Is 1702 Avenue Z cursed? It could be, because what once was among Sheepshead Bay’s glitziest properties now has signs of a downhill turn.
First of all, it’s almost a year behind the completion date of the building and work is still being done on the interior of East 17th Street and Avenue Z. Things started to look up in August, as the commercial broker, Massey Knakal Realty Services, told us they were closing a deal with a group of local doctors to use the entire office/retail space as a medical center. Then, in November, the posh residential units hit the market under the elite Corcoran name, with asking prices of more than $800,000.
Now, just a measly three months later, all the big boys have pulled out. The deal with the doctors fell through, and Massey Knakal is no longer representing the building. Similarly, The Corcoran Group has pulled the listing from its website.
Click to see broker's sign
The entire development – commercial and residential – is now represented by the mysterious Dreamlife Realty, for which we can find little information. Their website is dated 2008 and is notably blank and sets off anti-virus alerts. Similarly, a Google search for the agent – Olga Orak – reveals little more than she represents a few McMansions out in New Jersey.
So what’s the deal? What has made two of New York City’s biggest brokers turn tail and run for the hills? And will Little Miss Dreamlife Realty have the pull to market such a high-priced, mixed-use development?
I guess what I’m asking is: are these ever going to sell, or does something smell fishy in Sheepshead Bay?
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Don't go to the Dreamlife Realty site without good virus protection. My Norton security notified that there were Trojans and other questionable stuff there.
like i said in the last post about this property those brokers had no business marketing this project. the only way they are going to get anything done here is lower prices and start giving out mortgages so people wont have to go to banks.
Thanks for the warning. I've removed the link and noted the virus issue in the article.
And you think the new broker is better?
The building is owned by 1702 Avenue Z Inc, whose offices are listed as being at 1318 Gravesend Neck Road. They are the owner of record since March 2007.
1318 Gravesend Neck Road is also the address of Dreamlife Realty.
Things do get curiouser and curiouser.
The contracting firm is also given a 1318 Gravesend Neck Road address in DOB records.
i have no idea who that broker is. but if they are from the area they should have a better understanding of what and who would want the space. from the picture above you can barely see the sign through the glass so thats already a bad sign. i have not seen the space but it doesnt look like it was made for retail stores so you need office tenants. right now there are so many options for office space its not even funny. as for the apartments does anyone want to live there for 500-800k. in that price range there are also many other options.
It amazes me how these developers will build and expect big bucks for apartments that overlook a car wash, a muicipal parking lot and have to listen to mail trucks loading and unloading all day long. My son just bought an apartment, with bigger rooms, on Prospect Park SW for less than that. Of course it's not silvery, glitzy and labeled a “luxury” apt.
They even run a commercial driving school out of that office. There were two attorneys there at one time, but I don't see a sign anymore.
As a broker, I can tell you that mortgages should be from banks. That is the only way you can be sure of an independent appraisal of the property. Beware of loans from builders. They can be scams.
Moving right along. If you want to live somewhere, live in a residential building. Who wants to live in something that looks like a hospital or, heaven forbit, a car dealership? One professional apartment is enough for a building. Don't forget that doctors have business plans. If a location doesn't look profitable, they aren't going to be there. Then the space will have to be used for something else or just rot.
This building is just another poorly conceived structure.
Interesting, as the owners also run an architectural consulting service called Cityscape. They have their fingers in every pie. They are even listed as mortgage brokers.
i agree with everything you mentioned. i know for a fact getting a purchase money mortgage is a way to get deals done when times are rough. you save on fees and makes the process faster. as far as scams go make sure you get a good lawyer to protect yourself.
I dont know anything about this Dreamlife Realty company but I know there were a few real estate firms in our area that were buying up houses, lots for conversion to condos. Most of these would turn a 1-2 family private house into a small condominium (~10 units). Isnt it possible that Dreamlife Realty did the same but on a bigger scale?
Also wasnt there a car dealership renting the first floor of this building when the construction was finished 2 years ago? I remember that they had a car dealership that was selling expensive cars (Ferraris, Lambo's, etc.) and than one day it mysteriously disappeared?
The car dealership was in the condominium building next door, a big, brown brick thing that actually isn't so bad on the eyes. They closed down around the time this blog started (mid '08). Probably because no one in Sheepshead Bay needed Ferraris and Lambos when their homes were being foreclosed upon. It is now a retailer of luxury kitchen furnishings.
The building we're discussing has not yet completed construction, and has never had tenants. It was a mechanic's garage in a previous life.
Also, welcome to the site
I personally wouldnt buy in this developement or anywhere around it because it was built on an old gas station, and gas stations are notorious for having leaking gas tanks which can contaminate the ground for decades. These types contaminations can cause inhabitants to develop cancer.
on sites like this they have to do environmental testing to make sure its clean if not clean has to be cleaned. you shouldn't want to live here because its a horrible location and overpriced.
I've already said my piece in terms of criticizing this building. That said, I don't think the location is as bad as some make it sound. You're near a lot of stuff, and the size of the building isn't so offensive to the buildings around it. The price, on the other hand…
just knowing there was a gas station there would be enough to keep me away. I wouldnt trust any “environmental testing” with my families health, especially with the fraud, corruption and lack of moral standards that are so ever present in our society.
that is a commercial strip not so much residential thats why the other condo buildings are having trouble selling. i dont care about the size makes no difference to me if it was 20 stories. for 800k if you want to be in this immediate area you can buy any house on the side streets be within 1 block to all the stuff you are talking about and have more than enough money to fully gut renovate it the way you want. so why buy the condo with traffic, parking lot views and probably shitty layout/construction.
