Dumbo NYC

According to the Massy Knakal website, the previously mentioned townhomes on Old Fulton Street (near Grimaldi’s Pizza) is under contract. The buildings have been on the market for almost a year and was listed for $7.5million and reduced to $7.0million. According to a previous comment, the buildings have some structural issues and would have to be fixed to prepare for re-development.

The plans call for a residential rental project with the addition of one floor. A source, who wished to remain anonymous, familiar with the deal stated to DumboNYC that there will be a mix of 1 and 2 BR apartments with high end finishes. The construction will most likely begin in approximately 6 months, and plans are being finalized. The townhomes were sold to a “very experienced developer”.

Previously: {Three Vacant Buildings on Old Fulton Street, 18Jan07}
{Massey Knakal Realty}

Two new condos new to the market in Vinegar Hill and Fulton Ferry, Brooklyn:

79 Bridge Street One Bedroom Condo (Apt 3F)
This condo at 79 Bridge Street has one bedroom, one bathroom totaling 796sq.ft. ($879/sqft). The Bridges, is located in Vinegar Hill. The floorplan shows that it is a studio layout, but apparently, it can be converted to a one bedroom. Other stats:

• Price: $700,000
• 11 foot ceilings, 7″ x 4″ balcony
• maint: $321/mo
• Taxes: $1/mo
• Corcoran Listing (posted on 04Oct07)

One bedroom, two bathroom co-op at 28 Old Fulton Street (Eagle Warehouse)
A triplex townhouse co-op at the historic Eagle Warehouse at 28 Old Fulton Street for $1,250,000 ($595/sqft). It has a separate entrance in the small lane. Other stats:

• Sq. Ft.: 2100
• maint: $1556/mo
• The Eagle Warehouse was built in 1893 and converted to co-ops in 1980. Separate entrances are on Doughty Street.
• Corcoran Listing (posted on 04Oct07)

When we last looked at this trio 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 Massey Knakal website, they are now under contract.

Most would agree that this is a great location just on the border of Dumbo and Brooklyn Heights, with views of Manhattan, but commenter Ilene said:

“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.”

I haven’t been able to vet the statement about the structural issues, but it would be a great location for street level retail or cafe that will get foot traffic from Grimaldi’s, Pete’s and Brooklyn Ice Cream Factory, and Fulton Ferry Landing visitors. What would you like to see built on the ground level?

{masseyknakal.com}
{Three Vacant Buildings on Old Fulton Street, 18Jan2007}
{NY Times Updates Us On Old Fulton St Plans, 20May2007}

 (Photo from NY Times)

 (Photo from NY Times)

The NY Times updates us on Old Fulton Street:

THE Brooklyn block leading down to the Fulton Ferry Landing, a neglected little row of brick structures at 1-25 Old Fulton Street, has looked like a ghost town for years, even while a boom has swept through Brooklyn Heights and Dumbo on either side.

Now change is around the corner, as the new 85-acre Brooklyn Bridge Park moves ahead, its L shape wrapping around the waterfront from Atlantic Avenue to Jay Street, with Old Fulton Street as its apex.

This neglected row will become the gateway to one of New York’s most spectacular parks, but there is a trade-off: the plan also calls for the demolition of the art moderne Department of Purchase building, at the foot of the street.

DumboNYC previously featured 11, 13, and 15 Old Fulton Street buildings (which are still on the market). The article says “The building at No. 5 Old Fulton was a tobacco warehouse for a time, and at No. 11, Robert R. Story made saddles, harnesses and engine hoses…At No. 15, Valentine, Bergen & Company operated a wholesale grocery, which sold a fruit vinegar with a maiden on the label declaring, “I am soulfully intense.”..By 1898, No. 11 Old Fulton Street was a lodging house.”

Over the last five years Dumbo has become as expensive as Brooklyn Heights. But right next door, Old Fulton Street is still just that — old.

Most of the storefronts are empty, although pizza lovers sometimes stack up outside Grimaldi’s (formerly Patsy’s) at No. 19. The ferry dock can be crowded when New York Waterways starts ferry service — this year, that happened in late April — but generally the brick row has an old-time, melancholy air.

According to the article the Purchase building demolition will begin in the fall and the site will become open parkland. The building had been used by the city’s Office of Emergency Management and currently by the chief medical examiner.

{From Ghost Town to Park Gateway, 20May2007, NY Times}
{Three Vacant Buildings on Old Fulton Street, 18Jan2007, DumboNYC}

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?

{Massey Knakal Realty}

The Fulton Ferry condos, located almost directly under the Brooklyn Bridge, at the corner of Water Street and Old Fulton Street in Dumbo, looks to be close to being completed. Some would consider the location to be on the border of Brooklyn Heights and Dumbo, but there’s no argument about the fantastic views overlooking Manhattan. Not to be confused with Fulton’s Landing of Jersey City, NJ, the building is literally 50 steps to the Fulton Ferry Landing and the riverfront directly across from The River Cafe and the Brooklyn Ice Cream Factory.

There are only 13 units in the building, and the style looks consistent with the neighborhood’s character (despite the building’s trapezoidal shape). The ground floor has 2282 square feet of commercial space and a parking space for each of the units. Maintenance/cc and taxes aren’t listed, but the average price per square feet is $746.26 and average price is $1,167,162. Not bad at all for the space and location, but looks like all units are under contract except for unit 3A, listed by Brooklyn Bridge Realty. Are there any buyers out there who knows the move-in date or what the commercial space will bring to the area?

Click on photos for larger version:

Fulton Ferry Condo (fultonlanding.com)
4 Water Street, Brooklyn, NY

Gowanus Lounge reports the starting of a New York Water Taxi service leaving Fulton Ferry Landing between Dumbo and Wall Street (Pier 11) and Midtown (East 34th Street) starting on November 27, 2006.

{ New York Water Taxi Starting Dumbo Commuter Service, Gowanus Lounge}
{nywatertaxi.com}

  Photo from New York Daily Photo

New York Daily Photo, always entertaining and interesting, takes a great shot of Eagle Warehouse. He does his research on the building:

The Eagle Warehouse stands at 28 Old Fulton Street in the Fulton Ferry Landing area of Brooklyn (between Brooklyn Heights and DUMBO). The photo shows the Romanesque Revival arched entrance. This massive medieval structure was built in 1893 (as the Eagle Warehouse and Storage Company) by architect Frank Freeman on the site of the old Brooklyn Eagle building (in its construction, the old three-story Brooklyn Eagle pressroom building was kept.)
…
The Eagle Warehouse was converted to condominium lofts in 1980. There is a large clock at the top of the building - its glass face is the window of one of the lofts.

{Eagle Warehouse, newyorkdailyphoto.blogspot.com, 11/16/06}