Hoch Group NYC » Brooklyn

Brooklyn 3rd Quarter Market Report

Jordan H — Fri, 22 Oct 2010 19:18:43 +0000

Brooklyn: The 3rd Quarter

Overall, things are looking up in Brooklyn. Prices are edging higher than they were in 2009, and sales numbers are stabilizing- both of which make looking across the bridge at some real estate a more enticing proposition. Listing inventory is up and properties are selling faster than they were a year ago, meaning that the overall fast rebound from the bubble-pop is still happening. With that said, Brooklyn’s recovery is held back by the same problems that can be found elsewhere- higher unemployment, shadow inventory and trouble getting credit.

Brooklyn Price Indicators:

One indicator that is rising in every market is the price per square foot. There have been dramatic rises in the 1-3 family and luxury markets, and more restrained growth in new condos. The only area to fall is the re-sale pricing of apartments per square foot.

Median Sales by Region:

Image Credits: Report

Is Someone Buying Brooklyn’s Clocktower Building?

Jordan H — Wed, 21 Jul 2010 12:41:00 +0000

Back in February I gave you the video tour of Brooklyn’s Clocktower Building at One Main Street in DUMBO. It was listed at $25 million. While the building itself is almost as amazing as the views it offers, charging 3x what any other condo has ever sold for in Brooklyn is, well, dumbo. Who’s going to pay that? As it turns out, somebody out there is going for it…

The Real Deal reports that the listing is off the market and negotiations are underway. According to them, there is no contract signed yet, as the mystery buyer “is not sure whether [he wants] to buy it or rent it, or rent it and then buy it down the road.” The four bedroom, three and a half bathroom apartment with its incredible views of New York Harbor and the Brooklyn Bridge through four 14 foot glass-faced clocks was created by David Walentas, founder of Two Trees, beginning in 1998. If he gets anywhere near his $25 million asking price it will dwarf Brooklyn’s largest condo sale ($8.495 million) and its most expensive home sale ($11 million). The way it sounds from The Real Deal, it’s only a matter of time…

Photo Credit: Curbed & The Real Deal

How to Spend $1 million + in Brooklyn

Jordan H — Thu, 18 Mar 2010 12:49:03 +0000

Raise your glasses to the newest buyer in Brooklyn Heights: Paul Giamatti. The long-time Hollywood actor who rose to cult prominence in the wine epic Sideways reportedly paid $1.3 million for a 1,400-square-foot, three-bedroom, two-bathroom condo. The home features hardwood floors and marble kitchen countertops with a 29 foot deep living room.

This one seems more suited to his family, as opposed to another smaller home he owns on the beach in Venice, CA. Photo Credits: Real Estalker

But if you want to spend over $2 Million in Brooklyn…

Talk to the folks at the Ikon along McCarren Park. One of the top-shelf condos is listed at $2.399 million- you get a 2,460 square-foot floorplan with 2 bedrooms and 2.5 baths… yes, that’s $975 per square foot. You do get a private terrace. When this building was under construction in 2008 this very unit was listed for $2.46 million.

Photo Credits: Curbed NY

Bushwick Hipsters and the Brooklyn Trailer Park: A New York Real Estate Story

Jordan H — Thu, 18 Feb 2010 14:48:38 +0000

Can’t afford a Greenwich Village condo? Looking for a place across the bridge? How about a loft? Too fancy? How about a trailer park in a warehouse? Imagine six campers, Wi-Fi- and A/C-equipped, huddled in a former nut factory in Brooklyn, welcoming artists with a communal roof garden. Oh, and shared chickens. Community Cofounder Hayden Cummings takes issue in with the trailer park nametag, preferring “Private artist studio space.” He told NY Mag’s Daily Intel that the “salvaged campers” fill a need because: “There’s no affordable private space for artists to create art together, so now it’s come to campers in warehouses.”

Photo Credit: RentedSpaces

A peek inside Bushwick's Brooklyn Nut park.

Is it more ironic that hipsters created a trailer park in New York City or that they did it on the first floor parking garage of the Brooklyn Nut Factory? Rented Spaces reported last year that the community plans to expand outdoors when the weather gets better: 25-30 campers. Thinking about making the move? Make sure you’re committed. According to Cummings, only “folks who believe in the vision and are excited to contribute ideas, share knowledge, help organize, decorate and bring in others to make this something extraordinary.”

As of this weekend, though, the Nut Factory trailer park may be destined to legend. According to their Daily Intel, the FDNY posted a “partial vacate order” effective February 12. For now the utopia will have to battle the winter weather along with construction and the fire department.

Broker Porn: Video Tour of Brooklyn’s Sick Clock Tower Penthouse

Jordan H — Wed, 17 Feb 2010 21:05:03 +0000

Broker porn at its finest. The Clock Tower at One Main Street in Dumbo can be seen from all sides- but imagine what you can see and do from inside… This penthouse has four fifteen-foot clock-face windows, views of the Brooklyn, Manhattan, and Williamsburg bridges, and an elevator. that. changes. everything. Watch this video tour from NY Mag for the 3 minutes you have to yourself today- its certain to satisfy.

Photo Credit: dumbonyc

Dream, lust. Take the tour.

According to NY Mag, Jay-Z, Ralph Lauren, and Ron Burkle have all shown interest. And if you’ve got $25 million to spend you can show more than an interest, too. For the rest of us, this video tour scratches the itch with morsels of the views, the gigantic party-ready kitchen, the glass eleveator (!) and the shower… you have to watch, just to see what goes on in the shower. I’ll just say it involves the Statue of Liberty.