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May 26, 2006
Postcard from Dumbo: Three Developments
We swung through Dumbo last weekend to get caught up on some of the development projects underway. In addition to 53 Bridge and J Condo, three of the biggest efforts are at, clockwise from top left, 206 Front Street, the tower at Front and Jay, and 99 Gold. According to Curbed, 99 Gold was supposed to have gone on sale a few months ago, but the building's website and the Developer's Group listing show nothing for sale yet. If anyone's got anything to share on these developments, we're all ears.
Comments
Anyone know anything about 133 Water? I never see anything written about it, but it too is rather sizable (12 stories, I think) and is going up really quickly. All I know is that it is yet another Scarano-designed building.
Posted by: Anonymous at May 26, 2006 11:26 AM
99 Gold has started pre-sales and I toured it earlier this week. The cheapest 1-bedroom units (approx. 750 sq ft) were $575k for a ground floor unit and $585k for a 3rd floor unit. The layouts were somewhat odd; the units aren't rectangular so you'll have angular walls (see the floorplans that are now up on the website). I personally found the prices somewhat high as the building is really in Vinegar Hill and not DUMBO and is sandwiched between the power plant (2-3 blocks away) and the projects (directly across the street).
Posted by: Anonymous at May 26, 2006 11:41 AM
Yup, right on top of the projects. Seems bad marketing to me to bring these on the market now, don't know they weren't brought on months ago. Seems the developers would have done better by sticking with rentals. Not that I expect much from the amaturish developers group I just thought they were smarter than that.
Posted by: Randal at May 26, 2006 12:18 PM
Got a "Gold Card" in the mail from TDG, entitling me to first crack at one of 99 Gold's units. Yay! I'd consider it, if only for the spankin'-new niceties of the condos, but the consensus here is right on the money--these things are way overpriced (if I were going to plunk down 570K for a 1BR, I'd be looking at 70 Washington). Strolling home from the F Train late at night would be an, ahem, adventurous undertaking.
Posted by: Andy at May 26, 2006 12:33 PM
What are you guys complaining about? $575k is a steal. Word has it that the Vinegar Hill housing projects are being relocated to Portland, Maine!
Posted by: BrownBomber at May 26, 2006 12:55 PM
The tower at Front and Jay is J Condo.
Posted by: Anonymous at May 26, 2006 2:32 PM
All the views (only available from the top floor) will be blocked by the Jahovas building anyway. Should have stuck with rentals as a long term investment. There are at least 6 major developments coming up in DUMBO that will be way more attractive.
Posted by: Anonymous at May 26, 2006 6:07 PM
I also received the "gold card" and checked out 99 gold this past week. I kind of liked it to be honest. The finishings were really nice and the ceilings were high. I thought the bedrooms were a little on the small side, but I guess you have to work with what your given in a conversion. I am new to the dumbo/vinegar hill market so maybe I am off base, but is the pricing really bad? From the pricing I got it all pretty much worked out to between like 650 and 715 psf.
Posted by: Anonymous at May 26, 2006 6:55 PM
I toured 99 Gold also and the prices are waaaay too high for the location. Here are your views.... East = public school yard (right next door), West = the buddist temple just featured on brownstoner (right across the street), North = power plant, South = projects. The actual units themselves are really nice however... top of the line appliances, 11.5 ft ceilings, floor to ceiling windows. I would totally jump on it if the prices were corrected.
Posted by: Anonymous at May 26, 2006 11:26 PM
btw... imo, price correcting means at least a $150k - $200k drop...
Posted by: Anonymous at May 26, 2006 11:29 PM
wow, SERIOUS dish about The Developer's Group!!! gotta love the blogosphere. so glad I purchased in the J... not a high-profile developer (Hudson Companies), no flashy previous projects (the J is their jewel so far), but a solid reputation for integrity and honest dealings. counts for a lot...
Posted by: Anonymous at May 27, 2006 8:18 AM
"Jewel"... Allow me to chuckle.
Posted by: Anonymous at May 27, 2006 11:26 AM
amazing how these projects will change Dumbo forever. Nexus, J Condo, Beacon Tower, and all of the "near-dumbo" projects, 99 gold. Not bad, just completely different nieghborhood. I just sold my apt on Main St, and I'm moving to Cobble Hill next week. I loved Dumbo when I moved here 4 years ago, but now, I can't wait to leave. It's been transformed into a completely different place. Nice for some (kids, Manhattanites moving to BK for the first time) but not for me.
Some notes on these projects:
Gold Street is rough. Buying at 99 Gold (at these prices) is silly. If you are going to deal with the drama of living over there, you should at least be able to but at a better price point. The building looks OK for the Developers Group, they seem lazy with the details, and have a kinda "Club Monaco" aesthetic, but worse things have happened to the area (Nexus is a piece of junk).
JCondo: Tough to say. The quality of the construction seems average at best , but for better or for worse, I think this building will define the new Dumbo. Location, size, type of person who buys in this type of building, etc. Dumbo, meet your future.
Posted by: Anonymous at May 27, 2006 5:23 PM
11:10pm, I'll be real about this: I want different neighbors. Dumbo is a developers dream. The existing community was creative types, usually with shaky leases, etc. Easy bunch to clear out and replace. Two Trees had the vision and ability to see this through. But the results? It's quickly becoming a neighborhood of 1 type of person. Six-figure, starbucks, land rover, bugaboo, type neighbor. Nothing wrong with that, but when every single person fits that description (or aspires to that description), that's a different type of thing.
Cobble Hill (like the rest of BK) is seeing its share of "gentrification" but there is diversity that Dumbo lacks. ......... 300K profit? I wish. I did nicely, but can't afford a brownstone is BK! We'll see if this market slows down... To future Dumbo buyers: Make sure you buy in the right building! There are WAY to many developments going on, if resale is on your mind, buy in quality buildings. 70Wash, Sweeny, 1 Main St. are overpriced, but at least you get something for your money.
Posted by: Anonymous at May 28, 2006 8:18 AM
Brownstoner... are you moderating comments? Why was my comment addressed to Anon 5:23pm removed? This person gave a great and honest response back at 8:18am... which I appreciate (he/she must have read it before it was removed). Not sure if the comment removal was a mistake, but if it wasn't I think it's rather silly that you did.
Posted by: Anonymous at May 28, 2006 11:02 PM
btw 8:18... thanks again for your honest response. I don't know if you'll get away from the bugaboo's and fancy cars by going to Cobble Hill, but there's no denying it's another great brooklyn nabe that's going to keep getting better through the years. Best of luck to you...
Posted by: Anonymous at May 28, 2006 11:10 PM
to 11:26 -- just out of curiosity, what makes you say the construction work on the J is "average at best"? They're only pouring floors at this point...how much quality variation could there be in that? I would think (and I know nothing about it) that quality metrics would be more in the finishing work, no?
Posted by: Anonymous at May 29, 2006 7:42 AM
Union labor makes a difference. J condo is one of the few that uses union labor.
Posted by: Anonymous at May 29, 2006 10:45 AM
53 Bridge is supposed to be commercial.
Posted by: Anonymous at May 29, 2006 10:47 AM
FYI, "the tower at Front and Jay" is the J Condo, not a separate project.
Posted by: Anonymous at May 31, 2006 11:13 AM
re: 99 gold. carnegie hill also borders housing projects. there are also housing projects all over chelsea and the UWS...but i guess that's different?
Posted by: Anonymous at October 19, 2006 11:25 AM
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