I am loving this building!

Curbed released a few more photos of the new Thomas Leeser-designed 200-room hotel known for now as 95 Rockwell Place (Lafayette and Rockwell), slated to open in early 2015. Says Brownstoner, the 30-story building will feature an exterior with “a sliced facade featuring crevice-like cutouts.” Carrying with that theme, the hotel rooms will be unique and angular, outfitted with artwork from local artists. The entire landscape of our immediate neighborhood is on the verge of major change with the Enrique Norte-designed behemoth at the corner of Ashland and Lafayette, and with another architecturally-significant building across the street. Love it!

BAM Brings Street and Gallery Together on Lafayette

Above is the rendering, courtesy of Community Board Two, of Brooklyn Academy of Music’s proposed wall for temporary art in the empty lot at 31 Lafayette Avenue, right across from the Howard Gilman Opera House. The wall will host a display of murals that will change over time. According to Community Board Two minutes, BAM was interested in the idea of street and gallery art merging in this space. Brooklyn-based artist KAWS will put up the first mural and BAM will continue to host artwork from emerging Brooklyn artists, although they’d also be open to featuring work from a well-known international artist. More bike racks designed by David Byrne will be installed in front of the art wall. Byrne also designed the racks outside the opera house. CB2′s Cultural Affairs Committee recommended that the Public Design Commission push the proposal forward. The full board will vote on the matter on February 13th. The temporary art wall seems like a cool idea we haven’t seen anywhere else in the borough and a non-intrusive way to make use of an empty lot.

Is Brooklyn Overvalued?

It's been a frustrating time over the last several months for both buyers and renters, with selling prices and rents both increasing and fierce competition for properties. As a result, in many cases (studio apartments, for example), Manhattan prices begin to look good. As an example, while there are 41 apartments in Midtown East listed for $300,000 or less on Streeteasy as of today, there are only 22 in the Brooklyn neighborhoods closest to Manhattan (Williamsburg, Greenpoint, DUMBO, Brooklyn Heights, Downtown Brooklyn, Cobble Hill, Boerum Hill, and Carroll Gardens). One recent studio listing at One Hanson Place received five offers before the first open house, all but one at or over the asking price of $439,000. Four more offers came after the open house and the property sold for $450,000. There were offers as high as $500,000, but the seller decided to accept an all-cash offer instead.

It's a simple question of supply and demand. As Brooklyn has become the destination of choice for more and more people, obviously demand for housing has gone up. However, many of these neighborhoods are insulated from new construction by virtue of their being designated historic districts, preventing supply from keeping up, and pushing prices ever higher. The midtown Manhattan neighborhoods of Murray Hill and Gramercy, however, are full of high-rise apartment houses, and Manhattan's more transient population ensures a steady stream of resales.

Many aspects to Brooklyn, however, make it still a good value. Square footage on most places is larger than that of the "Murphy bed specials" that make up most of these Manhattan studio listings, and the character and beauty of these land marked areas is a sharp contrast (for me) to the relative soullessness of those Manhattan neighborhoods, as well as the boring architecture of most of the post-war buildings there. However, some people will always prefer a 10-minute walk to the office over all the charm in the world. That's why all of NYC is so wonderful - there is something for everyone.

The fact that fewer and fewer people are relying on a daily commute to Manhattan also bodes well for price appreciation in farther-out neighborhoods. In short, I think Brooklyn properties will hold their values and even continue to appreciate, with even higher growth potential four subway stops or more from Manhattan.

PBS: brief reenactment of the Revolutionary War's Battle of Brooklyn

Interesting stuff for history buffs. Look for a couple of cameos made by actors who have gone on to (much) bigger roles!

http://www.youtube.com/watch?v=pK0xj2cvi50&feature=related