This site is closed to new comments and posts.

Notice: This site uses cookies to function.
If you are not comfortable with cookies then please don't browse this website.

Condo Conversion at 14-20 Butler Place — Brooklynian

Condo Conversion at 14-20 Butler Place

bked
bked
edited November -1 in Prospect Heights
14-20 Butler Place has undergone a condo conversion and I was wondering if anyone had any information on these units.

I read about a year ago there were some issues with the pipes and other things and now I'm wondering if there have been any updates?

Comments

  • bkchickie
    bkchickie
    I have no real information on these units, other to say that they've been on the market for over 2 years. There must be some issues with them.
  • bked
    bked
    I think that might be due to an inability to get financing, which most new developments have been suffering from.

    I guess no one else here has any information. I have seen some random posts awhile back with some very negative comments, but other than that it has been quiet.
  • doctorj
    doctorj
    Could be a good deal -- the recent prices posted have looked a lot lower psf, and very reasonable for the location -- but you need to ask some serious questions about the finances; what it's actually costing to run the place, how many are now owner-occupied vs. renters vs. empty, what the energy bill looked like in '07-'08 (record high) vs. '08-'09 (unusually low), what the people who have already moved in think of the way the management is working out. Biggest worry at the moment is buying into a non-established half-functioning building and being left carrying huge maintenance / assessments before long. Too low maintenance up front is as much of a worry as too high maintenance. There are currently a handful of condos on the market in Prospect Heights in fully occupied well-managed long-established buildings, so shop around.
  • qocdfmnlkiph
    qocdfmnlkiph
    The financing problems have recently been solved. The current occupancy is in the high 40% range, but loans have approval from Fannie May. I've heard a rumor that this development is owned by a widow who is currently in the process of liquidating her former husband's business interests. I have no evidence for this, and do not advocate or not advocate it.

    Maintenance figures are available from the super, Zvi Aranoff. The maintenance figures on offer are in my opinion currently in the high-moderate range.

    There is supposedly a pool of money pre-allocated for repairs, on the order of 500k. I have no evidence for this, and do not advocate it, etc.

    At present the buildings closer to Plaza street are a little run down, but the buildings closer to Sterling are quite nice. That provides a model for what can be done with the former buildings over the next few years. The construction dates from approximately 1920, and the boiler, etc, have been updated and are in suitable repair. There is some concern about the roof, but as mentioned above there is money available for this repair.

    Personally, I think this is a nice investment. Proximity to infrastructure such as Prospect Park and the Q,B,2,3 lines make the bet relatively safe. Additionally there is attractive culture in Park Slope and increasingly on Vanderbilt and in further north in Prospect Heights. When the development gets occupancy above 60%, as I believe it will within the year, this should be a very nice place to live.
  • zviaranoff
    zviaranoff

    Subject: 14-20 Butler Place

    I manage the building. If anyone has questions regarding this project, I will be glad to answer. I can be reached at 718-788-3984.
    Thank you.
    Zvi Aranoff
    Kura LLC
Sign In or Register to comment.

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In

Categories