Work at 834 Sterling Place

whynot_31

Night shot

whynot_31

Whynot_31 to Hello Living: "Please send me specs when sales launch. Thanks."

Hello Living to Whynot_31: You can download floor plans for your reference https://www.dropbox.com/s/v0khbewwnwahzjg/sterling layouts.pdf?dl=0

and here is a video of the model unit:



I only have one 1 bedroom apartment left at $510K. I am starting to get people in for sneak previews before a grand opening sometime in the summer. We expect the Certificate of Occupancy in mid-July. Would you be interested in seeing these?


Fouad Eduard Rahmé
Director of Sales and Acquistions
Hello Living, LLC
+1 (646) 207-6081
Sent from my iPhone

whynot_31

The video above is definitely worth clicking thru to watch.    It shows a 2 BR, which is going to run much more than $510k.   So snazzy!

The light one gets from the windows on the back of the building is quite nice.

nothinlikeabklyngirl

Is faux stone the new exposed brick?

whynot_31

In the video, one of the bedrooms has exposed unpainted cinder block.

crownheightster

Website with list of features and video http://www.helloliving.com/development/hello-sterling/

capt. planet

Exposed concrete block?  Kind of reminds me of 542 St. Marks, another of the architect's experiments which turned into a rental after failing as a condo.

The vast outdoor space would be great in Miami, not such much so in Brooklyn in January.  None the less, viva la difference.  Certainly not the predictable sterility found in most new developments.

whynot_31

Nothing says NYCHA to me like exposed cinder block.

....let's see if there are buyers who think differently. In the present market, there probably are.

whynot_31

(posting problem)

whynot_31

Look at these transactions:

900 sq ft 2br/1ba units are being purchased for $730k

It appears the units are selling rapidly: 

http://www.helloliving.com/development/hello-sterling/

crownheightster

WOW. That is EXPENSIVE. But it does not surprise me that they are selling like hotcakes. In my building, when units go up for sale, they are in contract by the end of the week.

Looks like Tinto, Two Saints, Colina Cuervo, and Lula Bagel are going to be getting some new customers with $ to spend.

whynot_31

In addition to the sales price, the purchaser must pay another $700 per month in common charges and real estate taxes.

We should keep in mind that these units are not on a high floor, and -thus- do not have a view.

capt. planet

Note that buyers are now paying real estate taxes. This is new. Up until 2013 most new construction in brooklyn got tax abatements. This is essentially another tax on the middle class as these buyers are not wealthy.
We should ask DeBlasio what he's doing with all of these additional taxes. From what I've seen the subsisidies he's offering for profit developers to build affordable housing are very thin. Community based not-for-profits are not even in the mix. This needs to change as well.

crownheightster

Well, I am thrilled that people are paying more taxes. More $ to hire more teachers, firefighters, police, parks employees and money for intrastructure projects. Compared to the suburbs, those taxes are LOW. I think that if you can afford a $550,000+ 1/2 bedroom apartment, you are wealthy. Maybe you have to work for your money, but those people are far from struggling. They can afford the taxes. 

whynot_31

Anecdotal evidence suggests "they" have money to eat out and drink.

So, I think that gov is making a safe bet when it predicts that the demographic moving into such units is able to do something like merely cut back on going out to pay some taxes, and won't flee the city anytime soon.

crownheightster

Exactly. Or they don't even have to cut back on their "going out" money because they make more than enough to afford their mortgage, taxes and common charges. Taxes, common charges, and mortgage interest which is tax-deductible, mind you. 

whynot_31

Needless to say, the above prices are likely caused by a combination of wealth and desperation.

The housing market is such that they are willing to pay these prices despite the building not yet being ready for occupancy.

...and are about live across from unsightly buildings, ie some health care facilities and a parking garage.

crownheightster

Desperation (caused by low inventory). Or vision. They can see the day (perhaps within 5 years?) when PSI and the dialysis clinic will not be there and they will have their own slice of the "reclaimed factory/loft" living that so may desire...and so many cannot afford. 

whynot_31

Vision likely plays a role as well.

I can certainly see the day when those facilities are not there, and Nostrand has become filled with businesses that match their means and preferences.

The buildings being constructed at Bedford and EP, along with the armory's rebirth, will likely make these prices look cheap in a few years.

capt. planet

So bottom line, unless you own your own apartment or house, or live in a rent stabilized apartment, it's only a matter of time until you'll be moving.   Those in rent stabilized apartments, don't get too excited.  The real estate developers will figure out a way to get your apartment one way or another.  See y'all in East NY.

whynot_31

Capt -

There is no need to stay in NYC. We live in a big country. If people perceive that moving to another city is their best interests, they will.

In many ways, NYC will remain a place for people who can afford it, and those who can not afford to leave it.

capt. planet

So, how's the view from Mount Olympus?  I'll bet it isn't too crowded up there.  For the rest of us, it's hard to take such a casual view of things.

whynot_31

Until another city offers me a combination of things like employment, friends, housing and weather that beats NYC, I'll be just like you: Can't afford to leave NYC.

capt. planet

It's the people who were born and raised here but can't afford to live in NYC we're talking about.

whynot_31

You are right, these units are not going to be able to house those without the means to pay for them.

....no matter how long they have lived in NYC.

whynot_31

I just thought I would give readers an update on sales in this development, Hello Sterling.

Here's the key phrase:  "All other units are in contract, have contracts out or offers accepted."

That's right, only three units remain unspoken for.

http://www.helloliving.com/development/hello-sterling/

whynot_31

Today, I saw what appeared to be residents moving in.

...which causes me to conclude that the build rec'd its C of O and the residents have closed on their units.

This thread is now near completion, some 8 years after it began.

capt. planet

I just saw a bunch of apts posted for rent last week from this project. At this point I don't believe anything the broker says.

whynot_31

Interesting.

Yes, seven units come up as being available for rent. Maybe some buyers cancelled their contracts before closing? http://streeteasy.com/building/hello-sterling#rentals

http://streeteasy.com/building/hello-sterling/208

crownheightster

No action on Acris, which would tell us when the individual units sell.