Open Thread Wednesday

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  • CassieVonMontague

    Kushner Bet on Luxury Spec Homes Ends in Disappointment: Company’s fix-and-flip strategy brought in 34% less than goal

    https://therealdeal.com/2021/09/08/kushner-bet-on-luxury-spec-homes-ends-in-disappointment/

    Although Kushner sold the three townhomes [27 Monroe Place, 38 Monroe Place, and 100 Pierrepont Street] for $27 million altogether, or $7.25 million more than it paid, that does not account for renovation costs that surely ran into the millions, not to mention transfer taxes and other closing costs, plus property taxes and interest as the homes went unsold for a combined 13 years.

    Moreover, the developer underperformed the luxury residential market — and its own expectations.

    Kushner planned to sell off pieces of the portfolio for more than $60 million. Instead, after six years, four deep price cuts and one lawsuit, the developer has brought in just over $33 million across four transactions. It also had to pay $100,000 to tenants at one property [89 Hicks St] to settle the suit, which alleged rent overcharges by the firm and earned it unwanted media attention.

  • NorthNeighbor

    Hello all – – Is there anyone here who could recommend a realtor that is experienced in commercial properties?

  • Jorale-man

    How is the flooding cleanup going in the Heights? Much water damage? I’ve been away over the past week.

  • KDHicks

    Has anyone heard any further news on other stores opening on Montague?

  • Heightsman

    Rumor mill says Fortune House is closing…

  • Andrew Porter

    I spoke to an employee of the Montague Street CVS a couple of days ago, and he said they’d had a lot of flooding in their basement, which is why they were closed last week. Had to rip up carpet, throw away some stock.

  • Andrew Porter

    Second to the last of my old BH photos. Might have even posted this already. Orange and Hicks Streets in 1928; photo by Ewing Galloway. Only changes I can see are the ivy, the hedge, the lamppost, and the cars. In the far distance you can see a building on Henry Street eventually demolished for the Cadman Towers:
    https://uploads.disquscdn.com/images/7e815e243ff2196b448798bf659ddd0ffa2f8cf3dc8ed17af0a08f25cf7b0005.jpg

  • Andrew Porter

    Does this rumor mill have a name or source?

  • Alex

    What the hell happened to the Citibike station at Clark St?

  • Nomcebo Manzini

    With Plans for a Baby, They Wanted a Place With a Second Bedroom and Lots of Amenities. Which Would You Choose?

    That’s the title of an eye-popping 9/9 article in the NYT. It pits an apt. at 1 Clinton vs. 2 others in “downtown Brooklyn.” It makes fun reading for anyone basically happy with where they live – especially if it’s a co-op or condo. (Might prompt a few to think about listing, I suspect.) I guess it’s equally SOBERING for those who have a genuine interest in making a move and would like to stay in BHB’s “territory.” (True, “new” obviously often commands a big premium, but cost p.sq.f. is still metric #1.)

  • https://www.youtube.com/watch?v=x7nPOzGeyaw Arch Stanton

    How unfortunate!

  • CassieVonMontague
  • Banet

    They’re repaving the street.

  • https://www.youtube.com/watch?v=x7nPOzGeyaw Arch Stanton

    The place hasn’t been renovated in decades and looks like a dump.
    If a restaurant doesn’t care about the parts you see, how much do you think they care about the parts you don’t see?

  • Andrew Porter

    Actually, I do remember when they updated the interior, maybe a decade ago. New tables, wall decor, etc.

    Why so negative?

  • Heightsman

    An employee.

  • AEB

    Wondering what “new management” can possibly mean, as the current management consists of the restaurant’s husband-and-wife owners. New owners? In any case, let us hope that someone begins to care even a little about the quality of the food, which is reliably no-one-gives-a-[excrement] about it.

    And does anyone dine there? Show of hands, please.

  • https://www.youtube.com/watch?v=x7nPOzGeyaw Arch Stanton

    LOL

  • https://www.youtube.com/watch?v=x7nPOzGeyaw Arch Stanton

    Not negative, truth. A few tables and wall hangings is at best a “face lift”. The place is a filthy dump, way overdue for a full renovation. Even the sign has be broken for well over a decade.

  • https://www.youtube.com/watch?v=x7nPOzGeyaw Arch Stanton

    Spot on!

  • Jorale-man

    It notes that common charges at 1 Clinton are in “mid 3000’s” – a month. And I thought my building was bad. Still, of those three (and if money were no object), I’d pick that one. Living on Flatbush Ave. in downtown seems rather unappealing.

  • Nomcebo Manzini

    I agree with you, … but that’s one thing that any New Yorker with 10+ years in town knows: Don’t judge a neighborhood undergoing massive change too early in the game. Yes, some like Atlantic – I’m thinking stores & other amenities; others prefer Court or Smith or Dumbo. As far as eateries go, Fulton (in DoBro) has gone from “Aren’t any” to “What’s your pleasure?” … And the purchaser involved loves “his” pool.

    Always tradeoffs, of course.

    Good to read (surprised, too) that the days of NYC Gov’t saying, “Build anything and we’ll forgive some/all R.E. taxes for 25 years” are gone. I think I’d plotz if I heard that the Olympia going up in Dumbo got any such “handouts.”

  • Effective Presenter

    Its DUMBO not Dumbo.

  • Andrew Porter

    I used to get take-out from there regularly. Alas, getting older and major health problems meant I still loved Chinese food but mostly can’t eat it now.

    I like to think the broken sign outside now reads ‘Torture House.”

    What the building looked like when it was an Italian restaurant (from BHS):
    https://uploads.disquscdn.com/images/c7239782582575bbd9d786a802e56d39337e95c080770343f8cad6fe9c4fe9c9.jpg

  • AEB

    Question: what is happening to the Peaks Mason Mints building? I thought it was turned into a co-op years ago and had been occupied. Now it appears to be in the process of serious renovation.

  • Effective Presenter

    Twenty years ago 9/11 on Montague Terrace in Brooklyn Heights I had been leaving for work locking my door and heard the first radio report “plane had hit WTC”

    Steps from the Promenade I walked over to see WTC on fire, thousands of 8×11 papers flying in the air, one older woman a neighbor explained “I just saw that plane crash”

    Within hours Hell broke loose hundreds, thousands of people arrived at the Promenade, for weeks Brooklyn Heights had been the spot to see the devastation of 9/11.

    A moment in time we will not forget 9/11 on Montague Terrace.

    Kevin

  • Nomcebo Manzini

    You sure it’ll be put back? I think the one at Joralemon & Clinton is gone for good. Citibike is part of Lyft and is numbers-driven like you might not believe. My instincts are that 18 months of Covid-affected office work has reduced enormously rides starting or ending in the Heights. (It’s also likely that pelnty of Hts residents became bike OWNERS since Covid started, further reducing “demand.”)

  • Jorale-man

    Pot-ay-to, pot-ah-to. I had to Google what DOBRO is. You learn something new every day.

  • Jorale-man

    There’s still one rack at Clinton & Joralemon. I suspect they’ll bring the others back once the road construction is finally done there but that’s just a guess.

    Yes, bike ownership has skyrocketed since the pandemic started.

  • Andrew Porter

    Bought out of the Mitchell-Lama program in 2003, and artist occupants evicted, with spaces renovated.

    Article in Brownstoner gives the history:

    https://www.brownstoner.com/architecture/brooklyn-architecture-brooklyn-heights-20-henry-street-mason-mints-peak/

    Now it looks like even more changes coming.