Timing is everything, and we’re betting that the developer of the Maze Condos at 447 Humboldt Street in Williamsburg is kicking himself for not having kept closer watch over the building process. Or maybe he’s kicking himself for having hired Scarano Architects. Whatever the reason, after months of Stop Work Order-related delays (something about a cinderblock falling on a neighboring house), the 10-unit project has finally come to market. But what a different market it is than if the building had been completed a year or six months ago. This seems like the kind of project—one and two-bedrooms priced between $389,000 and $699,000 and targetted at younger, often first-time buyers—that is most vulnerable to the mortgage financing freeze that’s underway. The pricing isn’t crazy ($550 to $600 a foot) but if we were a young go-getter interested in buying Williamsburg, we’d be holding out for a price correction closer to the water. But that’s just us. It’ll be very interesting to see if these sell.
Maze Condo Listings [Apts & Lofts] GMAP P*Shark DOB
After Falling Cinderblock, Work Resumes on Humboldt [Brownstoner]