Dumbo NYC

We posted this townhouse listing on Plymouth Street in Vinegar Hill back in July. It still on the market, but the list price has been reduced from $1,495,000 to $995,000, a half million dollar reduction. Sounds like there were no takers at the original listing price.

A reader went to check out the property and had this to say:

“just a wee bit of a price cut - half a mill worth down to $995k. i checked the place out today and it is a definite knockdown. and the location is absolutely dreadful. don’t get me wrong - i love, i mean love, vinegar hill, but this location is horrible - directly across the street from the water treatment plant, which stinks, the conEd plant is just down the block, and the PJs are around the corner.”

I agree, the location is not great, but quiet. What do you think? Is there potential for an investor who is willing to take a risk to tear down and build a home there (R6-B Zoning)?

{On the Market: 328 Plymouth Street, Vinegar Hill, 25July07}
{NY Times Listing}

The Landmarks Preservation Commission will hold off discussing 70 Hudson Avenue in the quiet Vinegar Hill neighborhood, according to today’s LPC agenda. The corner lot, Greek revival style rowhouse was built circa 1828-41. The application is to modify the storefront, and construct rooftop and rear yard additions. There is currently no storefront, but probably once had one. Anyone know what it used to be back in the day? Please comment below.

From Property Shark:

• Sale price: $999,000
• Sale date: 8/4/2005
• Building dimensions: 25 ft x 35 ft
• Lot dimensions: 25 ft x 40.58 ft

{LPC Agenda Aug 14, 2007 (pdf)}
{Propertyshark, 70 Hudson Ave.}

Townhouses in the quiet Vinegar Hill are hard to come by since there aren’t too many of them. I came across this one on the market, a 3 story, 2 family on a 25 x 70 lot. There’s an owner’s duplex plus rental. Full basement, R6-B Zoning, delivered vacant. It’s right around the corner from the quaint Hudson St/Plymouth St corner. The drawback is that it’s right across from the ConEd plant. If you’re looking for a quiet neighborhood, this area is a great place that feels like you’re not in NYC, yet it’s a 5 minute walk to noisy Dumbo.

• square feet: 2250
• list price: $1,495,000 ($664/sqft)
• est prop tax: $1,801

What do you think? It this a good deal?

{328 Plymouth Street, Century21}
{Google Map}
{Property Shark}

What: Sixth Annual Vinegar Hill Flea Market
When: Saturday, June 16, 2007, 11am - 5pm (Rain date, Sat, June 30)
Where: Front Street, Gold Street, Water Street, Hudson Street in Vinegar Hill

Proceeds will benefit The Vinegar Hill Neighborhood Association.

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}

Vinegar Hill is a usually a quiet neighborhood, (one of my favorites) but early morning on Wednesday, residents were awakened by a police chase that ended in a crushed cab and an arrest. I’ll let the resident who emailed me tell the story:

Last night, at 4:17 A.M., within earshot of the building at 91 Hudson Ave, there was a bang that sounded like the shelling of Vinegar Hill. I shot upright in terror and ran to the window but I couldn’t see anything. There was some angry shouting out of view, and then within 30 seconds a police car sped down Front St. and turned left on Hudson Ave. More shouting. Then my first floor neighbors came outside. People asked, “Are you okay?” A voice said, “They caught the guy.” Someone said, “Will it catch on fire?” “No, that’s the radiator.” Huh?

Apparently, a guy stole someone’s cab in Manhattan and drove it away. Then the cabbie got into another cab, chased it over to Brooklyn, and must have called the police en route. Then when the carjacker got to the end of Front Street, he couldn’t round the turn, smashed into the front door of my building, then got out of the car and tried to run away but he was caught by the police. Everyone was okay, but the car was pretty smushed.

A few minutes later, four police cars were outside of my building, then firetrucks. The firefighters had to get in through the back of the first floor apartment, because there was a taxi pinning our front gate shut. They spent the next hour or so removing the gate from the roughed-up front of our building so we wouldn’t be trapped.

Not sure how long the car chase was, but it’s fortunate that no one got injured. Vinegar Hill is now back to its normal peaceful neighborhood.

[Thanks Benno and Luis for the tip and photos]

A reader sent in an email to let us know that The Vista on Vinegar Hill received its TCO yesterday, a few weeks after all 31 units were sold out. The TCO’s expiration date is on 8/8/2007. This means that while the Buildings Department has determined that the house or apartment building is safe to occupy, the approval is only temporary and is subject to expiration. Are contract holders starting to set closing dates with the sponsor?

{206 Front Street Certificate of Occupancy, 5/10/07, nyc.gov}
{BISweb on 206 Front Street, BISweb on nyc.gov}
{The Vista on Vinegar Hill Sold Out, 4/26/07, DumboNYC}

 The Vista, 206 Front Street, 3/31/2007 (Click for larger version, photo DumboNYC)

 The Vista, 206 Front Street, 3/31/2007 (Click for larger version, photo DumboNYC)

While 99 Gold had a hard time selling and then decided to go rental, the neighboring Vinegar Hill building, The Vista, is 100% sold out (31 unit building). Closings were scheduled in March, but looks like the closings are still pending. Any contract owners know when the closings are going to happen?

Previous Vista posts:
{Vista on Vinegar Hill Progress Report (2/13/07), DumboNYC}
{Vista on Vinegar Hill Progress Report (11/13/06), DumboNYC}
{Vista on Vinegar Hill Progress Report (9/19/06), DumboNYC}

 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}