The transformation of 954 Bergen St (near Franklin) is now complete

trg wrote: Located on Bergen Street between Franklin Avenue and Bedford Avenue, the property is only a short distance from

the Prospect Park, Brooklyn Museum, Brooklyn Public Library and the Brooklyn Botanical Garden.

Also in a close proximity to the site is the Atlantic Mall and the soon to open Barclays Center Arena.

The property has an footprint of 60 ft x 128.5 ft over two lots totaling 7,710 SF. There are two small garages on the property that will be delivered vacant.

The site is only a few blocks from the S at Park Pl, A,C at Nostrand Ave, and LIRR Nostrand Ave subway stations. Also

nearby is the 2,3,4,5 Franklin Ave subway station which is only one stop from the Atlantic Terminal / Barclays Center

with access to the D,M,N,R,B,Q,2,3,4,5 Trains plus the LIRR, making the commute in and out of Manhattan only 15

minutes.

More specs and pitch:

http://www.terracrg.com/setups/954-958_Bergen_Street.pdf

Oh no, not the Ice House!!

I wouldn't feel too sorry for the owner:

Asking Price is

$1,850,000

Not sorry, just nostalgic. Whenever my dad threw a party the Ice House was the place to stop for 20lb bags. Spent plenty of summers helping load them into the station wagon.

Yes, many things that folks thought would never change, are changing.

There may still be time for one more party.....

That's a pretty high ask per square foot. It's like bubble pricing.

I think a lot of the local properties are priced really high with the hope of attracting people who believe that Barclay's arena will make this area super attractive and profitable.

While the arena will have (and arguably already has had....) an effect, I do not think it will be "that large".

I'd love to see the projections of whoever buys this property....

Franklin ave seems to be making upgrades very quickly.A few friends own businesses on that strip and they are doing well. I think almost 2 million is slightly off market but it will sell non-the-less. I'm sure the buying price will be around 800, 000 and the lot will become a condo.

The PDF states that the buildable sq ft is around 17,000.

So, in theory, you could have a 2000 ground floor retail, about twelve (12) 800 sq ft condos, and use the rest for common space (stairwells, etc.).

$800k on the other hand would be very cheap.

I'd put it at around $1.2m.

A lot of properties seem to have changed hands recently, but haven't resulted in construction.

...I wonder if we are going to have a big burst of construction in the the spring of 2013, or whether companies are just buying these properties with the hope of selling them at a profit.

The low carrying costs on loans (as well as the low opportunity costs on money...) is likely driving a lot of this "investment".

Construction loans still seem to be few and far between, so the purchasers better come equipped with cash if they hope to become developers or else they're just opportunistic squatters who hope to flip the property for more in the near term. Which is totally fiscally feasible but not terribly productive.

I'm not sure the new entrants can really play this game.

My sense is that margins are small, and that those with existing relationships with contractors and architects are about the only ones actually building anything. It also helps to have economies at scale and the ability to share community spaces at several buildings, like the model Hello Living is pursuing.

This lot, 954 Bergen, is now adorned with a plywood fence with a Demolition Permit stapled to it.

I suspect condos are its future.

To be exact, it will be 38 units and 6 stories. Boom.

http://www.brownstoner.com/blog/2013/07/demo-at-954-bergen-street-six-story-build-coming/#comments

It seems they have been able to increase the build able area by combining a few surrounding lots. This should make an impact in the area...

duplicate post

Rendering:Issac Stern architects

Press: http://www.brownstoner.com/blog/2014/04/rendering-revealed-for-boaz-gilad-building-in-crown-heights/#comments

Today:

press: http://www.brownstoner.com/blog/2014/08/exterior-of-brookland-capital-building-on-bergen-in-crown-heights-nears-the-finish-line/#comments

now known as "Bergen House" and ready for occupancy.

Snazzy website:   check.

http://www.thebergenhouse.com/

954 Bergen

I see they hired http://www.hipsterbusiness.name/ to design their website.

the businesses marked on the map also tell a big story.  

It won't let me directly link, so first click here:  http://www.thebergenhouse.com/ then click "neighborhood", then click "scout"

Representatives from Curbed apparently went to an open house this past weekend. Click for snazzy pictures:

http://ny.curbed.com/archives/2014/12/15/previewing_crown_heights_new_crop_of_partially_red_condos.php

"The six-story, 36-unit building has studio, one-bedroom, and two-bedroom units. A 407-square-foot studio is asking at $355,000, while a 443-square-foot studio wants slightly more: $399,000. The one-bedroom units listed range from 573 square feet for $435,000 to 617 square feet for $459,000. Listings are not yet live for the two-bedroom units."

Only 5 listings appear on this weekend's open house schedule:

http://www.aptsandlofts.com/featured-developments/the-bergen-house-condominiums

They are scattered throughout the building.

I wonder how fast the studios and 1BRs are moving.

It does not seem the 2 BR units have been listed yet.

Answer: They are moving quickly

CROWN HEIGHTS—Bergen Street's batch of condos with bright red kitchens are now over 50-percent sold. Twenty-two of 954 Bergen Street's 36 apartments have sold since Bergen House's December launch. Remaining apartments include a mix of studios, one-, and two-bedrooms ranging in price from $359,000 to $907,500. [CurbedWire inbox; previously]

http://ny.curbed.com/archives/2015/01/27/small_village_businesses_threatened_bergen_house_50_sold.php

An up to date report on what the units are going for, and how many are gone:
http://streeteasy.com/building/the-bergen-house

They are selling for $780 - $930 a sq ft.

Good luck to these buyers.  I live in a building from the same developer and it has not been smooth going.