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March 1, 2007
99 Gold: Wassssuuuuppppp
After the flurry of media attention last summer (remember the indoor basketball court?), 99 Gold seems to have faded from the public consiousness. We haven't it mentioned for months. So out curiosity was piqued when we happened to walk past the building last week. There are currently 21 listings on the market but the DOB filings specify 88 apartments. So what's happened to the other 67 units? Have any of them sold? Have prices moved a lot since they first hit the market?
99 Gold [The Developers Group]
GMAP
99 Gold (Finally) Hits the Market [Brownstoner]
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Comments
One word:
Warehousing.
They only list a percentage of what's actually available, in order to manage demand (and not reveal the truth of so many available apartments languishing for months).
Similar to eBay sellers that have alot of inverntory but only list very few at a time, so they don't cannibalize their efforts to sell at best price as quickly as possible.
Make it look exclusive and more rare, avoid perfect market information.
Just watch out for the blogs, of course.
;)
Posted by: webster at March 1, 2007 11:32 AM
99 Gold has become a mystery to me. During open houses last summer people were told that move-in was expected for the Fall, and indeed the building has been sitting there, looking finished, for months now, but nobody has moved in. It does not have it's temporary C/O yet, however. I wonder what the hold up is. One of the filings on the DOB's web site says that it is under "Audit," though.
Posted by: Dan at March 1, 2007 11:55 AM
They're waiting for the supermarket and for the projects to be painted with pretty flowers
Posted by: Anonymous at March 1, 2007 12:32 PM
I looked twice. Okay layouts, nice finishes, a good amount of square footage for the price. But you are literally across the street from that huge housing project. I couldnt get past that.
Posted by: Didn't Buy at March 1, 2007 12:38 PM
some of these listings are as high as $947. per square foot.
don't others find this pricing "beyond aggressive" and even beyond comprehension for what you get and for where?
and poster #1 is exactly right about "warehousing." Also, buyers should be aware that there are no gurantees from developers about getting a permanent C of O. I'd be especially cautious with this new condo stuff.
Mr. B, what ever happened to the developer's group project on spencer street? those poor buyers had massive problems that were scary...
Posted by: Anonymous at March 1, 2007 1:50 PM
That housing project is GNARLY, too. Super Gnarl, in fact.
Posted by: Anonymous at March 1, 2007 2:15 PM
They priced those units waaaay too high. Yes, the proximity to all that is glorious in dumbo is great, but it's proximity to the projects out weighs that benefit. Over time as vinegar hill develops, the projects won't seem as big of an issue. Until then, those units need to be sold at an extreme discount.
Posted by: Anonymous at March 1, 2007 2:54 PM
Been there. Highest prices in Vinegar Hill for what you get.
Posted by: Anonymous at March 1, 2007 4:07 PM
i think is Scarano job and therefore the C of O can be far a way
Posted by: Anonymous at March 1, 2007 7:36 PM
Many units have been sold and a few of the most desirable lines are completely sold out after the price cuts last Fall.
Most lines are priced between $600 and $650 per sqft. Price per sq ft now below the average of recent sales in nearby, and similarly project adjacent, buildings like 79 Bridge and now much closer to the $550 - $600 prices at the much less desirable Vista (with it's low ceilings, high CC and views of the brickyards. Penthouses cost much more ($900+) but all have killer views and a lot of outside space.
Numerous sources estimate about 45% of the building is in contract with DG still waiting on a number of contracts out. Closing dates have slipped from March to May. With no news yet on the TC of O that could slip further into the summer but construction is finished and inspections are in the works.
Posted by: Anonymous at March 1, 2007 7:52 PM
Scarano didn't really do anything except add one story. This was an existing building, so I doubt they will have the typical Scarano issues that his ground up construction seems to have. I agree that the apartments are now priced appropriately. They were on the high side when the building first opened though. But yea, given that you are one block from DUMBO and paying $200+ less a sq ft, it doesn't seem like a bad deal to me. I bought in 70 Washington when it first opened, but this would have been an interesting alternative at the time.
