This week we step outside our comfort zone a bit and take a look at a McCarren Park development called the Manhattan Park Condos which are being marketed by aptsandlofts.com. Located at 297 Driggs Avenue, this project looks to have 14 units (two to a floor), two of which are in contract. From the website, they look to be 1 and 2 bedrooms with outdoor spaces in most units. There’s not many financial details on the cost of the units other than the asking prices, which in our opinion is high. One bedrooms are asking $579,000 and up while two-bedroom units are anywhere from $715,000 to a whopping $995,000. From the floorplans, the one bedrooms look to be no more than 650 square feet and the two bedrooms no more than 800 square feet. Given our estimates, this suggests that prices are running at almost $900 per square foot.

Amenities include the usual stainless steel appliance suite, the ‘floating’ bathroom sink. Most units have glass curtains and the elevators open out onto the units. The condo is located within a good 8 block walk to the crowded L train at Bedford and a 2 block walk to the G train at Nassau. As anyone who goes to thedevelopersgroup.com website can see, there are numerous new condominium projects that have already sprouted up and are in the pipeline. This increased supply does not bode well for Manhattan Park’s high prices. In addition, the finger building next to Planet Thai off of Bedford and the huge ‘Edge’ project on Kent will add another few hundred units to the market.
Manhattan Park Condos [Aptsandlofts.com] GMAP
Listings [Manhattan Park Condos]

Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.