Dumbo NYC

Notes from the DUMBO, Brooklyn NY neighborhood


20 Henry Street First Release

August 1st, 2008

20 Henry Street

The 20 Henry Street condominium has released their first phase of sales last week. (Curbed featured this yesterday.) We’ve received several tips from our readers who mentioned that they’ve met with the sales office. There are two buildings in the project; one is the former Peaks Mason Mints building (on the corner of Henry and Middagh) and the second is a newly constructed 4 story building on the corner of Poplar and Henry. We’ve always liked the older building, which is an 1864 industrial loft building with 22 units. The new building is a 4 story, 14 unit building. There aren’t too many loft conversions left in Brooklyn Heights and the sales office has priced the units appropriately. Our tipster said the sales broker told them that these are great deals. “Get them before the prices jump.” The ceiling height is 9″ for both and there will be a garden courtyard between the buildings and a workout room. (A few floorplan samples after the jump). Some example prices:

  • $1,575,000; 3 bed, 2 bath, 1530 sqft, maint: $1296, tax: $181.
  • $1,490,000; 2 bed, 2 bath, 1310 sqft, maint: $1110, tax: $153.
  • $625,000; 1 bed, 1 bath, 726 sqft (47 sqft balcony), maint: $615, tax: $74.

On one hand, loft conversions in prime Brooklyn are hard to come by. However, with the economy being what it is, will they sell at these prices?

{Sizing Up a Heights Newcomer, 31Jul2008, Curbed}
{20 Henry Swings Back Into Action, 25Jun2008, Brownstoner}
{From Mints to Condos at 20 Henry Street, 29Apr2008, Brownstoner}
{20henry.com}
{DOB filing}


Filed in Brooklyn Heights, Jay Street, Real Estate at 12:02 pm
Comments
  • Real Estate Investor
    This is an absolute joke. 1,100 per sq ft in a neighborhood where the prevailing rate is 800 per sq ft on nicer streets? and for a renovation/conversion project? where's the risk discount? prices will jump??? what a joke. obviously the broker and developer know jack about real estate
  • ?
    aren't these prices on par with units at 70 washington? (which admittedly sold in a different real estate eon.) 20 henry looks to me like a dumbo building that happens to be in brooklyn heights. and that's probably going to be a pretty big deal for buyers looking for new construction / conversion the most prime brownstone neighborhood in brooklyn. seems like the best of both worlds as it's smack between BH and DUMBO.

    BH is full of beautiful, but largely crotchety housing stock that may have seen a decade or four... slide by with very minimal maintenance. that's party why prices psf tend to be a bit lower over there than ours -- most buyers at the $1 million + price range will have to do a gut-reno for a walk-up with high maintenance fees (and often long-standing maintenance issues).

    if this place came onto the market two years ago, it would have sold out fast. however, in today's economy and mortgage scene who knows?
  • Jim
    I am not sure how this will sell bc I am personally fearful of conversions like this. There is a lot of intrinsic risk. Either way I would like someone to show me these condos selling in BH for $800psf with roofdeck and balconies. I have been looking for a long time and coops are selling at that level of pricing (which I believe is ridiculous)
  • kguard
    i miss the folks that used to be in that building that made way for the future yuppies that shall inhabit it's walls. more bland folks making it a blander neighborhood.
  • purplelilac
    We trekked into the city to speak to a smug broker, talking about the sell-out potential and “we better move fast”. I was interested in the building because of the character, the history and originality. I was really disappointed that none of those qualities carried over into the interior design.
    I imagined exposed bricks, wide plank floors, etc. Instead I stared dumbfounded at this wanna-be Dumbo loft.

    While the broker talked about the white birch (not really sure if that’ the wood. He lost me at the artist’s rendering) floors and white marble counter tops, my mind I was saying, “Why? Why? Such a shame.”

    Go to 70 Washington and get 12 ft ceilings and a communal roof-top.
  • mike d
    Vince Rocco was the smug broker. I went for his "presentation" too and smug would be a huge understatement. Kept me waiting a half an hour and then had his assistant bring me up. When I finally met him he didn't bother to turn around to greet me. Made no attempt to give me any information whatsoever, I had to ask for renderings and he explained what a bargain they were at just under $1k/sf. I said I didn't find that to be much of a bargain and he suggested that we were done. The guy was a complete loser, particularly since we are actively and seriously looking in the neighborhood. As for the apartments themselves they looked nice but not spectacular. Way overpriced for the market.
  • great
    Yeah, I checked out the place also. Have to agree that it is way overpriced and the broker was spewing such crap I had a hard time laughing.

    Some of his best comments:

    "I never heard of anyone losing money on real estate in NY."

    "Williamsburg is a great investment and there is no abundance of inventory."

    "$1,000psf is a steal for bk heights"
  • uwsresident
    I had quite the opposite experience at the 20 Henry sales office. I found the agent to be very knowledgeable about the development and his presentation was good. In a temp space he was working with what he had. I think the prices are on par with the BH hood and because it is a condo, it sets itself aside from everything else in BH. We are seriously considering purchasing one of the larger homes.
  • mike d
    thanks for the update vince
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