What will actually happen to the former Capital One Building at 856 Washington

whynot_31

These photos were taken today, and one can see chunks of the front facade.

(photos not by me)

whynot_31

The facade is now about 40% removed. It is getting shorter by the day.

whynot_31

whynot_31

If you look through the netting (bunting?) you can see that more of the facade has now been removed.

whynot_31

There isn't a lot left of it now.


At this rate, the site could be completely cleared by Nov 15.

whynot_31

Nothing higher than the plywood remains.   The remains of the safe still visible in the back.

whynot_31

Gone

whynot_31

naturegirlbk

Please remind me...When is this condo building set to have units go up for sale? Anyone know scheduled completion date for the new building?

whynot_31

DOB plans were last filed in 8/2015, for a 14 story bldg

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=320909059&passdocnumber=01

For the heck of it, let's say the building will be completed in 2020 and units will go on sale in late 2018. The units will all be sold 10 months before the building is ready for occupancy. Given the current market, these units might fetch $1800 PSF.

naturegirlbk

So, you dont think it will be complete by spring 2019 (not 2020) since 2019 is more than 2 years from now? And why do you say $1800psf? I honestly want to learn where condo ppsf is in the area at the area & what the perception is for the coming year or two in PH/CH...Is that $1800psf based on recent "closed/sale" prices on similar units? Or is that based on recent list prices for similar? Can you provide a bit of background/detail on your guestimate ppsf # for me? And any idea if these units will be tax abated or did they miss the cutoff to apply? Many thanks in advance....

whynot_31

I am assuming really nice units, and a continuation of the present increases in the area.

I am also assuming that Washington Avenue continues to get nicer, and that the skilled building trades and DOB will continue to be in such demand that delays are likely.

While it won't be as tall, I expect the building that replaces the Key Food to fetch similar prices.  http://www.brooklynian.com/discussion/47180/key-food-on-washington-and-lincoln-is-said-to-have-sold

naturegirlbk

Got it. Thanks @whynot. Any idea if bank building units will be 421a tax abated?

whynot_31

In light of national politics, I do not think NYS and NYC will be able to continue to abate real estate taxes to the same degree they have been.

So, despite the lobbying by republican (development) groups in support of 421a, I am going to predict that the 421a program will be "unintentionally gutted" by the democrats.

They will insist upon lots of affordable housing and/or "living wages" for construction workers. 

As a result, developers in high income areas will no longer find it attractive, and thus not participate.   (Note, the affordable housing and labor activists will refer to this as "strengthening")

Related reading:  https://therealdeal.com/2016/12/30/real-estates-political-payoff/

https://therealdeal.com/2017/01/15/421as-got-a-new-name-affordable-new-york/

To make a long story short, I predict you are going to need $1800 PSF, and that subsidized units will not be available.

whynot_31

Hole for the foundation presently being dug.

No forms for concrete in place yet.

They are in the digging and bracing stage.

whynot_31

james131

and now we know, this is what will happen -- enormous. honestly, though, it could have been worse. 

whynot_31

Note the windows on the right side of the building. ....because they wisely bought the air rights of the building on that side.

BTW, I have a hard time believing that this will be built by Sept 2018, but time will tell..

BryceTC

If they're able to move at Boston speeds then maybe they can meet that date. Up here they demolished the abandoned movie theater and Applebee's by my university and are nearly finished building about 3 new buildings in the space it took up.

crownheightster

They probably could have gotten even more money per sq ft if they had kept part of the old facade. People buying in this area love that kind of stuff.

whynot_31

As a result of being on a hill, the apartments above the 6th Fl will have some really good views of Manhattan.

These are going to be closer to the subway, park, museum and BBG than the new units in Pacific Park.

...and should sell for more.

Rick656

Agreed re value of being closer to park etc. I'm not sure what people see in those new buildings in northern PH/CH (e.g 550 Vanderbilt). Seems to be in an rather isolated area and not great subway access as you move away from Barclays center/Atlantic terminal.

lox

I think they probably see the future. It's clear that more development is on the horizon, but currently there's restaurants, cafes, shopping only a couple of blocks away in every direction. The Clinton/Wash station is only two blocks away. Atlantic terminal is only a 10 min walk. Bergen stop maybe 10 min walk. Being closer to the park, museum, and garden are definitely of more value. I sold my apartment near the park and museum in order to buy a house in Flatbush with a yard. Yes, I'm further away but for me the investment in space was worth it and I'm right near the train so getting to the park and museum only takes 15 minutes longer.

Imlac

Rick656 said:

Agreed re value of being closer to park etc. I'm not sure what people see in those new buildings in northern PH/CH (e.g 550 Vanderbilt). Seems to be in an rather isolated area and not great subway access as you move away from Barclays center/Atlantic terminal.

It's only an 8-minute walk to the 7th Ave stop on the Q/B from 550 Vanderbilt.

whynot_31

The Eastern Parkway 2/3 stop is 1 min from 856 Washington 

whynot_31

Below street level in place.

joshkarpf

joshkarpf

whynot_31

It looks they will rise above the level of the plywood fence by Oct 1. ...I'm kind of interested in seeing how they get the excavator out of there.

joshkarpf

Yesterday: