Real Estate

Greenpoint Is Third Most Expensive Brookyln Neighborhood to Buy an Apartment

The Playground on Noble Street. Photo by Ian Hartsoe

Greenpoint is now the third most expensive Brooklyn neighborhood to purchase a home in with a median sale price of $1,225,000, up 37 percent from last year’s $890,969 median sale price, according to Property Sharks’ year-end report. The study’s ranking lists Greenpoint as the 14th most expensive neighborhood citywide.

For the study Property Shark calculated sale prices on single-family homes, condos, and co-ops from January to November 2018.


By this measure, Greenpoint is currently the third most expensive neighborhood in Brooklyn behind DUMBO (fifth most expensive in NYC) and Boerum Hill (seventh most expensive in NYC). The report explains that 14 units at 886 Lorimer St. sold for a median of $2.2 million, helping to bump Greenpoint’s average upward.

Rendering of 886 Lorimer St.

Greenpoint ranks 28th out of 50 for most transactions this year, far behind the Upper East Side, which had the largest number of deals this year with 2,150 transactions. Park Slope and Williamsburg take fourth and fifth place in the number of transactions citywide with 434 and 433 respectively.

The largest price drops this year for median sales prices in Brooklyn happened in the neighborhoods of Manhattan Beach (-24 percent) and Brooklyn Heights (-19 percent).

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996 Manhattan Ave Design Evokes Future Amazon Execs

996 Manhattan Ave. rendering (via NY YIMBY)

The new rendering for the planned six-story mixed-use development at 996 Manhattan Ave. was revealed today, NY YIMBY reports, and the inevitable design evokes the future discerning Amazon exec seeking quick access to the Pulaski Bridge for their morning electric scooter commute. The building is currently under construction with 10,565 square feet of residential area and 797 square feet of commercial space planned. Continue reading

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Here Comes Amazon HQ2-Inspired Real Estate Prospectors

 

Dutch Kills, connected to the Newtown Creek Superfund site is the next “It Zone” (MTA)

Amazon’s plan to build half of its HQ2 at Anabel Basin in Long Island City,  just a brisk walk from Greenpoint over the Pulaski Bridge, is proving to be a Rorschch test. The homeownership rate in Brooklyn is around 30 percent, leaving the majority of residents in the area feeling the stress of a potential for increased rent, similar to Seatle where rent has risen 39.8 percent over the past fives years.

On the other hand, real estate speculators are salivating at the HQ2 news and see an opportunity for a quick return on investment; online searches for LIC real estate have jumped 300 percent since the HQ2 announcement less than a week ago.

To “help capitalize on local growth,” NYC-based Compound Asset Management, Inc. has launched an “NYC HQ2 Fund” offering an investment opportunity with a “diversified portfolio of properties in neighborhoods such as Sunnyside, Woodside, Astoria, Greenpoint, Maspeth, and Long Island City itself.”

Yes, the speculators are coming (in even greater numbers) and are setting their fiesty eyes on the few neighborhoods with remaining charm in NYC. The highest accolades, according to Compound, are reserved for Dutch Kills, the next “It Zone,” a small waterway where raw sewage often overflows connected to the Newtown Creek Superfund. Compound cites in the fact that four luxury buildings are going up at Dutch Kills already. Continue reading

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$450 Million Co-Living Building Planned For Williamsburg

The Collective’s Old Oak in London.

The Collective, a London-based real estate development firm, will launch its $450 million co-living building at 277 Lorimer St. on the border of Bushwick and Williamsburg by 2020.

The 350,000 square-foot building on the land purchased from Bless Properties for just over $54 million will be Brooklyn’s first co-living building and The Collective’s only U.S. location to date. Continue reading

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Building (and Exploding) on the River — The Hook-up (8/17)

1056 Manhattan Avenue, via Yimby

It’s been an explosive week here in Greenpoint. While real gunfire rang out on Noble St. on Tuesday, stunt explosions detonated over the Greenpoint Avenue Bridge the very same day.

In Real Estate news, a new behemoth is going up on Manhattan Avenue. The first renderings have been revealed for 1056 Manhattan Avenue, clocking in at 56,746 sqft. of retail and residential space.

One Blue Slip, the first of Greenpoint Landing’s market rate buildings is open for leasing. One-Bedrooms begin at $3,225, and according to the New York Times, 90% of units have water views.

If you want to get River Views without paying an arm and a leg, you can tour the new phase two of Hunters Point South Park in Long Island City.

 

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Do The Time Warp: Greenpoint Real Estate, Circa 1919

Rendering of the Astral; Courtesy of the Brooklyn Department of Buildings
Rendering of the Astral; Courtesy of the Brooklyn Department of Buildings

In 1919, The Brooklyn Daily Eagle devoted some glowing coverage to Greenpoint, calling our slice of North Brooklyn “the first manufacturing center of the Empire State,” where “the smokestack is as sacred as the steeple,” and “public spirit…is not surpassed in any district in the City of New York.”

Our intrepid content manager, Megan, found the article earlier this week, and we thought the paper gave such a detailed view of life in Greenpoint 100 years ago, we’d do a series on life in the ‘nabe back in the day.

So, Welcome to our first installment of Do The Time Warp, when we look back on life in Greenpoint 100 years ago. In today’s post, we’ll check out Greenpoint’s housing market circa 1919, and delve into what life was like for people who lived here.

It seems that some of the same advantages that draw New Yorkers to Greenpoint today, exerted a similar pull 100 years ago. For example, the Brooklyn Daily Eagle reported that “the close proximity of this district to the center of business life in Manhattan has been fully recognized by the far-seeing manufacturers of the metropolis,” and by homeowners alike.

In fact, homeownership was common in Greenpoint. The paper maintains, “Housing conditions have been remarkably good, and despite the fact that Greenpoint is generally known as a manufacturing district, a large percentage of the dwellings are owned by persons who live on the premises and are employed in or near Greenpoint.” Happily, this seems to have kept Greenpoint “particularly free from that class of undesirable citizens known as ‘rent profiteers’.”  Continue reading

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“Affordable” Housing Lottery Now Open for $2100 Studio in Greenpoint

197 Freeman Street. via City Realty
197 Freeman Street. via City Realty

A studio apartment in a luxury Greenpoint building could be yours for the (low?) price of $2100, provided you make between $72k and $95k. The 4-floor 20 unit building boasts a gym, roof deck, laundry, and parking, but you’ll most likely have to fork over additional cash to make use of those sweet sweet amenities.

The housing lottery is now open for six units of varying sizes at 197 Freeman Street, with rents ranging from $2100 to $2715. A one bedroom with a private terrace in the building is currently listed at $3115 with no brokers fee. You can apply online for the units here, and the deadline is August 6th.

But with six figure income ranges for these “affordable” units, this housing lottery makes us wonder if the developer really should be entitled to any kind of tax benefit. What do you think, Greenpoint neighbors?

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Matchless is Coming Down (Eventually)

The old Matchless building, on Driggs & Manhattan Avenue. Photo: Megan Penmann
The old Matchless building, on Driggs & Manhattan Avenue. Photo: Megan Penmann

File under not-shocking-at-all news: the former location of beloved neighborhood beacon Bar Matchless (561 Driggs Avenue) is slated to become condos. Developer Bi Hang Cheng has filed permits for a six-story eight unit building to go up in place of the former live music bar. No word on whether the apartments will be rentals. Cheng paid $4.45 million for the building back in April, after Matchless fought closure (and lost the battle) in January.

Since then, the building has remained empty and the facade consumed by graffiti. The developer has not yet filed demolition permits, so the building still stands. For now.

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Pizza, Politics and Floodplains — The Hook-up (7/13)

We Scream for Vegan Pizza via AM New York

Happy Friday, Greenpoint! This week, in an effort to find the best vegan pizza in the city, AM New York landed in Greenpoint, at Screamers.

Meanwhile, Councilman Antonio Reynoso, who represents Williamsburg, and parts of Bushwick, has endorsed Cynthia Nixon for Governor of New York.

And, according to Patch, all of North Brooklyn’s new construction may be running a wet and wild risk, since North Brooklyn’s coastline is prone to flooding.   

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24-hour Climbing Gym Coming to Greenpoint Next Year

1 Nassau Avenue. Rendering via Cayuga Capital
1 Nassau Avenue. Rendering of the new climbing gym via Cayuga Capital

An old warehouse on the corner of Nassau Avenue and North 14th Street is slated to become a climbing gym, according to real estate site The Real Deal. Vital Climbing Gym, a chain based in California, has signed a 15-year lease on the 31,000 square foot space and plans to build it out and extend the square footage with a working rooftop. Apparently they are planning a 24-hour full-service gym, and expect it to be open by next summer. This will be the gym’s first location on the East coast.

The building was built at the turn of the 20th century, and originally housed a metal manufacturing company. Continue reading

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