Tough Times at One Brooklyn Bridge Park
Sure, Elizabeth Stribling purchased a $6.05 million condo at One Brooklyn Bridge Park in March, but that didn’t make her a trendsetter. Bloomberg News reports that two-thirds of the 449 units remain unsold. The reason: Wall Street’s meltdown; OBBP’s main customers worked at places like Lehman and Merrill Lynch. “We were killed,” Robert Levine told…
Sure, Elizabeth Stribling purchased a $6.05 million condo at One Brooklyn Bridge Park in March, but that didn’t make her a trendsetter. Bloomberg News reports that two-thirds of the 449 units remain unsold. The reason: Wall Street’s meltdown; OBBP’s main customers worked at places like Lehman and Merrill Lynch. “We were killed,” Robert Levine told them. “We have negotiated and done some contracts, but people are clearly much more aware of the current economy.” Levine gets some of his development cash from a $300 million fund of American International Group Inc.’s real-estate investment sector. Oops. And here’s another problem: “One Brooklyn faces a particular challenge because it’s cleaved from the rest of Brooklyn Heights by the Brooklyn-Queens Expressway, said Cliff Finn, director of new development marketing for the New York real-estate brokerage Citi Habitats. In addition, since the Brooklyn Bridge Park itself won’t be finished for a few years, current buyers need to have some vision.
One Brooklyn Bridge Condo Demand `Killed’ as NYC Market Slides [Bloomberg]
dammit – 2 posts on OBBP the week i’m away.
biff – my comments stand. it’s a 5 second walk to willow under the bqe from here. how really is that any different in terms of noise, pollution, and distance to boro hall (7 min vs 7 min 05 sec)
not talking about price or anything like that.. if it was cheaper id move there in a second b/c it’s a sweet building with sweet views. but it’s not, it is too exp.
Why is Cliff Finn commenting on this? What does Citi Habitats have to do with it? Must be going rental. I’m pretty sure Cliff Finn has never been to Brooklyn and would probably soil himself out of fright if he were taken there.
Why is it that people don’t like this location? is it too close to Brooklyn Heights? Is it too far from the
schmutz-o-rama of Fort Greene/Clinton Hill?
I like this building. I think it’s classy. it isn’t juvenile or hipsterish. Even the units facing east have great views of Brooklyn. You think you’re breathing Alpine air because you live near Flatbush or Murder Avenue? Honestly, the mean-age on this blog certainly is apparent on certain threads. Listen, if you’re 17 waiting to get your first big break on a skateboard competition or your first blow job fron the neighborhood lolita, I understand why you don’t like the idea of living with the grown-ups in Brooklyn Heights, but everyone else should check it out, I was impressed, and I’m kind of picky in a non-teen way.
If they sell one to each Stribling Marketing Associates associate they might just make it.
From the Bloomberg article: Stribling Marketing Associates, exclusive broker for the property, has sold just 18 units since March, compared with an average of 14 a month in each of the prior 10 months.
So velocity went from 14/month to 2/month. They are so f’d. Can you rent these units yet?!!
It is probably safe to assume that a buyer of a $10MM house understands what value is and how it might be protected. A 2003 study by the Independent Budget Office concluded that although prices for historic properties have at times increased less rapidly than for similar properties outside historic districts, overall price appreciation from 1975 through 2002 was greater for houses inside historical districts. While some may value being part of a neighborhood and some may not, the important concept to understand is that a community with an active, organized and established voice such as the Brooklyn Heights Assocation is a major contributor to real estate value stability. Landmark district, low crime, minimal graffiti, etc. all yield a better quality of life. Being part of the BHA is not very glamorous voluntary work, especially considering the occasional bashing the association administrators take on this blog and others, but those that do are very appreciated by those who understand the impact this organized voice indirectly has on the value of their homes. Unfortunately, OBBP isn’t now and will never be part of a neigborhood. This project along with others of this type will suffer more as the knowledgeble buyers will seek the security of stable real estate investments. Views alone do not provide for price appreciation.
You think the people who bought the ten million dollar house on Remsen Street are looking to be part of a neighborhood? Ha!
also:
lower your prices
Biff, agreed. And I’ll throw in (again) that it’s a good choice for those looking for an exclusive building with nice ameneties not too far from Manhattan, but a bad choice for those who value being part of a neighborhood.