Posted by: Anonymous at March 1, 2007 8:46 PM
for any contract holders, has there been an update on the C of O?
Posted by: brittany at March 2, 2007 7:49 AM
The housing project was gnarly, but it wasn't that bad. It was no Atlantic Yards. It could be tolerated.
Posted by: Anonymous at March 2, 2007 10:40 AM
Why are brooklyn people so angry? Is it because they cant afford to live in Manhattan? You people need to chill and be happy that gorgeous developments like this are going up in rather undesireable neighborhoods. Everytime something different goes up in a brooklyn neighborhood everyone not only overreacts, but feels the need to bash it immediately. I think 99 Gold is a fabulous addition to this neighborhood and anyone who is lucky enough grab one of these units will be sitting pretty...
Posted by: valentina at March 3, 2007 12:09 PM
Valentina - I've seen this building and it looks VERY pretty from the outside. But it is RIGHT NEXT DOOR to SEVERAL HUGE HOUSING PROJECTS. When you walk around that area - either day or night - it feels EXTREMELY UNSAFE. That's an objective opinion. I live in Brooklyn and agree with you that many Brooklynites feel the need to bash new construction. But you can't get around the fact that this beautiful building is right smack in the middle of a very unsafe area. I have friends who are in contract at this building. And I am very concerned about their decision to live there. I would feel uncomfortable visiting them with my small children during the evening, and parking my car in that neighborhood.
Posted by: bklyn at March 3, 2007 1:21 PM
bklyn, have you ever even spent time in this neighborhood? Or do you just see projects and assume the worst? I lived on Hudson for 3 years and I never encountered one situation where I had felt unsafe. York street is not neccesarily the most attractive walk, but if the look of it bothers you, walk down Front Street instead. Almost every neighborhood in Bklyn (and several in Manhattan) has projects surrounding it. That does not automatically equate it to being "EXTREMELY UNSAFE."
Posted by: Anonymous at March 3, 2007 2:29 PM
Anon 2:29 - I have lived in Brooklyn Heights for over 15 years. I have witnessed the evolution of DUMBO and now Vinegar Hill. I work in DUMBO and often walk around the BH, DUMBO, and VH areas. The area immediately surrounding those VH projects feels unsafe. No way around it. Sorry to burst your bubble. If you had over $700k, would you choose to live in a 1BR, without a doorman or security guard, right next door to those projects?
Posted by: bklyn at March 3, 2007 8:48 PM
You are not bursting my bubble by any means. Again, I lived on Hudson Avenue (one block east of 99 Gold) for 3 years, and I never felt unsafe. In fact Vinegar Hill is one of my favorite neighborhoods in Brooklyn. It has more charm and character than most. You should also consider that people felt the same way as you when condos in DUMBO started emerging. Now those people are kicking themselves for not buying. So to answer your question, if I was in the market I would definitely be looking at this building as a viable option. I also tend to think a building like this will offer a doorman, or at the very least a video security system? Feel free to correct me if I am wrong about that. Let me also clarify that I am not looking to pick a fight or anything of the sort. I just happen to be a big fan of this area, and having lived in the same location for a substantial amount of time have more knowledge about the safety than someone looking from the outside in.
Posted by: Anonymous at March 3, 2007 11:41 PM
Last time I checked, most (if not all)of those $1k per sq foot DUMBO condos are not sitting next to the Farragut Houses, or any other housing project. Oh well, I guess we can agree to disagree.
Posted by: bklyn at March 4, 2007 8:54 AM
No way anyone in their right mind would discount this buildings proximity to Farragut Houses and Walt Whitman projects. A doorman is not going to make that much of a difference. You can develop the area surrounding these projects as much as you want but they're not going anywhere. BTW, check out the crime stats in these places, esp in the summer. Charm schmarm.
