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November 10, 2005

Set Speed Condo Report: Condos at 75 Smith

the smith
The lot at the southeast corner of Smith and State St. has been the subject of much speculation in recent months. Originally thought to be a boutique hotel to cash in on the increasingly-active Smith St. corridor, it was then purported to become a luxury condo/hotel combination. This Lev Boymelgreen project, known officially as The Smith, at 75 Smith Street, now issues its big reveal. The website, 75smith.com, is an over-designed paean to what is currently a hole in the ground. The project proudly touts the fact that the interiors are designed by a well-known designer, Nick Dine, as is de rigeur these days for most high profile condo projects. An open house was scheduled for this past Sunday, November 6.

the smithJudging from the listings on the site, about 5 or 6 units are on the market. The project itself consists of 12 floors, with units being sold beginning on the 5th floor. This begs the question- what is located on the first four floors? Could they be the hotel units? A 5th-floor unit that is 1131 square feet, with 2 bedrooms and 2 baths is asking $685K, with $686 monthly maintenance and $77 RE taxes. The units are cookie-cutter one and two-bedroom units, with 8 penthouse units on the top floor. Renderings on the site show sleek bathrooms with double sinks and double-wide basins. Ceilings are 9'4" (10" on the penthouse units), a washer and dryer is provided and kitchen appliances feature Bosch and GE. Note that the 14 Townhouses project on State St. is just down the block, so this could be a busy corner for some time.

Residences [75 Smith] GMAP
Boymelgreen Project Stuck in Mud [Brownstoner]

Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.




Posted by Brownstoner at 10:43 AM | Comments (22)
Categories: Development

Comments

That seems like a pretty good price for an apartment of that size in a building like that. $615 a square foot. I mean, that seems to be less than market.

Posted by: Shahn Andersen at November 10, 2005 10:58 AM

I heart Nick Dine, but putting the w/d in the living rooms is not a design decision I would have made.

Posted by: Anonymous at November 10, 2005 11:00 AM

They continue to neglect mentioning it is across the street from the Brooklyn House of Detention.

Posted by: jk at November 10, 2005 11:01 AM

OMG -who could ever live there - across the street from house of detention. Mygod....someone could leap through the 7th floor window and slice the throats of your whole family. And exactly how close are those projects, and the Arena? Geez, only a sucker would pay more than $200 sq. ft.

Posted by: Anonymous at November 10, 2005 11:06 AM

Are they ever going to re-open the house of detention? When is that place going to go condo (although I guess in some ways, it's like a condo now). :P

Posted by: Shahn Andersen at November 10, 2005 11:13 AM

People keep urging city hall to pull that prison down so it could never be opened again, but the city isn't THAT dumb. They'll need to space someday and prisons aren't cheap to build. Cheaper just to keep it on ice until they need it.

Posted by: Anonymous at November 10, 2005 11:17 AM

OK, I'm dense. How do you have an open house at a hole in the ground?

Posted by: Anonymous at November 10, 2005 11:30 AM

they have a sales office set up. most of the time it is some renderings, floorplans, maybe some fixtures/finishes. if the sponsor goes all out, they may have made the sales office into a model apartment a la jcondo...

Posted by: ltjbukem at November 10, 2005 11:45 AM

The house of detention is actually a pretty nice building. Get rid of the glass block windows and that ugly, wrap-around, pink marble visitors center and you've got a good candidate for condo conversion. Think of the marketing possibilities: "The Brookly House of Detention Luxury Condominiums". Buyers would snap them up just for the cache...

Posted by: anonymous at November 10, 2005 12:30 PM

This thread made me smile (albeit sarcastically): Imagine potentially looking directly into a working jail from the windows of your "luxury" condo! It would be like having Oz on HBO On Demand, 24/7 - and real.

Posted by: eeeck at November 10, 2005 1:37 PM

well the guys on Oz do have their charms...

Posted by: clinton hillbilly at November 10, 2005 1:41 PM

I prefer the "Corrections Condos", or perhaps "Attica Gardens". Instead of units, each apt. could be called a cell.

Posted by: Anonymous at November 10, 2005 1:53 PM

Any estimates of completion date mentioned?
At the current rate I think about another 3-4 years.

Posted by: Anonymous at November 10, 2005 2:54 PM

Why even renovate the House of Detention. Just convert it, and sell the cells as studios. Stainless steel toilets, secure location, alarm system already installed, each studio comes with a bunk bed.

Posted by: Anonymous at November 10, 2005 3:19 PM

Are there going to be shops on the ground floor?

Posted by: Anonymous at November 10, 2005 5:40 PM

might the house of detention studio owners have a nice recreation yard? and ceratainly a well stocked weight room ... story developing ...

Posted by: Anonymous at November 10, 2005 6:18 PM

Give the location as much flack as you want (being next to BHD) but boulevard east already flipping condos (across the street), brooklyn law school has built dorms (across the street), the new townhouses (cattycorner across the street) are selling for 2.5, and the dumbo developer is renovating the transit building (across the street), and car wash lot has sold for $$$ (across the street). Apparently no one cares about buying/building next to a jail - occupied or not

Posted by: Anonymous at November 10, 2005 8:39 PM

This building had a Grand Opening ad in the paper over the weekend. Two people stopped me a the corner of Atlantic and Smith looking for 75 Smith for the Grand Opening and were quite surprised to find out it was a hole in the ground. The small print in the ad says the sales office is at 3-hundred something State Street, which is past Nevins, at least 3 long blocks away.

Posted by: Anonymous at November 14, 2005 11:16 AM

For the love of god, why can't people design a decent looking building these days? I'm reasonably certain that Robert Moses must have made a deal with the devil to come back to earth, inhabit the body of some developer, and endlessly fill the city with this same building over and over again.

The first one I remember of this new mold was the soho grand... someone more creative than me needs to come up with an official name for these: moses chic?

Posted by: Anonymous at November 16, 2005 10:51 PM

That area is a zoo.
i much prefer Smith St of 5-yrs ago.
now you have bridges and tunnel kind swarming the street.. good fornusiness, but crowds my sidewalk.

Posted by: kk at December 8, 2005 5:57 PM

i heard they may re-open the detention center up to prisoners from rikers, due to remodeling...

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Posted by: clomid at June 30, 2006 2:06 AM

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