Curbed Reports Price Drop At Love Lane Mews; 27 Sold, 5 In Contract

By on October 18, 2011 2:58 pm in Brooklyn Heights, Real Estate

Curbed NY reports that developer Manhattan Skyline Management recently closed the Montague Street sales office for 9 College Place’s Love Lane Mews, and that Manhattan has brought sales in-house for the project.

Along with it, the lowest unit is now $795,000 (1 bedroom, 788sf), down from $895,000. StreetEasy reports that five condos are in contract (between $1.4m-$2.7m).

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  • resident

    I don’t have a StreetEasy account, so maybe my assumption is wrong, but I’d be shocked if the past listings all represented sales, more likely they represent listings that have been pulled.

    Now, I do remember at one point there being about 8-10 in contract, but I’m not sure they ever closed. As far as I can tell the building is still almost entirely empty.

  • Donald

    Streeteasy indicates 5 in contract, 11 active listings and 0 (zero) recorded sales.

  • ABC

    I was recently told by a broker there that 5 are in contract (which seems like where it was several months ago). Too bad. They did a lot right with that project and then a lot wrong.

  • resident

    The “a lot wrong” seems to simply be just having an extremely unrealistic expectation for sales prices. The prices are still high and that’s not even considering the dirty developers’ trick of counting community space in the square footage numbers. At least that’s what I assume they’re doing, I’d eat my hat if the reported numbers are anywhere close to reality.

  • stuart

    …and they killed the cash cow that was the garage.
    dummies.

  • tb

    The apartments on the corner by Love Lane all seem vacant so far.

  • Wrennie

    The ground floor apartments on the Love Lane side–who would want to live there? There’s a two-foot wide sidewalk there…so you have those great windows, but you’d probably have to have your shades shut most of the time, lest the whole neighborhood see right into your apartment.

  • resident

    @Wrennie: Maybe they’re trying to appeal to exhibitionists? It’s too bad, those apartments actually have some of the nicer layouts in the building with a den downstairs and maybe even a courtyard in one. But yeah, I’d have to get a pretty sweet deal to live in that fish bowl.

  • tb

    The windows on the ground floor apartments all have light (and sight) blocking shades on them now. I wonder what they are doing in there.

  • Gerry

    This project is a bomb units have lingered way too long.

  • It Is What It Ain’t

    I would be surprised if this development doesn’t have to be restructured. My guess is the construction lender is going to have a lot of unsold condos sitting on its balance sheet in short order. The prices they are asking are still way overpriced considering that Love Lane is arguably the single worst block of real estate in all of Brooklyn Heights. It is too unsafe, too dark, too grimy, too much of a back alley, too exposed to the entrails of CVS … Essentially, the developer built “B” level condos in a “D” level space. No way this development is yet priced at a level that will clear the market. If you are crazy enough to consider living in this backwater, wait for the developer to go belly-up and buy the ensuing distressed condos at 30 cents on the dollar. Am I wrong?

  • David on Middagh

    IIWIA, a few weeks ago I saw a luxuriously dressed woman scurrying down Love Lane to what I presume was her new home in the parking garage out back of the supermarket. (I still think of Love Lane as a supermarket alley, even thought the D’Ag is long gone.) The poor thing seemed scared I was going to jump her.

  • Gerry

    @ IAWIA and David on Middagh,

    I suspect that the Love Lane condos will plummet in value and asking prices as will the whole City we are about to turn into another cycle of down-ward sales and sales prices. With the exception of a few tropy type properites the other sales will be another 30% off – on top of the current 30% thats down 60% from the boom so many people paid way too much.

    And forbid we have another terrorist attack here in NYC it could be even worse than 60%.

    As for Love Lane it would have sold had it been made into Automobile Condos FAST the Heights people NEED a parking condo and for that we would pay.

  • http://www.Cognation.net Dean Collins

    @Gerry, agree would have been an interesting flip to turn these into parking condos.

    Surprised more developers dont try the fixed price parking structure option more in NYC.