Posted by: Terry at March 4, 2007 4:59 PM
I have set up a group for contract holders at 99 Gold Street. Email me at mariatcohen@gmail.com if you are currently in contract and would like to join
thanks
m
Posted by: Maria at March 4, 2007 10:20 PM
I came from projects years ago and no longer do but I would be scared to live near bklyn
Posted by: anon at March 5, 2007 7:19 AM
Though I disagree with it, I understand that some people are uncomfortable with the idea of living near public housing. What I don't understand is why this is an issue that always pops up when discussing 99 Gold, but never when discussing the Vistas or 79 Bridge. Those buildings are almost as close to the Farragut houses as 99 Gold is; you just can't actually see them from those buildings. Is this what makes people more comfortable with their investment and safety? Out of sight, out of mind?
Posted by: anon at March 5, 2007 10:49 AM
The scoop is: Developers Group has hardly sold ANY of the units in this building. There has been zero activity there.
The blogger who wrote "many units have been sold..." is clearly a Developers Group employee, just trying to use the ole' smoke and mirrors tactic.
I bet this building will go rental b/c Developers Group can't sell anything.
I guess time will tell.
Posted by: anon at March 5, 2007 11:00 AM
99 Gold faces the middle of Farragut which is very different from 79 Bridge, which is at the other end. Even the units facing South (farragut) are not as close as those at 99. At 79 the aveage 1 bedroom is an actual 900sq ft, and the bedrooms are well proportioned not the measly 100sq ft one bedrooms at 99 Gold. 79 Bridge is an established building with an active board and actual reserves and just one block from the F. Very different feel than 99 Gold.
Posted by: Anonymous at March 5, 2007 11:14 AM
Actually, lots of units have been sold. Check out: http://www.streeteasy.com/nyc/building/99-gold-street-brooklyn
for an incomplete list.
Posted by: anon at March 5, 2007 1:12 PM
99 Gold faces the middle of Farragut which is very different from 79 Bridge, which is at the other end. Even the units facing South (farragut) are not as close as those at 99. At 79 the aveage 1 bedroom is an actual 900sq ft, and the bedrooms are well proportioned not the measly 100sq ft one bedrooms at 99 Gold. 79 Bridge is an established building with an active board and actual reserves and just one block from the F. Very different feel than 99 Gold.
Posted by: Anonymous at March 5, 2007 11:14 AM
Regarding above post, I dont think 79 Bridge is that much better location than 99 Gold. And I hope it has an active board already. Was it not built 10 years ago? what is the point?
Posted by: Anonymous at March 5, 2007 7:44 PM
I think that 79 Bridge is a lovely building, definitely, but all of Vinegar Hill has virtually the same proximity to the Farragut Houses (not just 99 Gold). Not to mention that Dumbo proper is only a couple more blocks away. But hey, this is Brooklyn - there aren't too many areas that are completely populated by well-off professionals. Thank goodness.
Posted by: anon at March 5, 2007 8:28 PM
I'm the blogger who posted that "many units have been sold". I am not a DG employee but a contract holder in the building running the Mac group for contract holders so have more info most. I set it up a few weeks ago and so far we have about 15 members so far and about one each week joins so there is not "zero" activity by any means. Many of the popular lines are sold out (as we discovered when we bought and ended up in small bidding situation over the line we wanted.
I also wholeheartedly agree with the comments that Farragut are no more of a challenge for 99 Gold than for the Vista or 79 bridge.
Posted by: Maria Cohen at March 7, 2007 8:03 AM
Ms. Cohen there is a difference between being one block from the train and having to cross the Farragut housing to get to your home. I have lived here for 4 years and I know the difference. I appreciate that you want to feel better about your purchase but let's be real. The Vista and 79 Bridge do not have the same feel as 99 Gold. I can't wait to see the comments once you actually live here.
Posted by: Anonymous at April 10, 2007 5:45 PM
reading this is funny and sad. I lived in VH 97 - 04. I got mugged right on the corner of 99 Gold. I saw 4 four deaths within one block. Two OD's, two bullets. And I saw the craziest shit. I miss living there. I'm a pacifist. Money won't save my ass. Take care.
Posted by: anonymous at April 22, 2007 8:33 PM
Looks you were right, March 5, 2007 11:00 AM.
Craig's list has several rental units in 99 Gold listed. Apts & Lofts is the broker.
Posted by: Anonymous at April 26, 2007 1:56 PM
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