Yes, I suspect that we could see listings for the units soon. It has been a while since that immediate area has had a condo building come to market. I think they will go for about about $650 a sq ft....a two BR, 1000 sq ft apt would fetch $650k.
They are coming along - balconies are up and if you look really closely the lighting above the street level looks like they're going for an antique look
The loan will fund the borrower's discounted purchase of the defaulted construction note.
This place has been under construction since at least 2005.... at this pace I still say it will be a gift shop for the new dodger stadium being built in 2027.http://www.wsj.com/articles/brooklyn-nets-ownership-group-in-negotiations-with-owners-of-los-angeles-dodgers-1412297514
The PTACs indicate that the building may not have a central heating system. As a result, the developers saved lots of money on construction and tenants will have to pay for their own heat.
This method of heating an apartment is far more expensive than had a central system been installed.
This building is big enough that it may have been worth the developer's while to contract with a large real estate agency to quickly fill the units and the storefronts.
However, they seem to be using a small firm and perhaps an individual agent. http://www.trulia.com/rental/3226946528-90-Sullivan-Pl-3E-Brooklyn-NY-11225I hope he is able to deliver, quickly.
The PTACs indicate that the building may not have a central heating system. As a result, the developers saved lots of money on construction and tenants will have to pay for their own heat.This method of heating an apartment is far more expensive than had a central system been installed.
I wonder if they are renting units to the demographic that splits 3 BR among 3 unrelated adults.
...often recent college graduates.
I wonder if they are renting units to the demographic that splits 3 BR among 3 unrelated adults....often recent college graduates.
Answer: Tenants have reportedly been sighted.
I doubt a co-op could afford the PSF rents they are asking.
...I also don't know if they are ok with food, in light of the insects they attract.
I doubt a co-op could afford the PSF rents they are asking....I also don't know if they are ok with food, in light of the insects they attract.
"Irving Langer’s E&M Associates is the latest firm to buy one of several properties up for sale by Brooklyn investor Chaim Miller. The multifamily giant paid $21.5 million for Miller’s 29-unit rental building at 90 Sullivan Place in Crown Heights, according to property records filed with the city Thursday.
Since Miller bought the building for $7.7 million in 2013, the property has been hit with at least seven lawsuits. The list of plaintiffs includes Miller’s frequent lender Madison Realty Capital — which filed to foreclose on the property last year — and ex-business partner Chun Peter Dong, who claims Miller took out a $3.8 million loan on the building without his consent and embezzled the funds. Both cases are still active in Kings County Supreme Court, as are others.
Construction on the property at 90 Sullivan Place was halted for years until Miller acquired the building and jumpstarted work on it. Miller was temporarily barred last year from selling or transferring his interest in the property while his bankruptcy case involving 45 John Street was still pending in court.
Miller’s real estate portfolio, which once exceeded over 1 million square feet, is now dwindling. Next week, Miller’s Coney Island property will be up for auction and a rental building in Clinton Hill will be sold as part of a bankruptcy settlement. Brokers hope the latter will fetch $44 million — the minimum Miller needs to pay off a number of creditors."
I would fear it means the new owner is just interested in making a quick profit, and won't maintain the building.....but we shall see.
I noticed the "LEASED" sign last night. I don't have any additional information yet.