The Real Deal New York

After two years, 185 York Street in Vinegar Hill has no residents

But in 2012, the condo building sold out in just seven weeks
January 11, 2015 12:51PM

Back in 2012, the condominiums at 185 York Street in the posh Brooklyn enclave of Vinegar Hill sold out in just seven weeks. But the owners have been waiting to move in ever since.

The Department of Buildings has yet to issue a Certificate of Occupancy, prohibiting the owners from actually occupying the building, according to Curbed.

Back in 2013, a tipster told Brownstoner that “there was an issue with the standpipe which resulted in a failed inspection” and no Certificate of Occupancy issued.

And according to a DUMBO NYC, the buyers themselves have little clue as to the state of their investment. One reader wrote in to say that he has now been locked out for two-and-a-half years, has been “starved of information” the entire time.

“The building sponsor seems to be deliberately holding up the closing of the building and we are unsure why this would be but it is causing distress to the prospective occupants,” the tipster writes. “Our only conclusion is that the sponsor under-priced the units, hopes that we will all lose patience and cancel our contracts, so the units can be re-listed. This is of course only a supposition and we have no evidence that this is the case but we can come to no better conclusion at this point.”

When 185 York’s 16 units first hit the market in 2012, the units were priced from $375,000 to $845,000. [Curbed] Christopher Cameron

  • whineliamsburger

    Wow, they did sell cheap. Still, what’s done is done and the building’s sponsor should cut their losses and open the doors.

    • BobM

      Some people bought nearly three years ago when the apartments didn’t look so cheap

      • carlatm

        He’s saying they sold cheap not look cheap. Let’s hope that is what he does and does not try to wait for all of us to back out, because we won’t.

    • comment flagged

      Yes, although this is directly across the street from a large NYCHA complex of various towers that stretches all the way to Fort Greene Park.

  • BobM

    This has got to be the worst sponsor ever. The delay of over 2 1/2 years to close on these units causes real hardship yet there seems to be no recourse to get the sponsor to do whatever is necessary to obtain the CoO. Assuming that the sponsor is not stupid and/or incompetent, then all that he can be doing is waiting out the contract holders and hoping that they will go away so he can re-price and re-sell. As usual, poor old Joe Public (incl. me), gets screwed.