Thursday Blogwrap

 08.01.2009 14:18   brownstoner.com

Train View. Photo by magnetomotive from the Brownstoner Flickr pool. Craft Class Fever [Brooklyn Based] True Tales of Tenancy [Bed-Stuy Blog] Monument to the End of an Era [I Love Franklin Ave.] Real World Red Hook Reality Watch [Curbed] I Used To Live In Northampton, MA [Manhattanite] Were You at Bedford & N. 7 on Election Night? [GL] Guess Where The Astroland Rocket Is Going To Land [KINETIC CARNIVAL]

New York Construction & Real Estate

Closing Bell: Green Roof Course at CityTech

 08.01.2009 14:18   brownstoner.com

Do you want to learn more about green roofs? Through City Tech's Division of Continuing Education, Green Roof Reno will be offering a course on Green Roof Design and Installation starting this January 29th at the college's downtown Brooklyn location. Click here to register for the course.

New York Construction & Real Estate

Today on the Forum

 08.01.2009 12:17   brownstoner.com

Here are some of the topics posted on The Forum today: Recs for Asbestos Lab Testing How to Heat During Construction? Estimates for Cellar Renovations How to Remove Paint from Marble Mantel? Anyone Ever Participated in NY State Gas Efficiency Initiative?

New York Construction & Real Estate

Development Watch: Stop Work Order at 192 Water Street

 08.01.2009 12:17   brownstoner.com

For a while there, work was humming along at 192 Water Street, a beautiful old commercial building in Dumbo that, according to DumboNYC, is being converted into ten condominium units with a 250-person live performance space on the ground floor. On the second-to-last day of the year, however, the project got smacked with a Stop Work Order following the issuance of a 15-day letter of intent to revoke on December 19. The whole thing's a little murky but the bottom line is that a Partial Stop Work Order is still in place. Work Underway at 192 Water Street [Brownstoner] GMAP P*Shark DOB Alterations and Addition in 192 Water Street's Future? [Brownstoner] Water Street Conversion Op [Brownstoner]

New York Construction & Real Estate

Streetlevel: It's Fun to Shop at the YWCA

 08.01.2009 12:17   brownstoner.com

Now that its renovation is nearing an end, the Atlantic Avenue YWCA is looking to rent out the double-height space fronting Atlantic Avenue as retail. (Presumably this will mean significant alterations to the facade, no?) The offering includes 4,550 square feet of floor space plus another 1,800 square feet of balcony space. They're asking $60 a foot which seems a little pricey to us. What kind of business would work well in that space, do you think? 509 Atlantic Avenue Retail [Ingram & Hebron] GMAP Checking in on the Atlantic YWCA Revamp [Brownstoner]

New York Construction & Real Estate

House of the Day: 295 Pacific Street

 08.01.2009 10:19   brownstoner.com

There was a time when a house in a prime Boerum Hill location listed under $2 million would have been a blue-light special. These days, we suspect some of the nicest wide Greek Revival houses in the area could still fetch that price. Unfortunately, 295 Pacific Street, while certainly an attractive house, doesn't quite make it over that hurdle. Its biggest drawback is its 14-foot width, which means the four-story house only weighs in at 2,744 square feet. Otherwise, it has a very nice lived-in vibe and plenty of old-school charm. It's just not a "wow" house. The house just came on the market ten days ago with a price tag of $1,899,000. It'll be interesting to see how close to that it can fetch. 295 Pacific Street [Douglas Elliman] GMAP P*Shark

New York Construction & Real Estate

Condo of the Day: 970 Kent Avenue,

 08.01.2009 10:19   brownstoner.com

This penthouse at 970 Kent Avenue in Clinton Hill has been on the market since June, when it debuted with an asking price of $875,000. Two reductions later, the 1,100-square-foot two bedroom is listed for $825,000. The apartment has a some things going for it—big windows, high ceilings and two outdoor spaces—but this feels like a lot of dough these days for this location. (There are five other units in the building currently available at lower prices.) The building also has some bad history, but we're assuming the C of O issues have been worked out. Someone looking to drop this kind of dough on a loft in the neighborhood could probably get more bang for the buck at 105 Lexington Avenue where $730,000 gets you 1,340 square feet and $959,000 gets you 1,648 square feet. 970 Kent Avenue, PH1 [Triumph Property] GMAP P*Shark

