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January 25, 2007
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 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]
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Comments
Jeez, why don't they turn the churches into condos too while they're at it?! Then turn the Post Office building into a Whole Foods and it will be a perfect 2007 NYC community. Too bad there are no kids museums down there to convert into condos.
Posted by: west at January 25, 2007 11:57 AM
Indeed, that's what those are on the roof. It's been there for several months now. Gossip I heard is that they won't kick the cars out until at least June 2007 (which is pretty close all of a sudden!)
Posted by: Peter at January 25, 2007 12:23 PM
Great news. BH has lousy condo selections right now. Most of them are the modern low ceiling (< or = 8') types. Hopefully, the ceilings will be higher than 9' with thick concert floors.
Posted by: Anonymous at January 25, 2007 1:03 PM
I live on Hicks Street, in the building next to the garage (see in the background). A few months back our coop board posted a message about the Landmark hearing, and repoted that while Landmark wasn't psyched about the proposed height increase (that's what the framing on the roof is all about), plans are moving along.
Personally, I'm all in favor of this conversion, considering that the guys who work in this garage are so noisy and seem to not understand that most cars are equipped with alarm systems and that maybe they should exercise some caution when fiddling around at 6AM.
Also, Love Lane and College Place themselves have become really run down. I'm sure the people who live in the gorgeous carriage houses opposite the garage are also psyched for the upcoming conversion. Certainly the renovation period will suck for us all, but long term, it's great for property values.
Posted by: Anon at January 25, 2007 1:03 PM
First off, West are you feeling nostalgic for a parking garage?
Second, actually several churches in Brooklyn Heights (and even more in Cobble Hill/Carroll Gardens) have been turned into condos. We looked at one at 99 (?) Clinton. Beautiful soaring space, but there was not a SINGLE window that looked out to the outside. They were all stained glass windows with lights behind and a wall behind that. Really creepy, to me.
Posted by: Anonymous at January 25, 2007 1:45 PM
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.
Posted by: Anonymous at January 25, 2007 1:48 PM
remember when they 'paved paradise to put up a parking lot?' now we're nostalgic for them!
Posted by: beckersny at January 25, 2007 2:25 PM
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.
Posted by: tvtv at January 25, 2007 3:04 PM
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.
Posted by: Anonymous at January 25, 2007 3:50 PM
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.
Posted by: donatella at January 25, 2007 5:46 PM
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!
Posted by: Anonymous at January 26, 2007 7:05 PM
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.
Posted by: Anonymous at January 26, 2007 10:37 PM
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.
Posted by: guest at April 9, 2008 12:21 PM
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.
Posted by: Jack at April 30, 2008 8:09 PM
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