A pair of developers is planning to renovate four historic townhouses, built before the Civil War, and to build from the ground up five more — all on a single Cobble Hill block, The Real Deal has learned. The project, which has yet to win approval from the Landmarks Preservation Commission, is a joint venture between 184 Kent developer JMH Development and Madison Estates. Morris Adjmi is the project’s architect.

The townhouses will be situated at 118–123 Congress Street. Currently, there are two properties at the site: one comprised of the four townhouses, which were previously adjoined but will be separated into single-family residences, and the other a building constructed in the late 1970s, said Madison Estates’ president and owner, Gerard Longo, who also developed the Fairchild, at 55 Vestry Street, the Pearline at 414 Washington Street at Laight Street and, with Adjmi, 408 Greenwich Street — all in the Tribeca North Historic District. Prior to the March 1 sale of the properties, both buildings there were owned by the Brooklyn Diocese of the Roman Catholic Church, and the townhouses were used as a church rectory. JMH and Madison together purchased the Cobble Hill properties for $6.6 million, public records show.

The developers will be renovating townhouses with an eye toward accuracy. They have vowed not to use materials that weren’t used at the time of construction, more than 150 years ago. The other building will be razed to accommodate five new single-family townhouses with features similar to their older neighbors in the Cobble Hill Historic District. Longo said it’s hard to put a monetary estimate on all the work, but the townhouses’ designs, appliances and amenities will all be top-of-the-line. He expects that sales of the properties will bring in $27 to $30 million.

“Our aim is … creating a new blockscape that embraces the past and looks to the future,” Adjmi told The Real Deal in an email. JMH did not respond to a request for comment.

Longo estimates that these four-story townhouses will sell for between $2.5 and $3 million each. Almost all of them will have at least four bedrooms and three full bathrooms at minimum. Square footage will span roughly 3,000 to 3,500, and each residence will have private outdoor space in the form of backyards and terraces. Some units will have unobstructed views of the city skyline, he said.

The firms hope to break ground in the fall and estimate a rough 12-month completion.

Streeteasy.com data shows townhouses in Cobble Hill have sold from anywhere between $899,000 and $6.5 million over the past six years.

“It may cause some inconvenience,” Longo said of the construction and restoration. “We’ll be respectful to the neighbors.”

The plan passed through the landmarks committee of Brooklyn Community Board 6 in late June, as Brownstoner first reported. A community board spokesperson confirmed that the committee had seen the plan, supported it 10–1 and recommended approval with seven conditions, including window realignment and changes to the stoop designing more appropriate material to build stoops than metal.

“These are important details that, if the applicant takes our committee’s conditions to heart, will help them blend their buildings into the Cobble Hill Historic District in a more harmonious design,” Craig Hammerman, district manager of Community Board 6, said.

Now the decision rests with the Landmarks Preservation Commission. As opposed to the community board, which is an advisory body, LPC has the power to issue permits for work.

Preliminary discussions have begun with the LPC, Longo said, and an LPC spokesperson confirmed. The tentative date for the first public hearing is Aug. 14, when the commission could vote to approve, modify, deny, take no action or ask for revisions.

Read more: http://www.therealdeal.com

How to Buy a Wreck …
Five rules for fixer-uppers.

Read more: http://www.nymag.com

Proving that the economy is truly defined locally as well as nationally there are many weak housing markets. This however does not seem to be the case for Brooklyn. According to Joseph Baglio, managing partner at the long established brokerage Madison Estates, “We have certainly seen the ups and downs in activity but overall the Brooklyn market has been very active. In the third quarter the Brooklyn market has shown an increase in the median price of approximately 14%, a decrease in inventory of almost 6% and an increase in sold properties of almost 4%. These statistics provided by the BNYMLS only give further credibility to the strong consumer confidence in this market said Mr. Baglio”.

Madison Estates has taken very aggressive steps in providing transparency to the consumer. The belief is the more information the consumer has, the better equip they will be to make a sound financial decision and ultimately allow more people to become homeowners. On their website, MadisonEstates.com you can find over 4000 homes in Brooklyn for sale as well as an abundance of statistics and tools to assist a prospective buyer.

