Dumbo NYC

This week’s issue of Time Out NY takes a look at buildings in NYC built as condos converted to rental buildings. We saw both 99 Gold Street and 133 Water Street go rental last spring. In the midst of a subprime-mortgage meltdown, overbuilding, and an increase in inventory of condos, condo developers are turning to rentals for several reasons. Developers who believe in a neighborhood will hold on to some rentals to keep a revenue stream coming in the future, betting on a rebound once the market gets hot again, or sell them later once an area becomes gentrified. Jed Walentas of Two Trees Management, was quoted and said “Our mission and our objective is to build rentals,” Walentas says (though his company does own three other condo properties, in Dumbo). “We like to own our real estate and invest in areas we really believe in.” Two Trees also intends to keep some units in their 110 Livingston Street building as rentals.

Current rentals at 99 Gold and 133 Water from aptsandlofts.com:

{The new switcheroo, 29Apr2008, Time Out NY}
{99 Gold Withdrawing Offering Plan, Turning to Rentals, 25Apr2007}
{133 Water Street Received Their TCO, 16May2007}

Nate’s Pharmacy recently opened and joins Dumbo neighborhood pharmacy, Bridge Apothecary as the second pharmacy in the area. It is located at 111 Gold Street in Vinegar Hill. Welcome Nate’s!

Nate’s Pharmacy (718-855-1990)
111 Gold Street, Brooklyn, NY 11201
Mon - Fri 8am - 6pm
Sat - 9am - 3pm
Closed Sundays

{Nate’s Pharmacy Coming to Vinegar Hill, 05Sept2007}

(Photo courtesy of xiane threeravens)

Etsy, a Brooklyn-based, online marketplace for handmade products, has raised $27 million in its fourth round of venture capital, according to CNet News. Etsy was founded in 2005 and has grown, with over 120,000 sellers from around the world.

Etsy opened their Etsy Labs on 325 Gold Street (off of the Manhattan Bridge / Flatbush Ave ext). It has 48 full-time employees and approximately 650,000 registered users, 120,000 of whom are individuals selling their handmade creations in 127 different countries. Congratulations to the Etsy crew!

{Etsy blog post announcement}
{Crafty commerce site Etsy gets $27 million in funding, News.com}
{previously: Etsy Monthly Trunk Show}

Looks like the much needed pharmacy, Nate’s Pharmacy is set to open in Vinegar Hill on Gold Street (a few doors down from 99 Gold Street). Signs were in place this weekend.

Nate’s Pharmacy
111 Gold Street, Brooklyn, NY 11201

Previously: {Nate’s Pharmacy Coming to Vinegar Hill, 05Sept07}

So we’ve read that Clinton Hill is getting a Walgreen’s on Myrtle Ave.. But there’s a new pharmacy coming to Vinegar Hill on Gold Street (near 99 Gold) called Nate’s Pharmacy. Not sure when they will open, but I saw some construction the other morning and a new sign put up (above photo). Mr. Walentas has been looking for a mom-and-pop-type pharmacy in Dumbo, but with Bridge Apothecary coming to J Condo and now Nate’s Pharmacy, does Two Trees need to keep looking for a pharmacy? Nate’s might be a bit far for residents of Dumbo south, but it’s a welcome retail store for residents of Vinegar Hill.

Meanwhile, does anyone know when Bridge Apothecary will open at its J Condo location? As of yesterday, the windows are still taped up and the ‘coming soon’ sign is still up.

Nate’s Pharmacy
111 Gold Street, Brooklyn, NY 11201

Previously:
{Pharmacy Coming to J Condo in Dumbo, 20Dec06}
{Walentas Still Looking for a Mom and Pop Pharmacy for Dumbo, 17Nov06}
{Where’s the Dumbo Pharmacy?, 2Oct06}

Already 26 stories tall (7 more to go), Oro Condominium (306 Gold Street) is easily seen from Vinegar Hill at the 99 Gold Street building.

 Oro Condo area map (from orocondos.com)

Previously:
{99 Gold Withdrawing Offering Plan, Turning to Rentals, 25Apr2007, DumboNYC }
{Any 99 Gold Street Updates?, 2Mar2007, DumboNYC }
{99 Gold Street Update (10/9/06), 9Oct2006, DumboNYC }
{orocondos.com, 306 Gold Street}

 99 Gold Street, Brooklyn, 3/31/2007 (Click for larger version)

After throwing a big opening party with free alcohol and food and an appearance by former NY Knicks basketball player John Starks last June at 99 Gold in Vinegar Hill, the Developer’s Group have decided to withdraw the offering plan on the building. The building will turn into a rental building but no word yet on prices. 99 Gold is joining 133 Water Street in turning rental. I’ve confirmed rumors from contract holders. One contract holder had this to say:

“There were 44 contracts signed - and another 11 being held back by the developer for friends and family. Our rep at Developer’s Group is pretty shocked as with a building almost 50% sold this almost never happens. The reason I guess is that many of the less desirable units were not moving and they didn’t want to risk bearing the cost of 40 unsold units after the building closed. We were told they decided that renting them would be more profitable in the long term.”

