What's Up with Oro Part Deux?
Is the second Oro tower in trouble? As evidenced by these two photos, nothing has happened at the site since the late summer, which is around the time the developer began murmuring about a switch from condos to some kind of mix of rentals and hotel. (The latest, unapproved filings call for a 38-story hotel…
Is the second Oro tower in trouble? As evidenced by these two photos, nothing has happened at the site since the late summer, which is around the time the developer began murmuring about a switch from condos to some kind of mix of rentals and hotel. (The latest, unapproved filings call for a 38-story hotel with 74 condo units.) One sign suggesting an intent to move forward: Back in January we reported that a sales office for the second Oro was under construction across the street. Meanwhile at the original Oro, StreetEasy shows 158 units spoken for. The DOB filing shows a total of more than 300 units for the building, so it appears they still have a ways to go on that one. At least the Toy Factory won’t have any more views blocked if this does not move ahead.
Development Watch: Son of Oro, All 40 Stories Of It [Brownstoner] GMAP DOB
it will be fun to look back at some of these posts 5 years from now. i wonder if any if these anonymous adam smiths will have the balls to claim their clairvoyant flops.
I know that owners of the Oro, Forte, Hanson etc. are sad that the expected building will be stalled but only because they would have liked to have more people celebrate a smart decision; and have more people know what they know, that Brooklyn is great place to live. Yes, more apartments would enhance an already great neighborhood – Over 600 people/families have bought in new developments in this immediate area in the last year (not including Dumbo). Overall I think that these purchasers are relived that the condo supply has been delayed until exisiting homes on the market get absorbed. When the existing supply in Brooklyn is absorbed and there is no where else to buy a luxury two bedroom with awesome views in a great neighborhood those purchasers are going to be laughing all the way to the bank!
There is a constant demand for apartments in New York City. Students moving here increase the demand for rentals, many stay after school and some purchase a home. New Jobs create a demand for new housing every year. I dont know the exact statistic but over 200,000 people move into NYC every year on a net basis. And when there is no new supply what happens? Price goes up. It is what you learn the first day in Economics.
Five years from now everyone is going to say I should have bought then, it was so obvious, all the signs were there. The country coming out of a recession, NYC values remaining healthy, low interest rates, an economic stimulus package offered by the government to bring down the cost of my mortgage, developers offering incentives to buy, no new condo developments adding to the supply, and a great location. All of these obvious signs.
Seperately, I wonder what the motivation is of those above that dis the purchasers in Brooklyn and Downtown Brooklyn specifically. Are they competitive brokers from other developments in LIC or Williamsburg or a renter who hopes to blog the market down so they can afford? What other motivations are there?
I was told the same thing by an Oro agent. They building is no longer going to be a condo but instead is being built as a hotel. Apparently, the glut of new condos in Brooklyn along with the credit crunch doesn’t make a new high rise condo building particularly appealing to financers at the moment. It’s taking too long for their liking for a building to be sold out. Good news for those of us in the market for a new apartment.
I went to see a unit at Oro that faces the dirt pit, and the agent said a Hyatt (or Hilton, I can remember) is going to be there.
“your turn”
Good boy! I’m proud.
Why is everyone saying nothing has happened at the site? Take a look at the pictures. Since August 07 they got rid of that tractor and added that pile of dirt in the back right corner. Plus a few of those big rocks have definitely been moved out.
new building permit 35 stories renewed 1/30/08:
http://a810-bisweb.nyc.gov/bisweb/WorkPermitDataServlet?requestid=5&allisn=0001769098&allisn2=0000992240&allbin=3331100
app for expansion to 38 stories 2/1/08 (currently disapproved):
http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=3&passjobnumber=310075021&passdocnumber=01
your turn
Not trying to be controversial but can someone explain to me why the people on this blog appear to be rooting AGAINST development at this location. I’ve lived in the neighborhood for 10 years and myrtle between flatbush and ashland has been a complete shithole….I’ve been praying for development in this area…yet every comment about the planned projects (Oro, 150 Myrtle, Avalon, the Big Cat’s project) seem to draw these punk bitch comments? Porque?
Well according to the sales office at Oro, they have sold 158 apartments (which matches up with what streeteasy says 88 “in contract” and 70 “previous”). So that would be 53% sold. Not great, but not disasterous considering the building won’t be taking occupancy until June..