The size and its architecture is VERY offensive. This is NOT Manhattan and I'm getting sick of the cheerleaders in here for loving all these disgusting condos being built and driving away long time residents for the benefit of the nouveau riche. I hope they lose their shirts and more. Enough already.
Gut a 100 year old home? Show some respect for the history of this area. What these historic buildings need is restoration not renovation or destruction to be turned into another glass box.
It's amazing how the number of gas stations has been so reduced considering the well heeled driving around in their climate busting SUVs and disrupting our lives with traffic, blocking the sidewalks and honking their horns constantly. I guess those people can afford to have less choices and higher gas prices as a result. I'd rather see a gas station than a glass mansion out here.
So here are some interesting facts about Dreamlife realty:
1. It is owned and managed by the same individuals out of the same 1318 Gravesend Neck Road office as “Gravesend Neck Corp”.
2. Their last project where these people were both sponsor and realtor was 1389 East 18th street Condo.
3. The craftsmanship on their last project was far below average. Most units are suffering from water leaks, have mold, and have had electrical water heaters installed instead of gas fired as promised by the offering plan. The electrical water heaters lead to $350 electricity bills in most units (about 90% units there are one bedroom).
4. The common area electricity used for construction and other things have not been paid and now current residents are on the hook for the huge sum. Dreamlife management refused to pay.
5. Dreamlife Real-estate continued to sell units knowing all of the defects without taking any steps to remediate them.
6. At this point they are being sued by the residents of that condo.
7. One of the partners – name is Alex Sirota is currently in jail for defrauding government.
I really need to put the following text on every page of the site, but here goes:
Statements, opinions and claims made in the comments section of Sheepshead Bites do not reflect the opinion or reporting of Sheepshead Bites or SheepsheadBites.com. They have not been verified and do not have the backing or endorsement of Sheepshead Bites. They are solely the claims of the commenter and not of the editors or publisher of this website.
That being said, we'll look into it. Gracias for the info.
Just add it to the ABOUT page…in bold.
[...] Early this month, we told you that the newest luxury condo at 1702 Avenue Z had lost some of its major players. [...]
i think there are more good idea!
I know a person who bought a condo on 1389 East 18th early last year, and his entire apartment is damaged by water leaks. I was told that they are in the process of filing a lawsuit against the builder.
I didn’t know it was built by the same people as Z tower.
That's between N and M. There are no Condos on that block….
I guess 1389 East 18th used to be a private house in the past as it’s on a 30×100 lot, but now there is a 6-story condo with 4 parking spaces and like 10 apartments.
I’ve heard that people are regretting that they bought these apartments as everything is falling apart. I don’t have any facts, just the opinions that I’ve heard from a couple who lives in there.
My apologies, a quick look at GSV confirms the condo you're talking about.
Google Street View<http://www.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=1389+East+18th+Street&sll=40.619063,-73.965372&sspn=0.115707,0.209255&ie=UTF8&hq=&hnear=1389+E+18th+St,+Brooklyn,+Kings,+New+York+11230&ll=40.616697,-73.956871&spn=0.007232,0.013078&t=h&z=17&layer=c&cbll=40.616602,-73.956856&panoid=vGZtFU6FDqjOLJIx-cKIfA&cbp=12,51.85,,0,-8.14>I'm
not sure why I've never noticed it before.
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That's really what is realistic for the East side about now, and the retail element is crucial for urbanity.Hopefully this is an indicator of what's to come as available development space fills in and the need to build tall increases.We especially need taller residential buildings with ground level retail along Market street and the surrounding blocks after the ramp comes down.
Hi,
Thanks for providing real estate commercial and residential information, it’s really nice to get awakens.
I guess you are right.
Dreamlife realty is one big scam they have signed a lease with me for one of the apartments for rent in the ave z towers. Took my money cashed it and then MRs. Orak had the nerve to call me to breach my lease. To make matters worse she also took my apartment under contract for sale. Speak about a Godzilla!!!! Which makes the whole thing even more curious why is ave z corp registered address the same dreamlife realty? Did i mention the reason I cant have my apartment is because she got a bigger offer? there we go Mrs. Orak working hard to earn an extra buck ….real working girl really does belong in New Jersey.
A scam, sham office for sure……one of her own agents in NJ (who unfortunately i used to know) has been trying to sell her own house for 3 years and can’t….changing the price every week and each time proclaiming its a new listing. They opened a fancy office some 7 years ago on Route 9 in Marlboro, but then moved out a year or two later to a different office…their fancy logo sign is still there. They proclaim to have all this experience…this Olga person was I think an agent at Coldwell Banker on route 9 in Manalapan and decided to go out on her own….she took with her and recruited only Russian speaking agents…most of them nobodys in the business who I wouldn’t buy a cup of coffee from…..YES THEY ARE ONLY LOOKING TO MAKE FAST MONEY….and she and her agemts are probably so leveraged and battling so many lawsuits that the scams will continue……It is a shame agreeing with alot of the previous comments that Sheepshead Bay — where I grew up has given birth to these ugly over priced, badly built condos…the community boards and politicians don’t do anything to stop the maddness — it looks terrible what the commercial stip of sheepshead bay road has turned into with every nook and cranny that overlooks the belt parkway. The esception is waterview village one condo built on Emmons in 1986 on the site of the old captain Walters…it is run like a tight ship, and in the black because people monitor the costs and take care of it. Remember when there was all this hoopla about when Loehmann’s wanted to come to Sheepshead bay, people were up in arms about the impact on the fishing marina area and taking away that charachter …well guess what they were wrong it has improved the area…..but when you start adding these ugly condos built on every possible vacant lot and being led by unscrupulous builder/brokers like dreamLife…I wish they would go away or soemone would put them away.