Three Vacant Buildings on Old Fulton Street
January 18th, 2007
After dinner at Grimaldi’s the other night, we noticed a sale sign at 11-15 Old Fulton Street (Between Water and Front Street). I’ve always wondered about them… three vacant townhouses between Grimaldi’s Pizza and Fulton Ferry. According to the realtor Massey Knakal, the owners are selling the properties for $7.5million. It’s a highly visible location with great “potential for condominium conversion or mixed-use rental”. From Massey Knakal:
“Vacant 4 story 21,716 sq ft walkup mixed-use building with proposed plans for 24,812 saleable sq ft. The property will be delivered with Landmarked approval’s to convert the existing buildings to residential apartments and add fifth floor penthouse suites, and retail on the ground floor and basement Located in the landmark district of DUMBO Current C of O of existing building is for residential use & commercial use Highly visible location with 72 feet of frontage on Old Fulton Street. Great potential for condominium conversion or mixed-use rental. Walk to 2 and 3 trains at Clark Street, the A and C trains at High Street, buses, and a few blocks from entrance to pedestrian path on the Brooklyn Bridge. Blocks from Brooklyn Bridge Park and close to all restaurants and shopping in Brooklyn Heights. Asking Price: $7,500,000″
This could be a great opportunity to own a piece of historic property under the Brooklyn Bridge. But is the asking price too high? Any developers out there?
22 Responses to “Three Vacant Buildings on Old Fulton Street”
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January 18th, 2007 at 3:26 pm
One of these buildings is where the character Vincent, from The Godfather, Part III lived, right? There is a shot in the film showing the exterior of his apartment, and the building is clearly under the Brooklyn Bridge. Anyone else notice this? Am I thinking of the right building?
January 18th, 2007 at 10:37 pm
I thought it was the corner building where Pete’s Downtown restaurant is. :)
January 19th, 2007 at 1:42 am
It makes sense if you think you could sell the condos at a bit over $1,000/SF. That’s a bit above the top of the market in Brooklyn today. But this arguably a better site than anywhere else in Brooklyn. So would you pay $1,000 SF for a condo in one of these building?
January 19th, 2007 at 11:42 am
I actually think this deal works. The kicker is the retail and the penthouse suites. Ideally if you could get a great restaurant you will create more of a market for yourself and potential buyers of finished Condos. I heard a building on the back side of Water Street sold out to European buyers within a less than a week and they averaged approx. $1,000 a SF.
January 20th, 2007 at 8:45 am
you’d be lucky to get 800/sf for those condos.
January 20th, 2007 at 8:52 am
I think this spot has one of the best views of Manhattan in NYC. If a developer brings this building back to its historic look and adds a Penthouse it would be a beautiful project. It is located in the ideal spot between Brooklyn Heights and Dumbo. The Water Taxi and the newly approved park will be 150′ away! Grimaldi’s and the River Cafe are close by. I think it would make a great Condo! Do you think it could get $1000 a sq?
January 20th, 2007 at 8:57 am
Sure you could get $1000/sf, in 2015.
January 23rd, 2007 at 5:23 pm
I inquired about one of those buildings a few years ago and was told there are severe structural issues with them, and the land they sit on. Something about the water table I think.
Walentas would have long ago snapped them up if they could be salvaged or torn down for a reasonable fee. Too bad, I think that Old Fulton could really become a great gateway for the neighborhood and coming park if those eyesores would go away.
January 24th, 2007 at 8:43 am
Does anyone know anything about the restaurant and lot to left of these buildings? How long have they been vacant? Are they for sale?
January 24th, 2007 at 6:08 pm
Last I heard the guys from Grimaldi’s owned it- they’d used it for catering at one point. Worth popping your head in to ask if you are interested. Also can try calling Richard Maura at Dexter Haven properties, he knows everything in the neighborhood.
January 28th, 2007 at 12:42 pm
This is FultonFerry not DUMBO
January 28th, 2007 at 10:59 pm
It technically is DUMBO since the end of it is Old Fulton St. Does anyone think the DUMBO market is getting oversaturated with Condos? What do most people prefer 1 bedroom or 2 bedrooms units? What is the one emenity that everone must have?
January 29th, 2007 at 12:19 pm
Ideally if you could afford it, I’d say go with a 2 bedroom… gives room to grow. However, the 1 bedroom market is very strong nonetheless. As far as amenities go… in unit washer/dryer is necessary.
January 30th, 2007 at 5:09 pm
I’m curious… does anyone have any info on the building at the corner of Plymouth and Washington? The space is currently being used for an art gallery (Smack Mellon). It would be a great coversion project with a couple more floors added, overlooking the park and the city skyline….
January 31st, 2007 at 12:02 am
the building at Plymouth and Washington is owned by David Walentas and Two Trees and they did a bunch of renovations to it so that Smack Mellon could use it.
January 31st, 2007 at 8:44 am
…Because God forbid prime real estate like that be wasted on an art gallery…
February 1st, 2007 at 2:02 pm
A washer/dryer in-unit is a luxury in any NYC rental/condo/co-op. I suppose it’s a necessity once you’re used to having it. Remember the article in the NYTimes back in April:
http://www.nytimes.com/2006/04/23/realestate/23cover.html
March 12th, 2007 at 8:38 pm
What do you think of this location for condos? It does have water views and will have park views. It is located between DUMBO and Brooklyn Heights. The commute to work would be real nice with the water taxis so close.
July 6th, 2007 at 11:12 am
[...] Ghost Town to Park Gateway, 20May2007, NY Times} {Three Vacant Buildings on Old Fulton Street, 18Jan2007, DumboNYC} Share and Enjoy:These icons link to social bookmarking sites where readers [...]
October 5th, 2007 at 12:05 pm
[...] we last looked at this pair of townhouses when they came on the market back in January, they were priced at $7.5 million. They were reduced to $7 million, and according to the [...]
November 24th, 2007 at 11:52 pm
the buildings are in conract and will be closing shortly. Look for very luxurious rentals to come in the near future. This is an excellent location and being sold to a very experienced developer.
November 30th, 2007 at 12:17 pm
[...] to the Massy Knakal website, the previously mentioned townhomes on Old Fulton Street (near Grimaldi’s Pizza) is under contract. The buildings have [...]