featured in previous episodes made sense, too...and that wasn't true. There also the fact that a workman may or may not be the best source. But if this is true, it certainly augers for big changes. Anyone investing that kind of scrap is going to look for a major retail presence to anchor the ground floor. And I'll bet dollars to donuts that that would bring a whole lot more action...
The beauty of this rumor is, like all good rumors, it makes a certain amount of sense. After several years of whispers of imminent development, a bunch of actual projects are actually in the works. There's also talk of other action -- like, for instance, at the homestand of the former, fearless PPLG leader, which was bought (by a developer, natch) for about a 30% above asking.
Of course, that rumor that everyone in the final scene of the Sopranos had been featured in previous episodes made sense, too...and that wasn't true. There also the fact that a workman may or may not be the best source. But if this is true, it certainly augers for big changes. Anyone investing that kind of scrap is going to look for a major retail presence to anchor the ground floor. And I'll bet dollars to donuts that that would bring a whole lot more action...
Thursday, May 17, 2007
Get your condos here! And...your yoga?
The weekend's almost here, which means this weekend's open houses are almost upon us, which means...it's real estate time, folks! Today brings another glowing(ish) PLG feature, this one in the Post. The story focuses on the recent condo development, all of which highlight one of the main attractions of the neighborhood: the prices, which remain less than half as much as those directly across the park in the Slope. There's the 2233 Caton Ave development, a six-story, 15-unit, elevator building; the condos feature oak floors, balconies, and access to the buildings roof deck. It sounds like these are mainly 2-brs, with prices ranging from $400,000 to $525,000 for between 800 and 1,000 sq-feet of new development goodness. (Twenty percent of the units are in contract; closings will begin later this summer.) There's also discussion of the Rogers/Lefferts Aves building; 850-sq feet 2-br units there are priced between $350,000 and $400,000.
Finally, story also quotes Prospect Lefferts United for Services' (PLUS) and A&H's Mark Dicus, who says there are plans to bring a wine shop, a lady-folk gym, and a yoga studio to the area. (Lord knows there's enough vacant retail space.) If those plans do pan out, I'd expect a big change here: the Ditmas exodus went from a trickle to a landslide once The Farm on Adderley, a high-end wine shop, a gorgeous furniture store, etc., joined the already-existing food co-op...
Lord knows there have been stories touting PLG as the next big thing for years (check out this Times story from 2004), but this really is one of the last remaining neighborhoods were single-family homes are available for a million bucks, and it's the only one within spitting distance from the Park (and on an express train). As for 2-brs in new construction buildings with nice appliances for under $500,000...well, try finding that anyplace else from Prospect Park South and points north (or west). The summer buying season should tell us a lot about what's to come. With prices at or above their 2006 highs, people hoping to wait out the boom are likely to wade back in before there's another double-digit increase in housing prices. And for people looking for some of the last bargains in the area...well, we're it.
Finally, story also quotes Prospect Lefferts United for Services' (PLUS) and A&H's Mark Dicus, who says there are plans to bring a wine shop, a lady-folk gym, and a yoga studio to the area. (Lord knows there's enough vacant retail space.) If those plans do pan out, I'd expect a big change here: the Ditmas exodus went from a trickle to a landslide once The Farm on Adderley, a high-end wine shop, a gorgeous furniture store, etc., joined the already-existing food co-op...
Lord knows there have been stories touting PLG as the next big thing for years (check out this Times story from 2004), but this really is one of the last remaining neighborhoods were single-family homes are available for a million bucks, and it's the only one within spitting distance from the Park (and on an express train). As for 2-brs in new construction buildings with nice appliances for under $500,000...well, try finding that anyplace else from Prospect Park South and points north (or west). The summer buying season should tell us a lot about what's to come. With prices at or above their 2006 highs, people hoping to wait out the boom are likely to wade back in before there's another double-digit increase in housing prices. And for people looking for some of the last bargains in the area...well, we're it.
