Construction for new condo building 90 Sullivan Place

mugofmead111

Construction at 90 Sullivan Place actually started a few years ago. The structure was about 75% complete when a stop worker order halted things for about three years. I saw construction crews resuming work last month.

whynot_31

For those not aware, this is between Bedford and Franklin

http://goo.gl/maps/8faLF

Right next to the Ebbets Field apartment complex.

mugofmead111

I took a look at the signs posted on the construction site last night. The signs claimed that this will be a mixed-use building with commercial spaces on the first floor. It will be interesting to see what tenants this building gets once (and whenever!) it's finished.

mugofmead111

Bump.

This morning I saw anti-Semitic graffiti scrawled on the side of the building. (The public can access it because that side shares a driveway with the storage place that is directly behind it on Empire Boulevard.)

Sad.

mugofmead111

Lights are on at ground level and on the roof at night. 

whynot_31

Yes, I suspect that we could see listings for the units soon.   

It has been a while since that immediate area has had a condo building come to market.   I think they will go for about about $650 a sq ft.

...a two BR, 1000 sq ft apt would fetch $650k.  

mugofmead111

@whynot_31, I have somewhere buried on my iPod what they were charging before the construction stopped. If I find it, I'll post it. Of course it'll be interesting to see how much the asking price will have changed.

mugofmead111

hey, @whynot_31, I finally found the flyer with the previous prices for the units. These are a few years old. I'm posting just for kicks. 

whynot_31

It is unfortunate that such advertising is only valid in the near term.

lilern

They are coming along - balconies are up and if you look really closely the lighting above the street level looks like they're going for an antique look

lilern

whynot_31

Yes, I suspect that we could see listings for the units soon.   

It has been a while since that immediate area has had a condo building come to market.   I think they will go for about about $650 a sq ft.

...a two BR, 1000 sq ft apt would fetch $650k.  

In light of price inflation, I now wish to estimate $750k for said example.

mugofmead111

They are coming along - balconies are up and if you look really closely the lighting above the street level looks like they're going for an antique look

I think the balcony railings have been on for a while though.

I'm much more interested to see which commercial tenant will occupy the street level.

dmiami2

Dodgers gift shop opening in 2027 when they plan to be done with construction.

mugofmead111

@dmiami2 - Ha - at this rate, that seems to be how long it will take to complete the project...although I hope it will open before the Second Avenue subway.

lilern

Is there retail on street level?  I have only seen single garages at the street level on Sullivan for the length of the entire building.

mugofmead111

@lilern - The sign on the construction site states that this project is residential and commercial. If you can peer behind the fence, you can see what appears to be storefronts on the ground level.

lilern

Ahhh @mugofmead111 - maybe the coverings I saw 2 years ago I mistook for garages.  This was the first time I went by in 2 years - I was held-up at gunpoint in 2012 and the cops said I was probably followed from that point by the perp from Ebbetts Field so I have avoided that block like the plague since! 

lilern

Ahhh @mugofmead111 - maybe the coverings I saw 2 years ago I mistook for garages.  This was the first time I went by in 2 years - I was held-up at gunpoint in 2012 and the cops said I was probably followed from that point by the perp from Ebbetts Field so I have avoided that block like the plague since! 

lilern

Ahhh @mugofmead111 - maybe the coverings I saw 2 years ago I mistook for garages.  This was the first time I went by in 2 years - I was held-up at gunpoint in 2012 and the cops said I was probably followed from that point by the perp from Ebbetts Field so I have avoided that block like the plague since! 

lilern

Ahhh @mugofmead111 - maybe the coverings I saw 2 years ago I mistook for garages.  This was the first time I went by in 2 years - I was held-up at gunpoint in 2012 and the cops said I was probably followed from that point by the perp from Ebbetts Field so I have avoided that block like the plague since! 

mugofmead111

Back in the 90s I remember there was briefly a bodega in the building on the lot where this new building now is. The previous structure was demolished to make way for this condo building. 

For that matter there was briefly a bodega on the NE corner of Franklin Avenue and Sullivan Place.

In the years when this construction site was fallow due to a stop-work order, the tarps were up and there were multiple mean guard dogs on the site that would growl and bark at anyone who passed by. 

I can't see how this building would fit in any garages...unless they're required to do so due to building code.

whynot_31

This building will have an underground garage for 26 cars.   10 additional spots will be located around the building.

There will be 28 apartments.

http://a810-bisweb.nyc.gov/bisweb/JB2ScheduleAServlet?requestid=4&passjobnumber=302095462&passdocnumber=01&allbin=3034459

mugofmead111

I want to see where they're going to fit in these 10 spots around the building. Maybe in the back, facing the storage facility?

@lilern - The link provided by whynot does confirm the building will have space for a store.

whynot_31

At 505 Sterling, they saved space by using car stackers.
http://milanelevator.com/car-stackers.html

lilern

will these still be units for sale?  

whynot_31

It may be too early to answer that. At anytime, the LLC that owns the building could be sold to a investment realty company, who then decides their best move is to rent the units out.

Or, the LLC could have a realty company sell the individual units.

I think it safe to assume that the LLC's decision will be influenced by how quickly these people want to be paid, and the carrying costs. I would not rule out the LLC and these people being effectively one and the same.


"$5.25 Million of Note Purchase Financing for 90-94 Sullivan Place Mixed-Use Property

MRC provided $5.25 million in note purchase financing for the acquisition of a non-performing first mortgage collateralized by 90-94 Sullivan Place, a mixed-use property located in the Crown Heights neighborhood of Brooklyn. The loan will fund the borrower's discounted purchase of the defaulted construction note.

90-94 Sullivan Place is a six-story, 48,642 square-feet in total, featuring 28 residential units, four retail units, one community facility and a total of 36 parking spaces. The project is approximately 75% complete."



http://www.madisonrealtycapital.com/~madison/article.php?MADISON-REALTY-CAPITAL-COMPLETES-OVER-18-MILLION-OF-FINANCING-TRANSACTIONS-THROUGHOUT-BROOKLYN-186

mugofmead111

The loan will fund the borrower's discounted purchase of the defaulted construction note.  

Just what we suspected; the people who were originally behind the construction of the building ran out of money. 

whynot_31

Because such mistakes are common, I would love to someday be in a position where I can profit from the mistakes of others.

I wonder what the effective APR on the loan will be when it is all said and done....

mugofmead111

We've been told that indeed this building will have commercial space on the ground floor. The bedrooms are reportedly small, but a full-sized bed will fit.

Esperanza

A FULL sized bed, oh heavens, that's tiny!