I thought the condos were pretty nice, had huge windows, and quality finishings. I hope the contract holders were treated fairly and didn’t have their deposits tied up for too long. One Dumbo-based realtor told me that they have many more buyers than there are inventory for Dumbo and Vinegar Hill, so they were a bit surprised with the 88-unit building not selling well. A commenter on Brownstoner had this to say about 99 Gold on March 5: “I bet this building will go rental b/c Developers Group can’t sell anything. I guess time will tell.” That person was right.

 99 Gold Street, Brooklyn, 3/31/2007 (Click for larger version)

{Any 99 Gold Street Updates?, March 2, 2007, DumboNYC}
{Dumbo’s 133 Water Goes Rental, April 9, 2007 Brownstoner.com}

 99 Gold Street, 2/2007

We’ve received several emails from people wondering about 99 Gold Street, but we haven’t heard of any updates. Any buyers care to share? We were last there 5 months ago in October, but as Brownstoner.com said, in yesterday’s post, “99 Gold seems to have faded from the public consiousness.” There are 21 units on the market (Developer’s Group just updated the listings today) out of 88 units, and a commenter mentioned closing dates of May. We also want to know what’s up with 99 Gold.

 99 Gold Street, 2/2007

{99 Gold: Wassssuuuuppppp, brownstoner.com}
{99 Gold Street Update (10/9/06), DumboNYC.com}
{99goldstreet.com}

We’ve seen a lot of buzz on the development at 99 Gold Street in Vinegar Hill, Brooklyn. Designed by Scarano Architects in Dumbo and marketed by The Developers Group, this building was converted into 88 studio, one, and two bedroom lofts, and has a small non-regulation basketball court in the basement.

Okay, this isn’t really an update, but I was over there yesterday to check out the progress, and it looks like from the outside, most of the work has been completed. I went to the opening “launch party” this summer (has it already been 4 months ago?) and saw the apartments, the rooftop, and the basketball court. The finishes were nice, and the building seemed solid, but until more stores/services come to the area, residents will have to go to Brooklyn Heights for their pharmacy.

 99 Gold Street before conversion. Photo from The Developers Group

Aside from some reported price cuts by Robert Guskind at Curbed, we haven’t heard too much in the past month about 99 Gold. With the updated prices, the condos range between $522/sq.ft. for a studio with 2 bathrooms (1571 sq.ft.) to $969/sq.ft. for a penthouse two bedroom, 2 bathroom (not including the 1077 sq.ft. of outdoor space). Below are some photos taken this weekend.

From Scarano Architects:

“99 Gold is a renewal pioneer within the area’s industrial landscape. An upscale loft conversion is the latest trend in stylish city living, which redefines the 19th-century concrete and block building, originally designed to house and supply New York’s souvenir market. Following that industry’s decline and decades of misuse and neglect, vast quality-of-life improvements are assured by this adaptive reuse.”

 Click photo for close-up. 99 Gold in Vinegar Hill, October 8, 2006

 Click photo for close-up. 99 Gold in Vinegar Hill, October 8, 2006

Some sample pricing:

• 1 bed 1 bath, 757sq.ft. $575,000 ($759/sq.ft.), $328 maintenance, $48 tax
• 0 bed 1 bath, 988sq.ft. $645,000 ($653/sq.ft.), $412 maintenance, $61 tax
• 2 bed 1 bath, 1035sq.ft. $699,000 ($675/sq.ft.), $432 maintenance, $64 tax
• 2 bed 2 bath, 1215sq.ft. (1106sq.ft. outdoor space) $1,150,000 ($946/sq.ft.), $636 maintenance, $94 tax

Does anyone have info on move in date or how sales are going so far?

{99goldstreet.com}
{scaranoarchitects.com}

Navy Street (Sands St. to Hudson Ave)

The Brooklyn Greenway Initiative is a project to create a connection between numerous waterfront communities now divided by highways and transit infrastructure for waterfront access, bike trails along 14 miles of Brooklyn waterfront.

The planned pathway spans from Greenpoint to Navy Yards, Vinegar Hill, and Dumbo down to Red Hook. For joggers, bikers, and pedestrians, the route through Vinegar Hill and Dumbo would give a good view of the bridges and the waterfront:

Route in Vinegar Hill - Ideal route for Brooklyn Bridge Park and proximity to waterfront is Gold St. to John St. to the Jay St. park gateway. This could result in a segment of unique character through an historic neighborhood.

Looks like the project may finish by the time the Brooklyn Bridge Park is scheduled to finish around 2010.

{Brooklyn Greenway Initiative via The Brooklyn Record}