greenpoint real estate

12 Franklin Street Development on Hold, Listed for $50 Million

12 Franklin St. rendering (via Commercial Observer)

The former impending office and manufacturing development known as 12 Franklin St. is now on hold as the developer who purchased the lot three years ago for $24 million has relisted the property for more than double their investment, the Commercial Observer reports. Continue reading

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239 Banker Street Sells for $33 Million

239 Banker Street Sold for $33 million (via Google Maps)

Workable City Development and Rabina Properties purchased the former sweater factory-turned 69-unit apartment rental building at 239 Banker St. for $33 million, The Real Deal reports.

The sale comes just three years after the building changed hands for $10.9 million when a Joseph Brunner-managed LLC picked up the property. Continue reading

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996 Manhattan Avenue Blights Street With Garbage Ahead of Demolition

996 Manhattan Avenue

As plans for a new mixed-use development loom, the existing building at 996 Manhattan Avenue has become a magnet for garbage and vagrants, according to multiple neighbors who said their complaints to 311 have yielded no action on the cleanup from the developer BHLD Capital.

The Huron Street side of 996 Manhattan Avenue

One woman who lives on Huron Street near 996 Manhattan Avenue said that she regularly sees people hanging out on the side of the building under the scaffolding, which received a summons from the Dept. of Buildings for lacking proper lighting. A second summons for the strewn garbage on the property from the Department of Sanitation was visible on the outside of the building on Monday afternoon.

996 Manhattan Ave. summons
996 Manhattan Ave. summons

“I called the developer last week and spoke to the management company and they said that they would take care of it but the garbage is still there,” the Huron Street resident said.

Huron Street side of 996 Manhattan Ave.

Jungle Cafe was the former groundfloor tenant at 996 Manhattan Ave. and has since relocated to 131 Greenpoint Ave.

The existing three-story building at 996 Manhattan Ave. is slated to be demolished for a seven-story development by BHLD Capital, who neighbors say is not doing their job to keep the site in order until work begins. Continue reading

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Brooklyn Rental Prices Reach New Highs, Except North Brooklyn

Albany is currently debating rent reforms to help solve the ever-worsening affordable housing crisis in NYC, and two new reports show that apartment rental prices have reached historic highs in Brooklyn and Queens, with the exception of North Brooklyn, and retail rents are dipping in Williamsburg while rising in Greenpoint.

The StreetEasy Q1 2019 Market Report shows that rents “in Brooklyn and Queens reached all-time highs of $2,608 and $2,173, respectively.” A 0.5 percent decrease in North Brooklyn’s rental prices is linked to the L train debacle and the uncertainty that the Canarsie Tunnel repair schedule caused.

The full Q1 findings for Brooklyn:

  • Rents reached an all-time high. The StreetEasy Brooklyn Rent Index rose 2.2% to $2,608, an all-time high for the borough. Northwest Brooklyn rents rose the most — up 3.3% to $3,068.

  • The share of rent cuts fell the most. Only 17.1% of rentals had a price cut in the first quarter, down 6.7 percentage points from last year and dipping to the lowest share since 2011.

  • Sales prices rose slightly. The StreetEasy Brooklyn Price Index rose 0.4% to $712,413. Prices increased the most in South Brooklyn [v] — up 4.6% to $726,979.

  • More sellers cut their asking price. The share of homes with price cuts rose 6.3 percentage points to 21.2% borough-wide. While the share of price cuts grew, the median price cut remained unchanged from the previous year at 5.2%.

  • Homes took two weeks longer to sell. Homes for sale stayed on the market for 14 days longer than last year — up to 85 days total, the longest period since 2012.

The Real Estate Board of New York’s bi-annual Brooklyn retail report also cites an L train-induced decline in Williamsburg, where asking retail rents for addresses in the “Williamsburg retail corridor,” mostly declined.

(courtesy of REBNY)

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New Greenpoint Landing Towers From Architect of Shenzhen Stock Exchange

(Rendering courtesy of OMA)

Renderings of two additional Greenpoint Landing mixed-use towers with 745 rental units (30 percent ‘affordable’) were released today resembling a “ziggurat and its inverse,” Curbed reports.

This is Brooklyn’s first development from the architectural firm OMA (founded by the esteemed Rem Koolhaas), who is also behind the McKinsey & Company Hong Kong office, the Shenzhen Stock Exchange, and the redevelopment of the Miami Beach Convention Center, among dozens of other “world-class” buildings.

(Rendering courtesy of OMA)

The two incongruent Tetris-esque buildings are part of the 10 building, 22-acre Greenpoint Landing development, bringing 5,500 apartments to the northern-most area of the neighborhood, abutting the  Nuhart Plastics Superfund site and on a Zone 1 hurricane evacuation area (most prone to flooding and future rising tides). One tower will be 30 stories and the second 40 stories with a total of 768,000 square feet of residential space and 8,600 square-feet for retail. Continue reading

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“Bath Haus” Renderings of the Under Construction Huron Street Bathhouse

The Bathaus (courtesy of Perkins Eastman)

Sales have officially launched along with the release of new renderings of the”Bath Haus” condo development by Caro Enterprises. The luxury development is currently under construction at 139 Huron St. with 9 units hitting the market ranging in price from $750,000 to $3,300,000. The architectural firm Perkins Eastman is behind the redesign and have a global portfolio spanning the Hilton Lagos in Nigeria and the Abu Dhabi Court Complex in the UAE.