New York Construction & Real Estate

Inside Third & Bond: Week 66

 08.01.2009 10:19   brownstoner.com

Welcome back to Third + Bond after our holiday hiatus! For any readers whose resolution was to spend more time reading blogs and are new to our feature, here’s a quick recap of what we’re doing. We, David and Alison from the Hudson Companies, are developing a 44-unit “green” condominium located at the corner of Third and Bond Streets in Carroll Gardens. (Or Gowanus?) We closed on the land in May 2007 and since August of that year, we’ve been writing a weekly feature posted on Brownstoner most Thursday mornings. The idea is that we give you a look at development behind-the-scenes on everything from how we pick windows to writing the offering plan. Our last post (Week 65) recounted the topics of 2008. Why are we doing this? We get helpful feedback from readers, on and off the blog, and free publicity. Plus, it’s fun. Work at the site has been progressing despite the holidays and lousy weather. The view from the first photo is about midway up the site along Third Street. You can see that we’ve completed waterproofing and rebar for the first three buildings and (in the distance) we’ve put up formwork for a fourth building. In the second photo, you can see that we’ve also installed underground plumbing (black tube within formwork, exiting into ejector pit in photo below). Next week we’ll start the concrete pour (into the white troughs). In the third picture, you can get an idea of the second half of the site, where there will be four additional buildings. Over here we are storing big pieces of machinery and materials. We split the phasing into two chunks for a couple of reasons: 1) To keep things going. We started the middle foundation while doing underpinning at the far ends of the site. 2) To have enough of the site ready for a given trade to stay busy. No subcontractor wants to send out laborers and equipment for a half day’s worth of work, nor to have them stop and start over a period of weeks. 3) To give ourselves room to move on the site. It’s fairly tight as it is and soon we’ll box in the rear yard so that the only way to get materials back there is through the building or with a crane. Going through the building can be a hassle and risks damage. Cranes – well, why go there if you don’t have to? Next week while the concrete is flowing at the site, back at Hudson’s office we’ll be taking a look at the latest iteration of the marketing materials and meeting with our yet-to-be-announced interior decorator for the model units. It’ll be awhile before we officially launch our marketing, but judging by the dreary economy that’ll be just fine Inside Third & Bond: Weeks 1-65 [Brownstoner] From our lawyers: “This is not an offering. No offering can be made until an offering plan is filed with the Department of Law of the State of New York."

New York Construction & Real Estate

Forgotten NY on Coney's Transitional Phase

 08.01.2009 08:21   brownstoner.com

With all the hoopla surrounding Thor Equities' efforts to redevelop Coney Island, Forgotten NY stops by for lunch at Nathan's followed by a photoblogging tour of the fabled boardwalk and environs. There's even a shot of the now-dismantled Astroland rocket. His conclusion: "I suspect Coney Island will weather its current difficulties."

New York Construction & Real Estate

Last Week's Biggest Sales

 08.01.2009 08:21   brownstoner.com

First few post-September meltdown contracts and closings we've seen. 1. PROSPECT HEIGHTS $3,140,000 1 Grand Army Plaza/On Prospect Park, Unit 5F GMAP (left) 3,199-square-foot, 4-bedroom, 3-bath unit in the Richard Meier-designed condo, according to its listing. Current listings in the building are running from $885,000 for a 1,000-sf 1-bed to $3.1 million for a 4-bedroom, says StreetEasy. Entered into contract on 5/22/08; closed on 12/23/08; deed recorded on 1/02/09. 2. CLINTON HILL $1,930,000 147 St. James Place GMAP (right) This former SRO was asking $1,950,000 when it was a House of the Day in late September. Last owners purchased the 2,688-sf, 3-family for $995,000 in January '07 and gut renovated. Entered into contract on 11/3/08; closed on 12/15/08; deed recorded on 12/29/08. 3. PARK SLOPE $1,580,000 838 President Street, Unit 1 GMAP 1,840-sf, 4-bed, 2-bath condo, according to its listing. StreetEasy says it hit the market in mid-September and went into contract within a few weeks. Entered into contract on 10/7/08; closed on 12/19/08; deed recorded on 12/29/08. 4. PROSPECT HEIGHTS $1,510,000 265 Prospect Place GMAP 5,240-sf, 4-family, according to Property Shark. Entered into contract on 9/27/08; closed on 11/28/08; deed recorded on 12/31/08. 5. MIDWOOD $1,400,500 1348 East 8th Street GMAP 2,658-sf, 2-family house, according to Property Shark. Entered into contract on 8/18/08; closed on 11/17/08; deed recorded on 12/30/08. Photo of 147 St. James Place from StreetEasy.

