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View Full Version : 70 Washington St - Condo - DUMBO - Brooklyn



Alaud
June 14th, 2005, 09:10 PM
Hi...I have been reading the forums for awhile, but this is my first post.

I picked up a studio on the second day of sales. Somehow I got a random call and they setup an appointment. I think they made a mistake, but it turned out for the best. Anyway, I just wanted to see if anyone has bought in 70 washington and maybe start a thread for people living in the building.

Also, does anyone have any comments on the roof-top cabannas? I dont think they are selling too well?

Thanks

ltjbukem73
June 14th, 2005, 11:06 PM
http://ltjbukem.blogspot.com/2005_05_01_ltjbukem_archive.html

mos def the rapper also purchased a unit.

NYPD
June 28th, 2005, 08:40 PM
I jumped into the market a little bit late but I am still very interested in getting an unit in 70 Washington. However, it seems that a lot of complaints are posted regarding closing costs and attorney fees. Is there anything I should be aware of? What's everyone's opinion about the real estate market in Dumbo? Do you think it's worth to buy the unit in 70 Washington now even I don't belong to the first or even 2nd groups of buyers? I appreciate it very much for any opinion.

Alaud
June 29th, 2005, 02:17 PM
I'm not sure if now its a bit late to buy at 70 Washington. Price per sq/ft have increased at least 10% on some units in the building, but even at that price they are below comparable prices at the Nexus and Beacon Tower, plus maintenance is much cheaper at 70 Wash than the other two buildings. Lastly, from a quality standpoint, it seems to be better, if not, at least on par with the other two buildings.

In terms of the lawyer fees they want you to pay....I dont necessarily agree, but it is a small percentage of the total purchase price and not totally unheard of in new developments.

The DUMBO RE market - I think its booming. The biggest project isthe Empire mall that will be built in 2007-08. That will bring tons of commercial space and more foot traffic. Plus several other luxury developments will be going up. Every condo for sale is at $600K, therefore attracting wealthier people into the area Lastly, a 5minute walk to the train and one stop from manhattan, and the BQE is a 2 minute drive.

On the downside: prices are getting pretty high. The questions is how much higher can prices go in DUMBO??? $1000sq/ft???

Just my 2 cents....goodluck!

NYPD
July 1st, 2005, 01:10 AM
Hi Alaud:

I also picked up a studio becuz that's the only unit that I can afford after the price jumped 11%.

However, what do you think about the future of this type of studio? Most my friends don't think it's a good idea to buy a 1200 SF studio for more than $800K. I agree what they think since you can't really count this home office as a bedroom.

I am really worried that I will be stuck if the market goes bad but I really can't allow myself to let it go since I did spend a lot of time researching and this is the first time I feel like it will be a good place to settle down for a while? What do you think?

I appreciater it!

Alaud
July 1st, 2005, 02:58 AM
NYPD:
I picked up unit 6T, which is 900 sq/ft with a pretty small home office area. I bought this unit for the same reason as you....it was the cheapest and the most I could afford.

If I am correct, it seems like you bought in the J line. I was originally going for that line, but it would have been a stretch to afford it. I thought the J line was perfect, because, if I recall correctly, the home office was pretty big and it had a large walk-in closet. You could probably reconfigure that space somehow and make the closet part of the "home office", so over all I thought it was a great unit.

The worries with my studio is that the home office is quite small, so that may hurt me when I go to resell? In terms of the market going bad...I still don't think we'll get hurt. My take is that DUMBO is so damn close to manhattan with all luxury apartments and a beautiful water front park (that is only getting better by the month)....it is "here to stay". I plan to live in the apt. for at least 2-4 years, so maybe I will have time to ride the market out if it goes bad???

I'm not sure what will happen to the market, but either way....its a great location that is not going anywhere.

What unit did you buy? Any idea when you are scheduled to close? Do you know anyone else who bought in the building? Thanks

Alaud

NYPD
July 1st, 2005, 09:35 AM
Hi:

I was looking for J line but only the lower floor like 3rd F and 4th F that I can afford after all the prices increase. Also, I am still concerned about units at the other side due to the noise of Manhattan Bridge. Anyways I really don't have many options now except studio units.

I have asked quite a few people the opinions about studio converting to 1 bed but all don't think it's doable. :(

In terms of market in Dumbo, it's something that I have no clue but hope for.

So, did you close it in 5 days? Is two trees easy to deal with?

Alaud
July 1st, 2005, 10:52 AM
I put down the first 10% in days and I have to put down the remaining 10% by mid-July. They told me I should plan to close by mid-October. So far they have been easy to deal with and very helpful, but I havent really asked for much.

Have you already signed a contract? I'm sure you can negotiate with them a little more now that the hype has come down a bit.

Dumbo renters
February 26th, 2006, 02:27 PM
For anyone that has been living in 70 Washington for over 1 month: Have you encountered any problems with flushing the toliets?