I go to real estate companies all the time when I need a professional suit. When I need a casual suit, I go to a pharmacist. My zoot suits are ordered exclusively from cell phone stores.
Oh, 1702 Avenue Z, how I love you so. The incompetence of the various people around you never fails to provide content for me. Today it’s this sign for professional suits – surely you meant suites – but there’s a whole history of fumbles that leaves me bewildered… and amused.
Sure, most recently it was the “Whoops! We forgot to build a garage!” that led to some impromptu sidewalk destruction and the removal of freshly planted trees. But you were screwing up long before that. There was the time we got locked in during your not-so-open open house, and that was just the first run of the new realtors – Dreamlife. And, of course, we can’t forget how bigger brokers abandoned you after a botched deal caused a prospective tenant to call it quits.
Thanks for the latest laugh. We’re looking forward to your next boondoggle.
Photo taken May 24, 2011
Man, don’t you just hate it when a developers try to sell their residential units based on amenities that don’t exist?
That’s why every time I passed by 1702 Avenue Z (on the corner of East 17th Street) for the past year or so, my eyebrows raised. Dreamlife Realty, a mysterious broker that took over after bigger names abandoned the project, posted a sign in one of the upper windows advertising “Indoor Parking.”
To which I asked, “Where?!”
Keep reading to find out what’s going on here.
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?
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.
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.