It seems as though Brooklyn’s transportation infrastructure, close proximity to Manhattan and vast array of different style homes adds to its appeal, said Mitchell Feldman, Sales Director at Madison Estates. Assisting first time buyers is a daily occurrence for us. And we give special attention, walking buyers through every step of the process said Mr. Feldman. Madison Estates offers some unique options when purchasing a home, specifically the Home Buyers Warranty. This can protect purchasers for the first year of homeownership of major unforeseen breakdowns. Also on site, NYS Registered Mortgage Brokers can help guide purchasers through what can sometimes be a complicated mortgage process. As we know over the last several years the mortgage industry has gone through a major overhaul. From being far too lenient in its underwriting practices and ultimately causing the economic downturn to now being very strict and almost making a mortgage seem unobtainable. However there are many options available for qualified buyers. The key term is “qualified”. For those purchasers there are options and currently, historic low interest rates. In many cases 4% for a 30 year fixed rate mortgage. It is highly suggested that purchasers be pre-qualified either by a mortgage banker or mortgage broker prior to starting their search. Having realistic expectations on what you can afford will certainly make the process easier. It is also suggested that purchasers speak to their accounting professional as to the potential tax write off available to homeowners.

Madison Estates is a great place to start your search for your new home. Established in 1953 they have a unique perception of the Brooklyn market. With thousands of transactions over many years of business, you are certain to find the Real Estate professional to bring about a successful result. With over 75 sales associates, two locations and a long running track record of satisfied homeowners.
When selling your home Madison Estates offers one of the most in depth marketing strategies available. It not only combines old word, proven methods but also the latest technology. After placing your home for sales with Madison Estates your property will be immediately placed on the BNYMLS and Online Residential to be exposed to thousands of Real Estate professionals working in the Brooklyn market. Your home is also placed on over 100 major Real Estate related websites for maximum exposure to potential purchasers. Among these sites are Realtor.com, StreetEasy.com, OLR.com, and BNYMLS.com. Additionally your home will be the subject of a photo shoot, video profile, and numerous e-blasts. Marketing is only one aspect in achieving the sale of your home. It is truly the Real Estate professional who will achieve a satisfactory result. At Madison Estates its Sales Associates have a legal and ethical obligation to their clients which they take very seriously.

Although it may seem to some that these economic times do not offer the best opportunity for homeownership, on the contrary. This is absolutely one of the best opportunities in a generation combining historic low interest rates with discounted home prices in a community that has strong appreciation potential. Keep in mind that you are purchasing not just a property or a house but truly a home that will offer years of enjoyment. Brooklyn, with its rich history, great schools, museums, parks, outstanding shopping and easy accessibility stands out as one of the most desirable locations to live in the nation. With 2.5 million residents and growing, Brooklyn is the obvious choice.

Read more: http://www.nydailynews.com

Bay Ridge, a vibrant residential neighborhood hugging the Narrows waterway in southwest Brooklyn, has been home over the past century to waves of immigrants settling in New York City, including Scandinavians, Greeks, Italians and, more recently, Middle Easterners.

In recent years, the area has seen a different kind of newcomer, as it became a haven for those priced out of more expensive Brooklyn neighborhoods such as Park Slope and Cobble Hill. Bay Ridge's family-friendly reputation, views of the water and the Verrazano-Narrows Bridge, large stock of detached private homes and convenient commute to Manhattan via the R train or express bus have drawn large numbers of residents seeking a high quality of life at a lower price point.

"The more that people have learned about Bay Ridge, the more they've been coming and taking interest," says Diane Henning, a vice president and associate broker at the Corcoran Group, who lives in Bay Ridge. "I tend to think we're the best-hidden secret in real estate."

The diverse yet tightknit neighborhood offers busy shopping strips, landmarked houses and a lively bar and restaurant scene. Its waterfront green spaces, Shore Road and Owl's Head parks, are bustling in warm weather with ball fields, sports leagues, concerts and movie nights; and the bicycle path along the Belt Parkway offers an easy ride to Coney Island or the beach. Two new elementary school buildings, for P.S. 264 and P.S. 331, are under construction, an effort to ease overcrowding in the existing schools.

