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May 1, 2007

One Hanson Breaks 50 Percent Barrier

Looks like the expansive hors d'oeuvres spread at the open house that the developers of One Hanson Place threw for brokers a couple of weeks back gave the sales effort that extra push it needed. (Or maybe it was the wool-knit cap lead Corco broker Adam Pacelli was sporting.) Either way, we just learned it was enough to push the 189-unit development over the 50% sold milestone. The renewed momentum is welcome news, we're sure, after a very slow 4th quarter last year. We were able to pop our heads into the open house to see a finished two-bedroom and gotta say it looked pretty nice. What we really want to know, though, is who's gonna step up for that 4-story penthouse in the tower when it hits the market. Can't imagine what the price tag on that baby will be.

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The maintenance costs of maintaining these facades are stratospheric. It is a highrise Romanesque revival number that is fully landmarked. Just print money.

Posted by: Fred at May 1, 2007 3:15 PM

the current exterior facade overhaul will last for at least 20 years, so your comment fred, is a moot one for most.

Posted by: anon at May 1, 2007 3:33 PM

The developers have already announced that the facade renovation by itself is costing $8 million dollars. That's $2116 dollars per year for the next twenty years for each unit (not making any adjustments for inflation). Isn't a landmark facade worth $176 a month for the next 20 years?

Posted by: Shahn Andersen at May 1, 2007 4:11 PM

Our consulting engineer said that we can expect to spend $50K/year on facade maintenance for our much smaller same-era building. It would have to be $100K+ for the WBB. That's a job (where even a small one is going to be $300k+)every LL10/LL11 inspection period -- when the building is that old and with all that stone, there is always something.

Posted by: Anonymous at May 1, 2007 4:14 PM

if i recall correctly, early in the project the developer said the price for the 'townhouse in the sky' was $12 million. i thought that sounded reasonable, using townhouses on columbia heights as a rough (view, uniqueness, although not exclusive ownership) comparable.

Posted by: Anonymous at May 1, 2007 4:48 PM

The two penthouse will be priced in the 3-5mm range

Posted by: MJ at May 1, 2007 5:02 PM

But where will all the children with crooked teeth go now?
Where will they go?
This was crooked teeth central.

Posted by: Fred at May 1, 2007 5:22 PM

Get a grip Fred

Posted by: anon at May 1, 2007 8:09 PM

I wonder who is buying in this building? Is anybody buying on the side facing the proposed arena? How noisy is it in there? Where will these people hang out? Where will they send their kids to school? Please post replies as obviously the agent and/or the developer are on here. I'm really just curious. Thanks.

Posted by: Anonymous at May 1, 2007 8:09 PM

Seriously looked at 1 Hanson, just unsure of the market, and it's really hard putting that much down, and making the commitment when there is no guaranteed delivery date. The apartment I looked at couldn't see AY, or Manhattan, and didn't have such a great overall view. I'm going to pass. Seems to have alot of potential though.

Posted by: That guy at May 1, 2007 9:17 PM

Anonymous 8:09 --> I just bought a lower floor one-bedroom unit in the building. My unit faces Fort Greene, away from the arena. I don't foresee AY construction having a dramatic impact on my living experience beyond overall neighborhood congestion. I'll be too far away to hear construction noise, and my Brooklyn views won't be touched.

What I love about the building (and I searched a long time before buying): built-in history, beautiful units, high ceilings, dope subway access, proximity to BAM (I'm on the same block as my fave NYC movie theater), decent square footage price, short walks to Fort Greene and Park Slope, long walks to Prospect Park and Cobble Hill, excellent investment potential. I have no kids yet, so schools weren't a factor for me.

I'm as curious as anyone to see how AY will come to life and impact the neighborhood. Political opinions aside, however, it seems the development will inevitably lead to an increase of amenities in the area.

To be honest, however, all I care about is whether LeBron will move into the building when he joins the Nets in a few years' time. (Naah, forget that. He'll probably move to the Meier building. Oh well.)