Tuesday, May 1, 2007
Hot or Not? Reading the tea leaves on the PLG real estate scene
There's been, to put it mildly, a lot of movement in the PLG (and environs) real estate market...and I'm not talking about those mint $1.2 million Brown Harris limestones on Midwood, either. In the past couple of weeks, two major developments -- which combined could add thousands of new local residents -- have come on the market: 123 Parkside (which is located just west of Ocean Ave) and a package of three sites down by the Club Medical, which is a bit east of PLG proper. (That link, to a Brooklyn Eagle article, is, annoyingly, pay only. For the life of me I can't understand why small papers alienate potential customers like this...but I digress.)
The three sites by Kings County Hospital, et al, make up two buildings, three vacant lots, and have 55,950 buildable square feet; they're on sale for a combined $11.8 million. At first blush, that seemed like a steal; then I realized that my predecessor got $1.2 million for his house -- located on a lot with, if I recall correctly, somewhere around 15,000 of FAR. All of which is to say I have no idea how to assess the relative costs of empty lots, especially in an area with as many variables as ours.
The Parkside property seems like much more of a sure thing -- and, I'd imagine, is going to cost a pretty penny more as well. That site has a whopping 220,000 square feet of buildable, residential FAR, and off the top of my head I can't think of any other significant and empty property adjacent to the Park. The Prospect Park improvements are only going to make this area more attractive, and the presence -- and hopefully proliferation -- of excellent restaurants like The Farm on Adderley in Ditmas (and excellent coffee shops like K-Dog in PLG) should help bring in Manhattanites who don't want to spend a million plus for a one-bedroom in Chelsea. It's hard to imagine a developer buying that site and not trying to maximize his investment by putting in high end condos, and with penthouses a couple of miles up the road going for upwards of $6 million, well, who's to say what a top-notch place could go for down there.
All of which raises a chicken/egg question: one of the main knocks -- as far as I'm concerned, the only knock -- on PLG is the lack of services. It is an issue, to be sure. But there seems to be a fair amount of vacant storefront property along Lincoln and Flatbush; will more forward-thinking/enterprising merchants take the opportunity to establish a presence when retail rents are (I'd guess) lower then they are elsewhere in Brooklyn? Or will it take an influx of new residents to get restaurants, etc., to follow?
The three sites by Kings County Hospital, et al, make up two buildings, three vacant lots, and have 55,950 buildable square feet; they're on sale for a combined $11.8 million. At first blush, that seemed like a steal; then I realized that my predecessor got $1.2 million for his house -- located on a lot with, if I recall correctly, somewhere around 15,000 of FAR. All of which is to say I have no idea how to assess the relative costs of empty lots, especially in an area with as many variables as ours.
The Parkside property seems like much more of a sure thing -- and, I'd imagine, is going to cost a pretty penny more as well. That site has a whopping 220,000 square feet of buildable, residential FAR, and off the top of my head I can't think of any other significant and empty property adjacent to the Park. The Prospect Park improvements are only going to make this area more attractive, and the presence -- and hopefully proliferation -- of excellent restaurants like The Farm on Adderley in Ditmas (and excellent coffee shops like K-Dog in PLG) should help bring in Manhattanites who don't want to spend a million plus for a one-bedroom in Chelsea. It's hard to imagine a developer buying that site and not trying to maximize his investment by putting in high end condos, and with penthouses a couple of miles up the road going for upwards of $6 million, well, who's to say what a top-notch place could go for down there.
All of which raises a chicken/egg question: one of the main knocks -- as far as I'm concerned, the only knock -- on PLG is the lack of services. It is an issue, to be sure. But there seems to be a fair amount of vacant storefront property along Lincoln and Flatbush; will more forward-thinking/enterprising merchants take the opportunity to establish a presence when retail rents are (I'd guess) lower then they are elsewhere in Brooklyn? Or will it take an influx of new residents to get restaurants, etc., to follow?
Subscribe to:
Posts (Atom)
