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The Curious Case of 341 Eastern Parkway - formerly known as "The Hole". - Page 5 — Brooklynian

The Curious Case of 341 Eastern Parkway - formerly known as "The Hole".

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Comments

  • moxerson
    moxerson
    that's a very good point, whynot. i think having such a large rental building in that space will have a very different effect on the area vs buyers. Will be interesting to see how it all turns out. Your link is great! Thanks for sharing.
  • naturegirlbk
    naturegirlbk
    I do wonder why the developers would opt to go rental instead of condo, especially with prices and popularity in this neighborhood having increased so much in the last two years..I'm guessing they would have done quite well selling the units. Hmmm...any thoughts about why they may have gone the rental-route?
  • whynot_31
    whynot_31
    I suspect the building will be sold once it is fully occupied, to a different firm which has a long term investment strategy.

    This would allow the present owners to get "full value" for their work without having to wait for the units to sell at a ~$900 sf asking price.

    Speculation, of course
  • naturegirlbk
    naturegirlbk
    Yup...That makes sense. Very reasonable speculation.
  • snowboardqueen
    snowboardqueen
    edited April 2014
    Wow!  Very interesting developments since I've last checked in!

    Although the developer uses very charming promotional copy to described the building: 

    "... We recreated the grandeur of the turn of the century architecture.. "

    Sadly, to me, the building's exterior has all the charm of a clean, but drab factory. 

    The interior images do offer promise for the actual units though.

    image
    Photo: curbed

    Whynot_31 - what do feel are the primary differences between the means and preferences of high income, transient renters versus buyers?
    means and preferences of high income, transient renters.
    - See more at: http://www.brooklynian.com/discussion/comment/546505?post#Form_Body
    means and preferences of high income, transient renters.
    - See more at: http://www.brooklynian.com/discussion/comment/546505?post#Form_Body
    means and preferences of high income, transient renters.
    - See more at: http://www.brooklynian.com/discussion/comment/546505?post#Form_Body
  • whynot_31
    whynot_31
    edited April 2014
    Welcome back SBQ.

    When compared to owners, my stereotype of market rate renters is that they are:

    Younger.

    Less likely to have children.

    More transient.

    More likely to receive a promotion within the next 5 years.

    less likely to have a large amount of earned wealth.


  • goldemi1
    goldemi1
    Mixed emotions about the exterior, but snowboardqueen isnt far off.  It's not as horrid as some of the other Fedders crapitecture stuff out there, but certainly not noteworthy or befitting of its corner prominence.  It's like architects/financiers/builders have no pride anymore, no desire to proudly show others what lasting impression they created.
  • whynot_31
    whynot_31
    First floor:

    image
  • southeast
    southeast
    The suspense is killing me.  Other than Capital One, any news on who is going to occupy the retail space?  Any news on Starbucks?
  • whynot_31
    whynot_31
    edited April 2014
    Leasing for the retail space remains unresolved.

    The owners reportedly really want Starbucks, but Starbucks wants assurances that Pulp and Bean won't try to enforce its non compete agreement.

    At some point, Starbucks will decide, but is in no hurry ...and it knows it is sought after as a tenant. Everyone wants them.

    Billy Squier flashback moment: Everybody wants you...



  • bohuma
    bohuma
    There is one very good reason why developers go rental rather than condo - construction financing. It is still very difficult to get construction financing for a condo building (despite the shortage of condo stock). Banks like rental buildings because they fill up really quickly. I also think that banks like luxury buildings with transient tenants who move every couple of years - it is much easier to keep the rents going up. Between early 2008 and about 2012 it took a long time to sell and close units in condo buildings, although that has changed significantly over the last couple of years. The first closing in our building occurred in late 2008, and it took two to three years for the building to be fully occupied.