Posted by: D at May 2, 2007 2:39 AM

D,
Did the seller negotiate with you at all, or was it sticker price? They seem pretty serious about getting sticker price for the units.

Posted by: A at May 2, 2007 7:11 AM

There was no negotiation of price for me. I bought a 1 BR/1 Home Office Unit with Fort Greene views. I am in no rush to move in, but my closing should be sometime in the fall. I believe the building will have many young professionals as well as buyers who have fallen in love with the building's architecture.

Posted by: AJ at May 2, 2007 9:01 AM

What I don't understand is the ad campaign. There are full page ads all over the Times magazie and RE section, with photos of the model units. But is anyone who wants to live in Brooklyn really going to be attracted to a bedroom with matching drapes and wallpaper?? Gross!

Posted by: Anonymous at May 2, 2007 10:12 AM

I also bought a one bedroom facing fort greene and do not think AY will have any negative effect. I fell in love with the building and the location and believe it is a fantastic investment. They are very firm on prices... i think because it is over half sold. I know several other buyers who recently bought in the building. They previously checked every condo on the market in brooklyn and felt that nothing compared.

Posted by: anon at May 2, 2007 12:13 PM

Posted by: anon at May 2, 2007 12:18 PM

sorry, havent figured out how to post yet. Ignore the last two posts!

Posted by: Anonymous at May 2, 2007 12:21 PM

D and Anon (3 of them) - you do sound like brokers, get a grip.

Posted by: Ricky at May 2, 2007 12:47 PM

Wish I had the money, with the market the way it is, and the entry and exit costs so high for a new buyer, I could get upside down in the mortgage really fast. Just tough to tell what in the world the real estate market is going to do.

Posted by: Anonymous at May 2, 2007 2:40 PM

nope, not a broker

Posted by: Anonymous at May 2, 2007 3:42 PM

hey 2:40.

the only way you'd get upside down with your mortgage is if you got greedy and bought a place you couldn't afford. if you find one within your financial limits, you should be just fine barring losing your job, major illness, etc but even then i wouldn't buy unless you can keep a good 6 months worth of savings in an account after your down payment.

please don't feed into the fear. buying a house, is just that. buying a house.
it's not less or more than that. it's a roof over your head, that if you are happy with should not be of a huge concern whether or not it goes up, goes down or stays the same. if you're in it for the long haul, the odds are in your favor that you'll come out ahead.

Posted by: anon at May 2, 2007 4:31 PM

we looked in this building as well and found the units to be very well proportioned and decently priced. some friends of ours bought 2 apts and combined them as well. ultimately we opted for a brownstone apt in prospect heights since that is really what moving to brooklyn is all about for us....something different....Had we not found our other place, I am sure we would have been happy at one hanson though as it was better than most things we had seen over the past year.

Posted by: wildedger at May 2, 2007 5:23 PM

Does anyone know when the retailer will begin to construct and occupy the first floor space?

Posted by: anon at May 2, 2007 7:27 PM

I spoke to the engineer dealing with the exterior work. it's pretty major. work for years. buyer beware.

Posted by: anon at May 2, 2007 8:28 PM

4:31 - Not necessarily true. There are areas of the country that friends of mine bought in, near the peak. They are now can't sell their place for the value of the loan. It will cost them 30-40k to sell the home. Two years at 5% decline can be very dangrous. Granted, the payments on a fixed mortgage won't go up, but if prices go down (not that they are in Brooklyn), it can be really trapping.

Posted by: Anonymous at May 2, 2007 9:27 PM

My question is about the view from the west side of the building, is it protected? And why (even with the J51) are the taxes so high?

Posted by: Michael at May 3, 2007 6:48 AM

I bought a 1 bdr facing the west. View is gorgeous. It's overvalued and not a good investment idea. I bought because I want to live there end of story. I worry about those people who are buying in for an investment.

Posted by: Anonymous at May 3, 2007 10:02 AM

We bought a one and half bedroom facing fort greene. We fell in love with the building and currently live in Fort Greene and wouldn't want to live anywhere else. 820 per squre foot did not seem overpriced to us. I can't wait to move in. I hope they are on time for delivery.

Posted by: Anonymous at May 3, 2007 10:55 AM

My question yesterday was about the view facing west, towards Bourem Hill and the river. With all of the planning for new developement in the area, will that view become obstructed? And any comments about the high taxes?

Posted by: Michael at May 4, 2007 7:01 AM

views facing boerum hill should remain good because of current zoning laws. Nothing can be built over 8 stories in most of boerum hill. The side facing the atlantic yards may be another story. also...the building only has a partial tax abatement bc it is not new construction from ground up.

Posted by: Anonymous at May 4, 2007 4:07 PM

I bought a 2.5 br/2ba facing south and west. I looked all over and these apartment are the best in broolyn. Like Richard Meier and almost bought, but not getting enough for 200K more and 2oo sq feet less. Atlantic yards will not impact my views. The J condo, beacon, any walentas building ie 110 livingston, 30 main, etc. Can;t compare.

Posted by: anonymous at May 6, 2007 8:01 PM

just got a 2 b 2 b facing west. i was told the limit for bourem hill for new construction was 15 stories... not too concerned about it really. we checked tons of places.. came close to buying at forte'.. really glad we didnt. for a little more money, you get so much more at one hanson. currently on the upper east side and cant wait for the change.

Posted by: s at May 10, 2007 9:19 PM

Hi, First time on this site, also purchased at One Hanson. If anyone would like to say hello, please contact me at aprilgal404@aol.com

Posted by: Marie at May 17, 2007 10:48 PM

Also purchased a lower floor one BR D line. I believe in the building. And I happen to be a broker! But I am buying to live-in. Also do think it is excellent long term investment. The building is A+ -- neighborhood is on the up and up. Awesome master bathrooms, kitchens are yawn but ok (too big!). I was told that Dean & Deluca is moving in to the bank's landmarked 7 story space to be Bklyn's flagship store with seattle's best coffee too. That's a great amenity! The building is not marketing itself well I think. "Brownstone living with view" hardly like a brownstone! rumor is they are building garage for cars, but very unlikely. over all historic pre war highrises make excellent long term investments.

Posted by: isaac at May 21, 2007 3:29 PM

I meant Borders Bookstore NOT dean and deluca

Posted by: isaac at May 22, 2007 4:05 PM

Why is the parking garage unlikely? Curious because I bought a 1bdr and would love to be able to have my car there.

Posted by: Brian at May 24, 2007 10:37 AM

I agree about the poor marketing.. Just found out Borders pulled out due to "Corporate Restructuring" I would love a Dean and Deluca or Whole Foods.

Posted by: s at May 25, 2007 11:02 PM

s at May 25, 2007 11:02 PM

Borders lost a TON of money this past quarter. They reported a few days ago. Seems reasonable that they would pull out of an expensive location like One Hanson and instead look to raise the profitability of their existing stores.

Posted by: Anonymous at May 31, 2007 3:24 PM

The poster on May 6th at 8:01 pm is either a broker for One Hanson or smokes jumbs,(i.e. crack)or both.

Posted by: We don't believe you at June 8, 2007 9:28 AM

are there any real people here? i'm seriously considering buying a 1BR in hanson as an investment. i'd live in it for 3-5 yrs probably and then want it as an investment property. can anyone shed some light on the comment from Anonymous at May 3, 2007 10:02 AM?if so, please email me at fatasianbaby@gmail.com. i'm serious.

Posted by: fab at June 12, 2007 12:00 AM

I'm curious about when these apartments are going to be ready. Looking from below
I see the 9th floor on its way to being completed. I'm really excited to move in. Will send my kids to the terrace at the top for their education. Why go to school when you can see far and beyond from the top of One Hanson. Yay!

Posted by: Anonymous at June 17, 2007 5:58 PM

« House of the Day: 44 Strong Place Tuesday On The Record »

May 1, 2007

One Hanson Breaks 50 Percent Barrier

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