(While NYC is bracing for a winter blizzard, ice cream is the last thing on everyone’s minds.)
The Dumbo Brooklyn location of Pinkberry (117 Front Street) may be closed for good. We initially thought they closed for the season, but an anonymous source told us that they will close the location. The windows are papered, the awning was removed last week, and the Dumbo listing on the Pinkberry website no longer lists Dumbo as a location. We are waiting to hear back from Pinkberry for the official word.
Peas & Pickles, the 24 hour deli/grocery store in Dumbo Brooklyn closed for interior renovations starting yesterday. A note on their door says that the expected completion date will be sometime in February 2015.
We are thrilled to announce that our highly anticipated interior renovation has begun, with the expected completion date of February, 2015.
While our store remains a preferred choice of many customers, these extensive renovations will allow us to provide the very best shopping experience to our valued customers.
A buyer of a condo unit at 185 York Street reports that the owners have been waiting since mid-2012 to move into the building. The building is being marketed as “City View Condominiums.” The Certificate of Occupancy has not been issued yet, according to the NYC Department of Buildings, which prohibits anyone from occupying the building.
A Brownstoner post from February 2013, almost two years ago, says that at that time, “a broker here tells us that they are going through the last of the inspections and anticipate closings to begin in February or March”. Obviously there are still delays. The buyer suggests to us that the “building sponsor seems to be deliberately holding up the closing of the building. Our only conclusion is that the sponsor under-priced the units, hopes that we will all lose patience and cancel our contracts.” When the 16 unit building went on the market in April 2012, the units ranged from $375,000 for a 631-square-foot one-bedroom to $845,000 for a 1,193-square-foot two-bedroom, two-bath duplex.
According to StreetEasy, 15 of the units were listed for sale until December 29, 2014. Does anyone have updated status for the buyers of this building?
Here’s the note we received from a prospective buyer:
Just wanted to let you and your newspaper know that I am one of the prospective purchasers of a unit at 185 York Street in Vinegar Hill.
Along with all the other eager prospective purchasers, we signed a contract for our unit in the building, which was essentially completed, in mid-2012. Since then, in the intervening 2 1/2 years, we have been starved of information about what is going on and what information we have been given has been incorrect or misleading. The contract holders have nee renting temporary accommodation in various parts of the city to ‘bridge’ the time awaiting the issue of a Certificate of Occupancy.
The building sponsor seems to be deliberately holding up the closing of the building and we are unsure why this would be but it is causing distress to the prospective occupants. Our only conclusion is that the sponsor under-priced the units, hopes that we will all lose patience and cancel our contracts, so the units can be re-listed. This is of course only a supposition and we have no evidence that this is the case but we can come to no better conclusion at this point.
We have contacted the Attorney General’s Office, the Office of the Brooklyn Borough President, the Local NYC Councilor, The DoB Brooklyn Borough Commissioner.
We are looking for any means to get our plight out into the public domain to try to speed up the long-delayed closing.
I think this puts a slightly different light on the ‘rosy’ picture of Vinegar Hill painted in the NY Times article.
MNS, the Brooklyn real estate firm published their December 2014 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that rent prices in Brooklyn decreased slightly to $2,666.88 in December 2014, from $2,677.19 (0.39%) in November 2014, however since December 2013, a 3.08% increase was observed with prices increasing from $2,587.23. Listing inventory increased substantially by 9% from 2,879 unit listings in November 2014 to 3,148 in December 2014.
The largest percentage increase in rent prices (among material sample sizes) was seen in Studio units in Downtown Brooklyn at 10.57%. The largest percentage decreases were seen in Studio units in Bay Ridge and Greenpoint, at 11.94% and 12.88%, respectively.
Some other highlights of the report include the following:
Rent Prices in Brooklyn decreased slightly from 2,677.19 in November to $2,666.88 in December, a 0.39% drop
Since December 2013 rent prices have increased 3.08% rising from $2,587.23 to $2,666.88 in December 2014
Listing inventory increased substantially by 9%, from 2,879 unit listings in November 2014 to 3,148 in December 2014
The largest percentage increases in rent prices since November 2014
Studio units in Downtown Brooklyn rose 10.57% from $2,361 in November to $2,611 in December
The largest percentage decreases in rent prices since November 2014
Studio units in Bay Ridge decreased by 11.94% from $1,458 in November to $1,284 in December
Studio units in Greenpoint decreased by 12.88% from $3,012 in November to $2,624 in December
The largest annual upward shift in rent prices
Average rent increased 15.7% in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014
The largest annual downward shifts in rent prices
Average rent decreased by 7.4% in Williamsburg from $3,461.62 in December 2013 to $3,204.51 in December 2014
Dumbo two-bedroom units have increased by 12.32% since December 2013, rising from $5,153 to $5,788
In Dumbo, although the overall monthly average increased slightly by 0.49%, overall annual average rental prices increased by 5.7%, largely driven by a 12.32% growth in 2 bedroom apartment prices. In Dumbo for December 2014, studios were $2,880 (vs $2,955 in November 2014), one bedrooms $4,043 (vs $3,943 in November 2014), and two bedrooms $5,788 (vs $5,751 in November 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
The 50 Bridge Street building announced the completion of their restoration project last month. After 2 years and $3.5million, the building underwent an exterior renovation project. The building’s previous “green and purple” painted bricks were restored to their original brick color. The new look
In a statement from the Bridge No. 50 Condo board, they said:
“We are thrilled by these significant renovations that have resulted in the restoration of much of our building’s original character. The building is a beautiful example of 19th century industrial architecture and we have worked closely with Landmarks throughout this project. We have a wonderful community of supportive neighbors, and we are pleased to see the surrounding area tastefully and appropriately developed as well. We would also like to thank Cowley Engineering and Flag Waterproofing and Restoration for all their efforts in leading this project to its successful completion”.
Bridge No. 50 is a 58-unit luxury condominium building located in Dumbo, Brooklyn. Originally constructed in 1894 and redeveloped as a condominium in 2004, the building is located in Dumbo’s historic district and was once an important part of Alexander Kirkman’s soap manufacturing company.