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?
Ronnette Gleizer was one of more than 20 residents of 2800 Coyle Street protesting the co-op board
in the building's lobby
Residents of a Sheepshead Bay co-op apartment building have turned a series of disagreements into an ugly, bitter, and personal fight pitting neighbor against neighbor.
The worst part is, it can happen in almost any co-op.
The entrance to 2800 Coyle Street sits about halfway up the block, between Emmons Avenue and Shore Parkway. Last Tuesday, January 26, all was quiet on the sleepy street. But inside, about 20 disgruntled residents gathered in the lobby donning protest signs and trading war stories about the building’s overseers.
They said they were there to oppose the “Tyranny and Corruption of the Majority Board of Directors,” specifically five members of the eight member board that they say run the gamut from incompetent, to corrupt, to an organized crime syndicate. (Technically the board has nine members, including one appointed by the sponsor, LeFrak organization, who remains neutral.)
“It’s just amazing the tactics that they use,” said Diane D’Agostino, a former vice president of the board. “It’s like I’m not even living in the United States of America. I have never been treated so horrendously as I have been by this board. It’s terrible.”
Continue Reading »
The new construction at 30 Dooley Street, between Emmons Avenue and Shore Parkway, is coming along pretty swiftly. We wrote about the building back in October as the supporting steel for the first floors began to go up. Now the towering building, hulking over Emmons Avenue from the Sunrise Assisted Living parking lot, has some real shape to it. As you can see from the sign, they’re seeking tenants for office, medical, and restaurant businesses. Your thoughts?
Just a reminder, here’s the photo from October:
The site of the proposed mosque at 2812/2814 Voorhies Avenue
Opponents of a proposed mosque in Sheepshead Bay came before the Sheepshead Bay/Plumb Beach Civic Association last week to rally support for their fight, but instead found little sympathy for their struggle.
A handful of neighbors came to the Tuesday night meeting to present their case against the mosque, which may soon be built at 2812 Voorhies Avenue and will also include a school and community center. But board members of the civic association and Community Board 15 chairperson Theresa Scavo bristled as the opposition turned towards race-baiting and ethnic fears.
“On what grounds are you opposing them?” said Scavo. “You can’t turn around and say ‘Oh they’re Muslim.’ Who’s going to look like the bad guy?”
Though initial statements from the mosque’s opponents emphasized potential traffic, parking, and noise problems as the cause for their concern, racist undertones began to bubble to the surface of the debate.
Read more about what happened at the meeting and to see documents from the mosque’s opponents
A family of stray cats are staking a claim to the garage and attached lot on the corner of Avenue Z and East 16th Street. A group with similar patterns have been seen stalking the grounds, poking through garbage for scraps, and sitting in the sun.
We caught these photos on Tuesday. They’re of two separate cats. They’re pretty handsome, but that doesn’t mean they’re exactly welcome in the neighborhood.
As for the lot – a former garage – it’s been closed for years. It’s a pretty large stretch of space, but we’ve heard whispers that the landlord wants an absurd amount of cash. On top of that, underground fuel tanks have leaked, we’re told, requiring the next owner to clean up before building.
It’s a shame. A bookstore or other business would find that spot purrrfect.
Yeah… I said it.
I hope everyone had a great holiday weekend. Though I’m Jewish, I spent Christmas with my girlfriend’s family. I got full, I got drunk, I got rest.
And now I’m back, and focusing on what’s to come in the New Year.
For Sheepshead Bites, I’m hoping for more of the great growth we’ve seen*, more opportunities to meet my neighbors, and more ways to help you.
Speaking of ways we try to help you, I’d like to remind you all of our wonderful columnist, Daniel Gershburg. Since joining us in November, Daniel has written about Sheepshead Bay co-ops, ways to avoid fraud, money-saving tips, and a possible new real estate bubble on the horizon.
Early in January, Dan and I are going to sit down to brainstorm a list of new topics that he can tackle for 2010. So to prepare us for that meeting, I’m putting the question to you: what would you like to read about?
Leave us your questions, comments, or rants about real estate or bankruptcy issues in the area, and we’ll consider it for a future article on Sheepshead Bites. You can submit it in the comments below or e-mail it.
*Our monthly audience has grown 10 fold year-over-year. Let’s hope for another 10 fold for next year!
There is another huge mortgage problem on the horizon, one that will even more directly burden the taxpayer than the current crisis: Federal Housing Administration (FHA) loans.
Let’s compare what happened during the mortgage crisis and what’s happening now.
Before, if you didn’t have money to make a down payment on your new Sheepshead Bay condo, no problem! Banks were giving out dollars like crazy and so the purchasers would take out 100 percent financing. Sometimes they would even walk away from their purchase with money in their hands after they purchased a unit for a few million.
We know how the story ends. It’s not a stretch to say the majority of people who purchased homes in the West Village, Park Slope, Sheepshead Bay, or anywhere in New York City with 100 percent financing have either foreclosed, are behind in their mortgage payments, or are having issues.
Now, if you don’t have money to make a down payment on your new Sheepshead Bay condo, no problem! Buyers are still being offered almost 100 percent loans. But this time it’s backed by the government through the FHA. So taxpayers are insuring housing loans, not private companies. Worse still, those loans are making up the fastest growing part of many lenders’ businesses.
Continue Reading »
The ad below appeared on Craigslist Thanksgiving afternoon. It got us wondering which restaurant this could be.
RESTAURANT FOR SALE
Restaurant for Sale in the heart of Sheepshead Bay.
Seats 70. Full Kitchen.
Backyard with a lot of possibilities.
Low Rent and Long Lease.
We’re thinking it may be the New Clements Diner storefront, which closed back in August. At the time it was suggested the neighbors at Forces of Nature might expand, but nothing seems to have happened.
The ad has a number that we’ll call for details next week. But until then, I thought we’d play a game. Let’s guess the restaurant and the asking rent price!
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 »
Photo courtesy of Trulia.com
Google search result: Zillow excerpt on house for sale listing.
Here it is, the middle of the night. I was having a dream of owning a house in Sheepshead Bay. I read and reread the paragraph:
Now onto the lowest priced sales listings. For $42,810, you could get 1,224 square feet (3 bedrooms/3 bathrooms) at 2552 E. 19th St. in Sheepshead Bay. The brick house has a front and backyard, too, and is six blocks from the Sheepshead Bay B/Q subway station. One thing to note, though—the Century 21 broker who listed the property says it needs “TLC.”
Imagine me, Ray Johnson — lowly, unpaid Senior Writer of SheepsheadBites.com — owner of a 3 bedroom, 3 bathroom house with a front yard, backyard, and a small garage. Plus, it’s close to my dream job and in my fave nabe. When I read the article in the November 18, 2009 edition of The Epoch Times — which said that the house was for sale for $42,810 — I figured I was dreaming. I decided I would stay awake all night so that I could be the first person to call the agent in the morning. Continue Reading »
