The Latest on the Love Lane Garage?
We got an email — along with these photos — from an old friend and Brooklyn Heights resident asking if we’d heard anything new about the conversion of the Love Lane garage. As you may recall, news broke last August that Sterling Equities (which also owns The Mets) was in the “earliest stages” of turning…
We got an email — along with these photos — from an old friend and Brooklyn Heights resident asking if we’d heard anything new about the conversion of the Love Lane garage. As you may recall, news broke last August that Sterling Equities (which also owns The Mets) was in the “earliest stages” of turning the 400-slot parking garage into 40 condominium units. Given the paucity of parking in the area, many residents were in a tizzy trying to find a back-up plan for their cars. We haven’t heard anything new. Our friend hypothesizes that the framing on the roof (inset) is to demonstrate the size of the planned expansion. Anyone got an update?
Plan Will Put 400 Parkers in Tight Spot [NY Daily News] GMAP P*Shark
Love Lane Garage Going Condo? [Brooklyn Heights Blog]
The Alleys of Brooklyn Heights [Forgotten NY]
Coming late to this, but I’m baffled by the “creepy” comments. The street was never that bad and no more/less safe than any other street in the area. It will be an interesting conversion, but I’ll miss the way it was since it reminds me of NYC back in the 1970s and 1980s.
Does anyone know how we can see the plans and elevation for this project? I live behind the parking garage and am concerned I will lose all light in apt.
7:05 I guess you are not familiar with buildings. There are at least 5 different buildings all in a row. Think horizontal, not vertical. Besides current owner plan calls for providing parking for 40 cars, which would be below residential units. Such a design is typical.
I can’t believe that 3:50 pm is suggesting converting it partially to condos and keeping part of the building as a parking garage! Who wants to live over a parking garage? Unless it only contains your cars- that spells noise and smell and traffic!
This area is a creepy little enclave in a reallly nice area of North Heights. I can see how residents might be upset because there isn’t a lot of parking around there – only the Cadman and the outdoor one at the base of the bridge. Love Lane is dark and sinister and sort of scary there at night. My friend got robbed there a few years ago after dropping off his car. I lived around the corner. It would be a much better business than parking, I believe and would improve the area.
Your friend is correct. Inset photo shows “mockup” of proposed rooftop addition for LPC application, not real construction.
I am not exactly sure of the numbers but the decision to develop is probably not that compelling as opposed to say selling the business and property as is. If they currently net say $1.5MM from parking operations the implied value at a cap rate of say 4% is $37.5MM. They would have to do significantly better than that in a condo conversion to compensate for the added risk.
If property measures 120,000 sf that works our to approx. $312 psf. Which is probably the value of the in-place shell.
If they choose to build out condos that could take a while. At least one of the buildings was used as a service and gas station in the past. Environmental issues could be significant and costly.
If I were the owner I might consider a plan that reduces the amount of parking by about 60% and convert the remaining bldgs/space to condos. Risk is mitigated by continuation of existing operations and by reduction of cap ex needed for improvements.
I am assuming there is no mortgage on property.
LPC heard this application last week and approved it. The only changes from their initial application were some alterations to the configuration of the penthouses so they were less visible from Love Lane, and some chnages to the articulation of the entries at street level.
remember when they ‘paved paradise to put up a parking lot?’ now we’re nostalgic for them!
Seems like parking is better business than condos right now. Way more demand. I’d leave it as is and try to sound proof it.