New York Construction & Real Estate

City Planning Reviews Gowanus Rezoning

 08.01.2009 08:21   brownstoner.com

The City Planning Commission held its hearing yesterday on the 3-acre rezoning of Gowanus to clear the way for Toll Brothers' proposed 460-unit development, reports The Real Deal; the developer expressed confidence in its ability to finance the project. Gowanus Lounge thinks it's a pipe dream in this environment. CPC will vote on February 17, followed by the City Council within 50 days.

New York Construction & Real Estate

Sisters of Mercy: First and Last and, Hopefully, Always*

 08.01.2009 08:21   brownstoner.com

On the heels of the news that the Sisters of Mercy Convent at 265 Willoughby Avenue would be closing its doors after 146 years, we touched based with the Landmarks Preservation Commission to see what the chances were of it receiving landmark status. Given the possibility that the property could be sold to a developer, the issue has some urgency. Unfortunately, the convent lies outside the boundaries of the original Clinton Hill Historic District. It is, however, mentioned as an addendum to the 70-page survey drafted on behalf of the Society for Clinton Hill that recommends expanding the historic district boundaries and increasing the number of protected buildings from 884 to 1,155 as well as designating five individual landmarks. LPC tells us that it will begin a survey—the first step in the landmarking process—of the proposed extension this month with an eye to completing it this spring. Fingers crossed. Willoughby Convent Closing, Future Uncertain [Brownstoner] GMAP P*Shark FG/CH Historic District Extensions: The Big Picture [Brownstoner] Proposed Individual Landmarks in Clinton Hill [Brownstoner] *Since most people won't get it, here's the reference.

New York Construction & Real Estate

More Price Cuts at The Vermeil

 08.01.2009 08:21   brownstoner.com

When Corcoran took over the sales effort at The Vermeil in July, there were seven units left. The Big C managed to quickly sell three of them, leaving, all you mathematicians out there, four unsold apartments by October. Since then three of the four units have received multiple price reductions, including a round of 5 to 10 percent cuts on Monday. The remaining listings range in price from $1,150,00 for a 1,642-square-foot three-bedroom on the second floor to $1,495,000 for a 1,758-square-foot three-bedroom on the fifth floor. At this point, the developers must be dying to put this baby to bed. Checking in on The Vermeil [Brownstoner] GMAP Changing of the Guard at The Vermeil [Brownstoner] First Closing at The Vermeil [Brownstoner] Condo of the Day: Price Cut at The Vermeil [Brownstoner] Update on the Vermeil [Brownstoner]

New York Construction & Real Estate

Open Thread

 08.01.2009 08:20   brownstoner.com

New York Construction & Real Estate

Trying to Throw His Arms Around the Housing Crisis

 08.01.2009 08:20   brownstoner.com

Investment adviser John Lounsbury today tries to wrap his arms around the national housing crisis in a post on the investment blog Seeking Alpha. Here are three of his nine summary points: 1. It has been estimated that there will be 8.1 additional foreclosures by the end of 2012. This is 21% of all mortgages. 2. It has been estimated that 19 million mortgagees will owe more than their house is worth by 2010. This is 50% of all mortgages. 3. It has been estimated that about 6.5 million mortgagees will not be able to afford their mortgage payments at some time during the term of the mortgage. This is 17% of all mortgages. His conclusion? "Federal intervention to solve the housing crisis would consume too much resource that would be better used to stimulate future economic growth." Housing: Where Is the Bottom? [Seeking Alpha] Graph from Credit Suisse

New York Construction & Real Estate