Boerum Heights at 556 State Street, sits right on the outside of Downtown Brooklyn on the borders of Fort Greene and Boerum Hill. The 2 BD / 2 BA units looked approximately the same square footage as ours, but was going for ~ 15% premium. From the pictures, the units looked nice though not quite One Hanson nice. The area is probably seen as better than ours (by most), but it was also near a busy intersection, and an affordable shopping district (the Atlantic Ave. Mall), and would soon be neighbors with the Nets, was it really better?
The building had been selling for ~ 3 years (around the same time as the Oro) and was at 95% sold, they were unloading their final two sponsor units, and already trying to flip a couple owner units. To entice us they were offering competetive incentives, the sellar was paying transfer taxes (~ $15k savings), and a 421A Tax abatement with 13 years left. The lobby was non descript, and the remaining common areas consisted of a quaint courtyard and a dingy gym. The most unique feature seemed to be the cheerful – caribbean inspired hallways.
The units were rather nice, especially the first one we looked at 5A-N at $729k. It was a 2 BD / 2BA ~ 1,062 sq feet, with a Juliet balcony, a stunning custom kitchen, roomy bedrooms (with WIC) and a sunny living room. We were especially impressed with the kitchen – not only did it have well thought out custom finishes, but ample counter and cabinet space a feature that’s become increasingly important to us. The bathroom finishes weren’t bad but I had higher hopes especially after seeing the kitchen. There weren’t his and her sinks, and it actually looked a bit dated. No floor to ceiling windows, and there was the big air conditioning unit that would need creative covering.
The second unit (7D-S) was a slightly smaller 2BD / 2BA at 1,010 sq feet but listing at a slightly higher price of $739k. The southern exposure and the balcony at ~ 5’8” x 17′ we were told was the reason. The balcony was a good size without much of a view and rickety railings that that would have to be covered if you didn’t want a child going over the end. The kitchen didn’t have the sparkle of the first unit, the bedrooms were similar including the WIC. Overall we didn’t see how this was going for a premium. There was also one owner unit (5-GS) which wasn’t available for viewing but being listed and we were told had a nicer layout than either of the units we saw. It was being listed at $749k making it the priciest with only 1,021 sq feet.
Overall, the building was nice, amenities basic, and the apartments pleasant. Yet, I’m surprised they went for the prices they did. Maybe they just missed the economic crash, or I suppose people have higher regard for the area – although honestly the stores surrounding it were only 1 or 2 notches above the Fulton Mall, it had equal amounts of crazy people including one who was fairly aggressive to us, and suprisingly more litter on the streets. I’m also not optimistic about what the NBA’s worst team will do for the property value or the kind of crowds it’ll attract.
The Queen Bee. She rules over the Flatbush Riviera. All of Downtown Brooklyn and Fort Greene is her domain. 