139 Huron St. in 1940 (Courtesy of NYC tax photo archives)

A state mandate in 1895 required the construction of public baths in cities with more than 50,000 residents. The city’s poor were previously given access to floating baths off the shores of the East River, but they fell out of favor due to unsanitary pollution.

Greenpoint’s former Huron Street Bathhouse was built 1903, opened 1904 and closed 1960, it’s completion was a result of the City Beautiful Movement, which inspired ‘beautiful’ public architecture and increased municipal amenities to improve the living conditions of the city’s poorest residents.

The Bathaus (courtesy of Perkins Eastman)

25 baths were built in the Classical Revival Style around NYC with seven constructed in Brooklyn. All were based on the baths of ancient Rome. Continue reading

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Waterfront Rising: Williamsburg and Greenpoint Towers Advance Toward Completion

1 S. 1st Street development: (Photo via YIMBY/Michael Young)

The residential high-rise construction along the contentious Greenpoint and Williamsburg waterfront is moving forward during the frigid winter months with towers advancing toward completion.

On the South Williamsburg waterfront, the rising towers at 1 S. 1st St. are being structurally connected, as YIMBY reports.  When completed, the conjoined building will have 330 apartments (66 will be affordable) spanning 462,000 square feet directly next to Domino Park. The completion date for 1 S. 1st St. hasn’t been announced but the incongruent tower will count as the second residential building at the former Domino Sugar Factory, where two more towers are planned at the southern end of the site.

S. 1st St. rendering via COOKFOX Architects

1.2 miles north of S. 1st St. along the waterfront, “The Greenpoint,” is “awaiting imminent completion” according to YIMBY, and the 392-f00t-tall shiny glass tower is currently open for leasing/selling with 500 condos and rentals. A one bedroom rental at the namesake 39-story tower is going to set you back as much as $4,020 per month.

“The Greenpoint” at India Street on the waterfront (via YIMBY/Michael Young)

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Behold the Yacht-Friendly Future of Greenpoint at 53 Huron Street

(Atlantis Arts Studio)

Quadrum Global filed plans this week with the Dept. of Buildings for a 14-story, 150-foot tall residential building at 53 Huron St. (also known as 161 West St.) with 173 units spanning 178,000 square feet.

The development includes 86 enclosed parking spaces and would span 278,000 square feet at West Street between Huron and Green streets. The rendering envisions a yacht-friendly future for the building on the Greenpoint waterfront, which would neighbor the 40-story tower ‘The Greenpoint.”

(Atlantis Arts Studio)

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Hazardous Conditions Claimed by Rent Stabilized Greenpoint Tenants

97 – 99 Clay St. in Greenpoint

After 97 – 99 Clay St. was sold to developers in 2014, the 25 rent-stabilized tenants in the building reduced to five, following what current tenants claim has been a sustained effort by the new landlords to push them out through untenable demolition and construction conditions. “The first thing that happened is that they changed the locks on Christmas day and didn’t tell us,” said Gretchen, who wishes to withhold her last name and continues to live in a rent-stabilized studio at 97 Clay St. despite alleged harassment.”We live between a halfway house and two homeless shelters and there was no front door for two months,” she said adding that one of the other tenants is a wheel-chair bound senior citizen, making him especially vulnerable.

“They let everything get very run down and then started offering buyouts. They first offered me $4,000 and I said no.”

The new landlords originally planned to raze the building to make way for new construction, but with at least one tenant remaining in each of the buildings, the owners had to settle for renovations instead. Around February 2018, tenants say that demolition commenced and the living situation became increasingly hazardous. Complaints to the management company, Perfect Management, would simply result in a visit from the building’s super who tenants say has acted hostile toward their complaints. Perfect Management has not yet responded to Greenpointers.

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Affordable Lottery Opens at McGuinness Boulevard Luxury Development

The former Pep Boys that is now home to Otto Greenpoint (Google Maps)

If you are dreaming of living in luxury directly on McGuinness Boulevard surrounded by gas stations in the footprint of a former Pep Boys Auto Shop, then you’re in luck. The city’s affordable housing lottery presents you the opportunity to apply for one of the 60 low and middle-income units at The Otto Greenpoint, a 197 unit “luxury” development at 211 McGuinness Blvd that markets itself as “community-forward.” The lottery is open through March 6.

According to Otto’s website, amenities include “a full time front desk concierge, a community lounge, library and co-working space, a resident’s gaming lounge, a state-of-the-art penthouse fitness center and an expansive rooftop with pool, hot tub, BBQs, lawn areas, outdoor TV and 360-degree views of New York City.”

Otto Greenpoint (Google Maps)

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