Surreal Estate: 110 Livingston Street

I usually don't get into the Brooklyn real estate blog thang. Of course, stories that impact the collective roof over our heads, or the commercial aspects of where we buy, sell, eat, drink, and generally do business and interact socially are important subjects, but I generally leave that coverage to other bloggers who have the requisite time and interest to do it with depth and "passion."

However, I almost (literally) stumbled across a real estate story that I felt compelled to mention briefly.

The legendary 110 Livingston Street, which current --for the moment-- Presidential candidate and former Mayor Rudy Giuliani once declared pre-9/11 "should be "Blown Up" sold a few years back by the City of New York/Board of Education, and which has undergone several years of huge renovation, is now seeking renters. I had heard stories that the lower end apartments were going briskly but the more luxe units were stalled and not selling, apparently not helped by the brisk sales of middle income-type units.

As I walked down Livingston Street, weighed down by holiday gifts and shopping, I almost tripped over a sandwich board in the middle of Livingston Street advertising the availability of "Luxury Rentals" at 110 LIVINGston. Would the renting of these new constructions further diminish the possible future sales price ? What could that rent be like ? Unless the End of Year Bonus Frenzy for those fortunate (for now) to (still) work on Wall Street shakes some big spenders loose from the tree, things clearly can't bode well for the sales of stratospheric coops in the borough of Kings. But it sounds like the Department of Education did the right thing in unloading the former Elks Club when it did.