"The more that people have learned about Bay Ridge, the more they've been coming and taking interest," says Diane Henning, a vice president and associate broker at the Corcoran Group, who lives in Bay Ridge. "I tend to think we're the best-hidden secret in real estate."

The diverse yet tightknit neighborhood offers busy shopping strips, landmarked houses and a lively bar and restaurant scene. Its waterfront green spaces, Shore Road and Owl's Head parks, are bustling in warm weather with ball fields, sports leagues, concerts and movie nights; and the bicycle path along the Belt Parkway offers an easy ride to Coney Island or the beach. Two new elementary school buildings, for P.S. 264 and P.S. 331, are under construction, an effort to ease overcrowding in the existing schools.

Relatively few condominiums are available, brokers say. Pier Pointe, a 22-unit condominium building converted from a rental building, came on the market in July 2010 after a financing delay in 2008, and is now 70% sold, says the broker, Joseph Baglio, of Madison Estates. Many of the buyers in that building are moving from northern Brooklyn, he says, drawn both by the relatively lower prices and the surroundings.

"You have the close proximity to Manhattan, close to all subways, an excellent school district, shopping, nightlife," Mr. Baglio says. "It pretty much has everything you want."

Parks: Owl's Head Park, a 24-acre green space near the water, features views of the Verrazano-Narrows Bridge and Manhattan skyline, basketball courts, a playground and spray pool, dog run and the Millennium Skate Park. Shore Road Park, a 58-acre waterfront stretch which runs the length of the neighborhood, includes the four-acre Narrows Botanical Gardens and Vinland Playground.

Schools: Bay Ridge is part of District 20, where 88.6% of students were proficient or above on state math exams in 2009, compared with 70.6% in 2006; and 75% were proficient or above in English Language Arts in 2009, compared with 62.6% four years earlier.

Local public schools include P.S. 185, an elementary school with 822 students which received a "C" grade from the city on its 2010-2011 progress report, and P.S./I.S. 104, with 1,251 students in kindergarten through eighth grade, which received a "B." Fort Hamilton High School, with an enrollment of 4,353 students, received a "B" from the city and had a 70.3% four-year graduation rate in the 2010-2011 school year.

Local private schools include Xaverian High School, a Roman Catholic boys school with about 1,400 students, and Fontbonne Hall Academy, a Catholic girls high school with about 540 students. The Poly Prep Country Day School's main campus encompasses 25 acres in neighboring Dyker Heights. Bay Ridge Preparatory School enrolls about 375 students in kindergarten through 12th grade.

Shopping: Stores ranging from large national chains to longstanding independents line Third and Fifth avenues, as well as 86th Street. They include Nordic Delicacies, a 24-year-old shop specializing in Scandinavian goods, and the BookMark Shoppe, an independent bookstore, both on Third Avenue. Century 21, the large discount-clothing store, has a branch on 86th Street, as does T.J. Maxx, which recently opened at Fifth Avenue. Mall shopping is available nearby in Staten Island.

Restaurants: Dining options, many of which are clustered on Third Avenue, include several varieties of ethnic restaurants, both casual and upscale. Italian choices include Vesuvio Restaurant and Pizzeria, and Areo, both on Third Avenue.

Middle Eastern spots include Tanoreen Restaurant, on Third, and Bab Al Yemen, on Bay Ridge Avenue. Skinflints, a pub-style restaurant and bar, is on Fifth Avenue.

Entertainment: The neighborhood has a vibrant nightlife scene along Third and Fifth avenues, and local bars include the Pour House of Bay Ridge and the Blue Zoo Lounge, a nightclub. In the summer, outdoor concerts take place in Shore Road Park. The Narrows Community Theater, on Third Avenue, has been producing shows for 40 years.

http://online.wsj.com/

On a warm Saturday last month, apartment-seekers who followed signs for an open house at 915 President Street in Park Slope were surprised to find not one, but two units for sale in the building.

