Big Brokers Abandon Avenue Z Condo Development

Is 1702 Avenue Z cursed? It could be, because what once was among Sheepshead Bay’s glitziest properties now has signs of a downhill turn.

First of all, it’s almost a year behind the completion date of the building and work is still being done on the interior of East 17th Street and Avenue Z. Things started to look up in August, as the commercial broker, Massey Knakal Realty Services, told us they were closing a deal with a group of local doctors to use the entire office/retail space as a medical center. Then, in November, the posh residential units hit the market under the elite Corcoran name, with asking prices of more than $800,000.

Now, just a measly three months later, all the big boys have pulled out. The deal with the doctors fell through, and Massey Knakal is no longer representing the building. Similarly, The Corcoran Group has pulled the listing from its website.

Click to see broker's sign

The entire development – commercial and residential – is now represented by the mysterious Dreamlife Realty, for which we can find little information. Their website is dated 2008 and is notably blank and sets off anti-virus alerts. Similarly, a Google search for the agent – Olga Orak – reveals little more than she represents a few McMansions out in New Jersey.

So what’s the deal? What has made two of New York City’s biggest brokers turn tail and run for the hills? And will Little Miss Dreamlife Realty have the pull to market such a high-priced, mixed-use development?

I guess what I’m asking is: are these ever going to sell, or does something smell fishy in Sheepshead Bay?