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 Knakel 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 Knakel 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?
I don’t mean to sound like an infomercial, but… you, yes YOU, can save thousands of dollars when purchasing new construction condos in places like:
- Upper East Side
- SoHo
- Tribeca
- and even SHEEPSHEAD BAY!
Okay, enough silly gimmicks. Let’s get to the point. Continue Reading »
No, it's not a dorm. These condo units at Avenue V and West 11th Street just hit the market. Asking prices range from $429k. They're a block away from the Marlboro projects.
Listen, Brooklyn developers, can I get a word with you over here? Ok, good. Now, let’s keep it real. Sometimes – sometimes - you’re a friggin’ idiot. What? No! Don’t get offended, but it’s true. Like, you know, lacking common sense. I mean, you bought an entire block some years ago on Avenue V and West 11th Street with the intention of building some high-end condos. I know, I know – everyone was doing it. There’s money to be made, I get it. But, well, it’s just that not everyone does it a block down from the projects, know what I mean? What? I don’t care how good the market was back then, that’s just dumb. Those projects ain’t goin’ anywhere. It’s the Marlboro projects – been there since ‘58 and has almost 4,000 people living there. They not movin’. You really thought people would want to shell out $429,000 and up for your parquet floors, elegant kitchens, and ambient gunshots in the background? Get real, man. Yeah, at least you put indoor parking. But holy fuck, man, really?
We’ve been curious for some time now when the condos over at East 17th Street and Avenue Z would hit the market. It’s been months since we announced that the retail portion of the building was sold to a group of local doctors for a medical office. And we’ve been following construction on the building, noting in September that the building seemed almost complete. Still, we wondered when The Corcoran Group, which represents the residential units of 1702 Avenue Z, would announce open houses. Well, wait no longer: the high-end real estate giant posted prices and floor plans to its website yesterday.
The units are asking between $800,000 and $900,000 for between 17,000 and 19,000 1,700 and 1,900 square feet. They each feature three bedrooms and balconies, and most have three or three and a half bathrooms. Corcoran is marketing the high-end nature of this building on what was once a rundown garage: African Walnut hardwood floors, roof access, granite countertops, porcelain tiling, and Bosch appliances. What it’s notably lacking, though, is parking. Though the 10 units are attracting new families to the area, it does little to alleviate the extra burden they’ll put in an already parking-strained area.
If you’re interested in doling out almost a million dollars for a parking nightmare, Corcoran is having open houses tomorrow between 5 and 6 p.m.
Construction workers removed the scaffolding around the glass-and-steel construct on Avenue Z and East 17th Street this morning, signaling an end to almost two years of work.
Workers on the scene are now tearing up the sidewalks and preparing to pour new concrete. They say the sidewalk will be done within the next couple of days. With a few exceptions on the street level and on the roof, all exterior work appears to be complete, and the crew said the inside of the building was ready as well.
Still, there appears no sign from the building’s residential realtor – Corcoran Group – that they’ve started marketing the building. On the commercial side, the building’s representative, Massey Knakal Realty Services, said last month that they’re close to a deal with a group of local doctors for medical offices. The docs will take all the commercial units, which include a total of 15,700 square feet spread among the basement and first two floors.
Just a few years ago, the intersection at Avenue Z and East 17th Street was occupied by a gas station, a rather run-down garage, a parking lot, and a car wash/tobacconist. Just a block off of one of the area’s main stretches, it was a pretty dismal intersection. But now three low-rises have popped up, all with retail on the lower levels, and a much more interesting corner of Sheepshead Bay is taking shape.
Sure, the municpal parking lot is still there. And so are Platinum Car Wash and Brooklyn Cigars. But the last retail business tenant in the new constructions has announced itself: T&N Pharmacy is opening on the northwest corner. T&N joins Cappuccino on the Bay and Sylvan Learning Center in the low-rise. We revealed last month that the three floors of retail in the building on the opposite corner will be occupied by a group of local physicians. There are still a few openings in the low-rise down the block, on East 17th Street between Avenue Z and Jerome Avenue, but we’re confident they’ll fill up soon.
Whatever you think of development in Sheepshead Bay, and especially the appearance of these three low-rises, it’s still good to know that businesses are moving into the area and improving a previously blighted-appearing intersection.
The commercial units in the steel-and-glass building being constructed on Avenue Z and East 17th Street may soon be occupied by a group of local doctors for use as a medical center, said the building’s commercial realtor, Brian Hanson of Massey Knakal Realty Services.
A contract has not yet been signed, but Hanson said they’re very close to a deal. The unnamed doctors all have private practices in the area.
The commercial portion of the property includes the basement, ground floor, and second level, totaling more than 15,700 square feet. If all goes smoothly, Hanson expects to close the contract within three to six months.
Above the commercial portion stands 10 residential units on five floors. The residential section of the building is represented by The Corcoran Group, which has not yet started marketing the condos.
The Corcoran Group could not be reached for comment, but Hanson said he believed the condos are approximately 2,000 square feet each. Though he is not sure, Hanson said he believes Corcoran will start marketing the units after Labor Day. Because the Massey Knakal sign is the only one on the building, Hanson said he gets about five to seven calls a week regarding the properties, indicating high consumer interest.
Construction on the location started about a year and a half ago. No word yet on a completion date.
(Courtesy of Acadia Realty)
Acadia Realty, a partner in the enormous Sheepshead Bay Station Plaza development adjacent to the train station platform, has posted floor plans of the mega-establishment on its website. The plans reveal a 16-story residential tower perched on top of four floors of retail, a one-story parking deck and a floor of office space.
If the plans become a reality, the 22-story Sheepshead Bay Station Plaza will stand far taller than any other building in the area, with the Sheepshead Bay train station platform nestled in its shadow.
The website shows that the residential lobby will be on the ground floor on the side closest to Voorhies Avenue, but does not indicate the number of dwellings or inhabitants. The apartment tower will sit directly above an office, which itself is above an 89-space parking deck. The four-floors of retail below is topped off by a fitness center and a community facility. Outside of the main building, a private street is planned that includes an estimated 650 parking spaces and an additional small retail building. In addition to Acadia Realty, the project is being built by PA Associates and GreenbergFarrow.
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Looks like Cappuccino on the Bay has found a new home. While it’s not on the bay, anymore, it’s still in the bay. So, no need to change the name for one little preposition.
Keep on the lookout for the official opening of the street-level storefront at the new location in the Bay Manor Condominium building at the corner of E. 17 and Ave Z.
It’s a large lawn. That explains why the sign has to be so large.
Years ago, when these condo buildings first came to Sheepshead Bay on Shore Parkway and East 23 St, they were some of the first of the revitalization wave. No one would have even thought of letting their dog “do their doody” (don’t blame me, I didn’t coin it) on the luxury condominium’s lawn.
We’ve got a newer wave of revitalization in the form of the Breakers. They’re supposedly designed to look like waves on the waterfront.
Breakers’ residents will get a break from having to post an unsightly “curb your dog” sign on their front yard — luckily for the millionaire-mortgagors, dogs can’t walk on water.
