We’ve made no secret of our displeasure at the fact that a salvageable brownstone was torn down to make way for the 16-unit building at 483 Washington Avenue (aka the Dewitt Condominium) so perhaps we’re not completely unbiased when we express shock at the prices of the eight market-rate units that were put on the market with Brooklyn Properties two weeks ago. (The eight affordable units are being decided by application and lottery.) If you want to find something in the $500 per square foot range, don’t bother getting on the elevator: The ground-floor unit’s the only one that’s close. By the time you get to the second floor, you’re already north of $600. And for that swinging penthouse lifestyle? Get ready to write a check for almost $1,000 a foot. Compare Apartment 5B at the Dewitt where for $880,000 you get 1,257 square feet with Apartment 11M at One Hanson where for $896,000 you get 1,305 square feet (and much nicer common spaces and interiors to boot). We can see living here if you were one of the lucky folks to win the affordable housing lottery but these market-rate prices are absurd. We’ll be quite surprised if anyone takes the bait at these levels.
The Dewitt [Brooklyn Properties] GMAP
From Subsidized to Market Rate Fraud? [Set Speed]