192 Spencer Street Condos

The neighborhood was pretty scary. Might be a good place for investing, but not for a primary home- not for a few years.

I am in the process of purchasing a 1-br in this building, and this will be my primary home.

Regarding FTHB's comment that the neigborhood is "pretty scary" - I have lived in this neighborhood for the past year and have never found it "scary" or felt unsafe. It is technically Bed-Stuy though, not Clinton Hill, as advertised. I actually really like this neighborhood, and have watched it change rapidly as great new restaurants, shops, etc have been popping up all over the place.

For the record, I am a 20-something female and live alone.

I am also buying into this building. There have been very large price cuts in the past six months in this development, which I think is due to an over build of condos in the area and a reluctance to buy in a somewhat underdeveloped neighborhood during a time of economic uncertainty. Units however seem to be moving more rapidly in the past month after stagnation in the previous five. The area is good, not great...nice sections of beautiful brownstones, access to the G train, close to Pratt and semi-close to changing Downtown Brooklyn. While there is a lack of grocery stores, gyms, etc, the upside of all the new buildings is that hopefully these businesses will follow. Spencer street and the nearby section of Myrtle (around the MYNT, where 1BRs rent for $2100) is interesting for the future because there are so many undeveloped vacant lots, leaving plenty of room to grow and change in the next few years. Inside 192, the units are quite large, laid out well, with great Western sun exposure from floor to ceiling windows. People vary on opinions on the building's exterior (I personally like it, as does brownstoner.com), but people are all different. And now I think the price is very reasonable. It will be my primary home as well.

FYI the developer just back out of all deals. The building is going rental.

sorry to hear maratl2. were the units just not moving fast enough? any reasoning?

Found this out too from my broker...pretty much sucks...seems like such a waste of time/money on the developer's end. No real explanation why. After the most recent price drops, the units appeared to be moving fairly rapidly too...maybe not at the overblown price the developer was initially asking, but I'm sure he/she wouldn't be hurting for profit. Lot of negative talk about 192 Spencer on other real estate blogs...maybe the developer took that to heart and decided just to rent now and sell in a better market. Does the developer still benefit from the tax abatement in situations like this?

That's ridiculous, sorry to hear that. I wonder what happens to the commissions the developer's group technically earned here.

Is there anyone here that was actually in contract for 192 Spencer when it went rental? Curious what how the Developers Group handeled this. PLEASE let me know.