Highrise Residential Project in Williamsburg, Brooklyn

My first and last question, before and after I toured the property, was would you consider living there? The Edge is on the East River in Williamsburg, Brooklyn, on top of the L subway line that connects under 14th Street to Manhattan.  The Edge is 5 to 7 minutes away from the L stop, which is the first stop in Brooklyn. This stop is three stops from Union Square, which is where I started my trip. The property is 20 to 30 minutes from Union Square if the trains are running properly.

Amenities include a parking garage (rental rate of $250 per month), large swimming pool with lap lanes, his and her dressing rooms that have two massage therapy rooms each, a exercise facility, screening room, basketball court, lounge, library and ground level, outdoor sun deck facing the East River. The Edge even has a refrigerated room to accept deliveries from Fresh Direct, the online grocer, a point distinctively highlighted by the salesperson. (Must mean there is no good grocery store in the area. I didn't see one.) Very nice amenity package! Rivals anything I have seen in Manhattan.

The units are large and nicely appointed, but the bedrooms are small. Space is generous in the kitchen, dining and living room areas. Closets are simply OK, not great. Most units have very good views of either Manhattan or the low urbanscape looking east over Brooklyn. Prices hover around $1,000 per foot, which is 30% to 50% below comparable new product in good locations in Manhattan.

Bedford Street is the major retail corridor, and it is a raw collection of trendy pizza shops, Japanese and other ethnic restaurants, clothing stores, bars, tea rooms and healthy food stores. It is however several years before this area really arrives, and one doesn't walk more than several blocks away from Bedford Street to the east or north before the gentrification fades to the neighborhood's industrial and blighted residential past. The subway is the key and this area is very close to civilization.

The Edge is 50% sold, according to the broker, having been completed last summer.  I suspect there is a mound of hurt happening between the developer and the lender, but it is not obvious from the number or marketing and service people running around.

I guess I have answered my question. I would not live there, as the neighborhood is too rough but there clearly are others who would.