The listing agents, Prudential Douglas Elliman's Immacolata Giocoli and Joseph Baglio of the Brooklyn firm Madison Estates, had teamed up to market the two airy studios on the first floor of the prewar co-op, which are each priced at around $250,000. They directed visitors to each other's listings, and pointed out that the apartments can be combined.

At first, it may seem counterintuitive for rival brokers -- who are, after all, competing for the same pool of buyers -- to work together in this way. But Baglio said he views the co-open house as "double-exposure" for his listings.

"We are definitely making more deals this way," he added.

This kind of teamwork is called "caravanning," according to MLB Kaye International Realty associate broker Fern Kamins, and it's been making a comeback. The idea behind caravanning is that brokers from different firms join forces to market their inventory to clients looking for similar properties in the same neighborhoods. It ranges from casual situations, like double open houses, to organized tours featuring up to seven or eight properties in the same area. The tours often feature lunch or dinner options, and even themes: Brokers said one 2010 open house tour even required participants to dress up for Halloween.

Caravanning, big in the 1980s and 1990s as a result of huge co-op inventory, went out of fashion during the housing bubble of the mid-2000s, when brokers didn't need much help selling properties. Some even kept their listings as private as possible, hoping for a direct sale, brokers said.

Since the downturn, however, the practice has been revived, with brokers increasingly warming up to co-brokering in hopes of getting the most exposure possible for their listings. It can also serve as a helpful strategy for properties that have been hanging around on the market for a while -- as many in today's market have.

"It's cyclical," said Kamins, who often opts to include her listings in caravan tours. "It goes with the market. When the market is bad, everybody wants everybody else to see their listings."

Vickey Barron, a managing director at the brokerage Core, said she regularly organizes tours by seeking out apartments similar to her own listings, then reaching out to other brokers to get their cooperation. Her recent projects have included tours of West Village townhouses and two-bedroom prewar apartments in Carnegie Hill.

The practice "should have never died," said Barron, who added that she sees many more sales through caravanning than through traditional open houses.

Convenience for brokers is another advantage of caravanning. Diane Saatchi, a senior vice president at Hamptons brokerage Saunders and Associates, said she organized a 36-property tour of modern Hamptons houses last month to help brokers familiarize themselves with the many homes on the market. "Ever since everything went online, the region that we work in seems to have grown," Saatchi said. "In the old days, we would just cover East Hampton; now you need to be aware of what's on the market more generally."

Dan Tubb, director of sales at Corcoran Sunshine Marketing Group, organizes open-house tours a few times a year. One recent tour involved Battery Park City properties, such as Riverhouse at Two River Terrace and One Rector Park at 333 Rector Street. "I think the game in the last five years has definitely been to embrace the brokerage community across the board," Tubb observed. "It does not improve sales to hold anything back."

Sellers are also pushing for more openness about inventory in the market, Kamins said, putting pressure on their brokers to get the most possible exposure for their property. With so few buyers out there, she observed, sellers get extremely anxious. If the property doesn't sell, she said, "who are they going to blame but the brokers?"

Home sales shoot up 18% in city, total sales prices climb 26% , to $8.36B.

New York's housing sales sizzled over the summer, renewing hope that the hobbled real estate market is on the mend, a new report shows.

http://www.nydailynews.com

Other listings to hit the market are a full-floor apartment in the Century for $15.5 million and the Ridgewood Masonic Temple in Bushwick for $1 million

http://therealdeal.com/

Less Than $300,000? Here?

Yes, starter apartments have their trade-offs. But don’t rule out prime neighborhoods before you look.

http://nymag.com/realestate/articles/10/09/under300k/index4.html

Starlet/divorced mom Kate Hudson is still on her apartment hunt. But unlike last year, the actress is now searching on her own — without Alex Rodriguez.

She recently checked out the penthouse duplex at the Fairchild condo building at 55 Vestry St. in north TriBeCa. But she might have some competition for the $6.95 million, three-bedroom, 2,664-square-foot unit. Grammy Award-winning singer/divorced dad Usher also just came by for a look. The apartment has 3,000 square feet of outdoor space with two terraces.

Celebs with homes in the area include Gwyneth Paltrow, Justin Timberlake and Meryl Streep.

Read more: http://www.nypost.com