166 Montague Street 33% Sold
When we checked in on 166 Montague Street, the former Franklin Mint Trust (whoops!) building in Brooklyn Heights that’s being converted into high-end condos, a year ago, four out of 24 units were spoken for. Like most condos, last year was something of a write-off but more recently things have started to heat up again….
When we checked in on 166 Montague Street, the former Franklin Mint Trust (whoops!) building in Brooklyn Heights that’s being converted into high-end condos, a year ago, four out of 24 units were spoken for. Like most condos, last year was something of a write-off but more recently things have started to heat up again. Just recently, units 7A and 7B, we hear, went into contract at the full asking prices of $1,615,000 and $1,620,000, respectively, bringing the total units in contract to eight.
166 Montague Street Listings [Douglas Elliman] GMAP
Checking In On 166 Montague Street [Brownstoner]
Checking In On 166 Montague Street [Brownstoner]
Update on the 166 Montague Street Conversion [Brownstoner]
Franklin Trust on Montague Going Residential [Brownstoner]
CGar –
I’m way late picking up on this, but speaking of the 2 room special…did you realize 225 Pacific blew out the last 8 units in the 90 days since Mr. B checked in? That was AFTER the first six (and most expensive) apartments got snapped up in the first two months.
BHO is reminding me more and more of the wizard behind the curtain, dressed in a silk suit, furtively pulling knobs and levers that discharge bellows of smoke and blast loud sounds as he decries the coming depression aka meltdown 2.0.
Maybe he’s right. All I know is the days of low balling are becoming distant figures in the rear view mirror. This market, inexplicably, is heating up.
CGar, I agree with you. I love this building’s facade, height and grandeur and was SO unimpressed with the apartments. They could have done so much, and they didn’t. Same old de rigeur high end appliances, boring layouts, no architectural detail or anything interesting at all. And TINY. I’m surprised anyone bought these, especially at those prices.
33% sold – the new killing it.
“Carve a few more apartments into the building”
Sorry, I meant to say carve a few “fewer” apartments into the building, but I was too busy having a tantrum.
“wow, here we go again, the 2 room special……”
“I looked at this thing 2+years ago and I felt then that it was a cluster*uck of a project and I am convinced now that I was correct.”
Totally agree with STARGAZER and fsrq. WTF are these buyers thinking? These apartments are tiny, and people are paying close (enough) to $2 million for them??? I love the building and the location, but told my broker I have zero interest in living in an “apartment” where the back of my living room sofa is up against the kitchen island. Greed. Greed. Greed. Carve a few more apartments into the building, give me an effing dining room (a dining L even!!), and we can talk, but $1.65m or $1.7m for 2 small rooms, with the same fixtures that every developer has put in every development built for the last 10 years?!?!? WHAT am I missing here? I’d rather buy an entire house in the South Slope and have $500k left for Lotto tickets. Thank you for permitting my *rob*-like rant.
Good questions, Ringo. At the risk of sounding ignorant, don’t smaller developments sometimes invest in pre-selling or lining up buyers before they release an offering plan? I’ve had discussion on small buildings that might get converted but as of yet still haven’t changed ownership hands. (ASIDE – believe I read that 166 Montague, unlike 20 Henry, did not change hands, but was developed by the owner). I’m thinking those first six, or some portion of it, was presold or reserved well before the offering became public.
Anyway, would take an insider to fill us in on what happened and why. I don’t know the scheduled timeline but it does seem like units have been released in dribs and drabs (2-4 at a time).
you know, at the beginning, this place had a lot of units in contract. or posted as “in contract”. I’m still too lazy to look up my old comments, but I was surprised to read today they’ve sold 6 units. but now I’m rereading this post. have I misunderstood how many were sold?
also, why are they still working on this place? I thought they were close to being done a year ago.
By Ringo on May 4, 2010 1:00 PM
fsrg, I thought it was a lot longer but was too lazy to look it up.
…
Actually, you should click the last ‘checking in on 166 Montague’ link (from MARCH 2009).
Guy named Ringo had several comments about appropriate pricing and praised the initial sales momentum – which, truth be told, was impressive given it straddled pre-/post-Lehman.
Since then, not so much eh.
Hey, I’m just sayin’…
😉
fsrg, I thought it was a lot longer but was too lazy to look it up.