    Add to this, banks don't want to lend more than 80% of the lower of purchase price or appraisal, and they don't want to close unless half the building has already closed (I guess they expect the first half to be cash buyers). Also, the presence of the retail space can be a big turnoff to condo buyers, especially if there is a food service establishment - think rats (not the two legged kind).
  • vaportrail
    vaportrail
    Builders are going rental to capture the expected future rent increases that are not available with a condo.
  • whynot_31
    whynot_31
    edited April 2014
    After something like 7 years, the sidewalk returns.

    image

    Commentary on how much Capital One paid for its space, and the meaning...

    http://commercialobserver.com/2014/04/community-change-can-be-bood/
  • whynot_31
    whynot_31
    Folks who are interested in the sneak preview event for the apartments can register here:

  • whynot_31
    whynot_31
    edited April 2014
    Evidence that Starbuck's has yet to be secured as a tenant, and that if you'd like to rent high profile commercial space, they would like to hear from you:

    http://therealdeal.com/blog/2014/04/19/341-eastern-parkway-to-hit-market-this-spring/

    This has led me to conclude that the residential tenants might start moving in before the commercial spaces are leased.
  • whynot_31
    whynot_31
    Today, employees from Starbuck's corporate office were in one of the "yet to be leased" spaces, measuring it.
  • cmartinezn
    cmartinezn
    This morning there was a huge "Now Leasing" sign hanging in the corner of the building.
  • whynot_31
    whynot_31
    edited May 2014
    Yes, it advertises this website:


    I haven't seen any commentary on it yet, but I find the "w" in 341epw.com to be interesting.

    It might mean Eastern ParkWay, but in my mind, without labeling the "w", they are letting potential renters know that this building is not on the eastern part of Eastern Parkway.    It is on the western part.

    ...someone in marketing apparently looked at the web domains presently available, and thought that this would be good one, and I expect they know what they are doing.


      
  • whynot_31
    whynot_31
    image
  • mcpoet
    mcpoet
    I still don't understand what made them decide to design this building the way they did.  Had they made the entire thing look like the top several floors it would have looked much better (which was how the building looked in most of the later designs).  Or even just make it all the same color as the bottom.  It looks like half way through building it they decided to switch designs and just ran with it.  Either their design aesthetic is just that hideous or it was cheaper to do it this way.  I'm assuming it's the latter.
  • eastbloc
    eastbloc
    Either that, or your sense of aesthetics is not universal. Must be hard to imagine, I know.
  • mike dunlap
    mike dunlap
    Either that, or your sense of aesthetics is not universal. Must be hard to imagine, I know.
    Or, he was just giving his opinion of the aesthetics and not claiming they were universal.
  • eastbloc
    eastbloc
    Fair enough.

    I like the building.
  • whynot_31
    whynot_31
    edited May 2014
    I view this nearby building as a comp, and think 341 EP will lease for more $:

    http://www.brownstoner.com/blog/2014/05/bed-stuy-building-50-percent-leased-after-three-weeks/

    "Our" finishes and location are better.
  • whynot_31
    whynot_31
    franklin ep
  • whynot_31
    whynot_31
    edited May 2014
    The building will begin to host viewings within days of getting its Temporary Certificate of Occupancy.

    It doesn't have one yet...

  • southeast
    southeast
    edited June 2014
    Is there any news on the remaining tenant?  Is Starbucks moving forward?  This is a great destination point for a family walk (at least for me) down the parkway, and I'm curious if it will be ready sometime soon or even before fall/winter sets in again.
  • goldemi1
    goldemi1
    Remaining tenant?  I thought this was built out for 3 or 4 tenants, and only the bank has signed on.


  • whynot_31
    whynot_31
    Starbucks is believed to be confirmed, but it is not known whether they will take all of the remaining space.
  • southeast
    southeast
    I walked by there the other night.  It seems that there are two entrances for retail tenants.  One seems to be for the actual corner space and the other seems to be for the retail space on Franklin.   Which space is the bank taking - do they want to be on EP or Franklin?
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