1 goes down 40 come up! — Brooklynian

1 goes down 40 come up!

http://newyorkyimby.com/2015/02/permits-filed-3415-farragut-road-east-flatbush.html

I saw in the older thread that someone wanted to start a discussion about the developments going on. This seems like a good candidate, it's taking down a big house, paying full price for the land, and putting up a 40 unit rental building.  Any thoughts?

Comments

  • interesting choice of location! not *particularly* close to subways, and i've never really heard anything good about flatbush gardens. Shame about those cute tear downs. This seems to be the most common practice around Flatbush these days...i can only hope these won't be hideous fedders. But I do believe a new construction in this area won't command rents that are too high, which is a relief.

    man, construction in flatbush seems to be blowing up on YIMBY's page. seems like a first for this generation.
  • I'm generally pretty excited about these reports of construction here in Flatbush. I've lived here all my (decently young) life and am interested in seeing what the future holds for our neighborhood.

    I gotta admit that I'd have my concerns about living so close to Flatbush Gardens though. Like suppleknuckles, I haven't heard anything good about that development either.
  • I picked that one bc it is new and as the article describes, in an area previously undeveloped in decades. 

    Given the ppsf and the amount of regularly priced units in the area I doubt it will be fedders. Also the architect listed is known for making modern looking buildings, less brick and stick, more like quasi modern with lots of glass. But I'm not sure if that's what they have in mind since no images or renderings have been released. Back of the napkin math would look like this, 1m for the place, 350sq ft to build (350x26000) =9100000 + 1000000 = 10,100,000. 10,100,000/40 = 252,500 per unit. To amortize over 10 years they would need to charge ~2100/month. The units are described as being 650 sq ft, so if they put in nicer features it's very possible that could be the goal of the developer. 

    I guess the question is do you think that rents will continue to rise and that the spread of luxury developments will continue along the 2/5 lines. Hello Living is already putting buildings as far down as the Sterling and Winthrop stops.

    That east flatbush area is much safer than many of the other parts of brooklyn: http://maps.nyc.gov/crime/
  • Whoops it looks like Hello living is below church ave, they have two developments between Church and Beverly.



  • Thanks for the crime map, doublen00b! I'll be sure to check it out in a bit.

    As for rent in this area, I'd certainly expect it to rise if developers follow Hello Living's lead and continue to bring new luxury developments to the area. I figure this area is a bit of ways away of looking like Franklin Ave anytime soon though. But who knows.
  • I don't get tearing down houses, on a block like this full of houses, to put up a giant building. So out of context! And part of the charm of East Flatbush is blocks like this with front yards/lawns. 
  • edited February 2015
    Development and neighborhood change usually follows a predictable order:

    1. New residents with more $ replace existing residents in existing units.

    2. The vacant lots are built on.

    3. The single story structures, such as parking garages, are demolished then built on.

    4. The old wooden houses are demolished.

    Here's a big wooden house on a lot of land, on the Flatbush PLG border that will soon be history:
    http://ny.curbed.com/archives/2015/02/20/brooklyns_berserkeclectic_house_will_be_replaced_by_this.php

    In its case, one will go down and fifty will go up.
  • So I got bored and found the drawings for 3415. Looks like it will be more than a brick and mortar building. It seems unusual that they could have built 23k sq ft but only built 20k. Maybe it has to do with the number of available parking spaces or something because I noticed that they did make a change regarding the parking. 

    They removed the parking garage from the original plan and opted for a parking lot in the backyard. 

    Otherwise not much is going on at this location. 

  • They also reduced the number of units from 40 to 24. So the unit size got larger. That would have me guessing that they are going to make the units higher end instead of cheap.
  • bigger units often mean condos, as opposed to rentals
This discussion has been closed.