$1.15 mil for a Crown Heights Condo?
The St. Johns Heights Condominiums at St. Johns and Classon have been on the market for a few months now, and business doesn’t seem to be all that bad: Six units that were priced in the $600- to $700-a-square-foot range are in contract. Now, it seems, comes the real test of how high-end product is…
The St. Johns Heights Condominiums at St. Johns and Classon have been on the market for a few months now, and business doesn’t seem to be all that bad: Six units that were priced in the $600- to $700-a-square-foot range are in contract. Now, it seems, comes the real test of how high-end product is going to fare in northern Crown Heights. Of the seven units Corcoran is currently marketing, two are in the million-dollar zone (the 1,506-sf triplex penthouse with a private roof deck and other posh amenities like a wood-burning fireplace is priced at $1.15 mil, and the 1,127-sf three-bed, two-bath duplex is asking $999,000). The building is near the subway and Corcoran’s touting its views. Still—$1 million for a Crown Heights condo in today’s market? We’ve gotta assume these babies are going to take a while to move, and that price cuts are going to be involved. Anyone more optimistic?
St. Johns Heights [Corcoran] GMAP
Montrose Morris, why do you always assume that anyone who considers Crown Heights to be unsafe must not live there? Want “frank assessments” of people “who actually live in Crown Heights”? Read the Brooklynian.com board, where Crown Heights residents regularly post about muggings, shootings, assualts, and other fun activities by the upstanding youth.
http://www.brooklynian.com/forums/viewforum.php?f=4&sid=8c5fc11eec4ddab03383313d6dbfe3f9
Will you accept something that you don’t want to hear if it comes from bona fide Crown Heights residents?
I didn’t think so.
12:02
No commercial ventilation. Still plenty of options.
8:19….how interesting.
i was told no food in the commercial space.
10:40, 1:28
To the subprime mortgage doomsayer, I have no idea what motivates people like you. When I bought my first townhouse on w81st street there were guys just like you screaming in the wind that NYC was going down the tubes and anyone with money was going to lose their investment. It was 1978 and I paid well under 300K and guys just like you were telling me I was crazy for paying more than 75k (the price 10 years earlier). Since then my investment has increased well over 10x in value.
I just don’t know who you’re trying to scare or impress with your tenuous grasp of historical market prices and high school level economics. The fact is that the New York rental market is one of the tightest in the world with no signs of changing or slowing down. In fact the mayor’s office is predicting an average increase of 50,000 new taypayers moving to NYC per year, which is still a far faster rate than condos are being built at. Population world-wide is increasing exponentially and NYC will always be the financial center of the Americas.
Any developer who’s already sold half their units like this one will be just fine renting out the rest. Real estate has always been a long-term play any investor with two braincells is ready to ride out the highs and lows. So it ridiculous to me that you guys are forecasting doom and gloom and huge price drops when there are plenty of folks still dieing to buy at a price anywhere near their rent.
8:52 = nycaffordableliving.com
These are scary foam-stucco rennovations. Don’t get involved if you don’t want to deal with 20 years of leaks, failing structure and bad plumbing. You get what you pay for.
There seems to be a new affordable luxury development that just hit the market in Crown Heights. http://www.nycaffordableliving.com gives all the details. Studios for $179,000 and 1 Bedrooms for $237,000. I checked out their open house this past Sunday and the apartment was great. A very nicely done and clean condo conversion. Granite, stainless steel, hardood floors. I was rather impressed for the price.
crown heights is a great place. don’t feel compelled to explain that to others who feel the need to hate on it b/c a lil lack of transparency is not the worst thing when it comes to preserving a neighborhood’s character.
What – are you going to call me names now? deafualting subprime borrowers are not buying 7 figure condos in nyc. you don’t know a thing about me or what i know or do, so don’t judge me. you can cite media seizing upon the current hysteria all day but that’s not going to change the reality of the situation.
They have photos on Corcoran listing now, check out the Mommy-daughter realtor team – HA!
This is an awesome area, I don’t know what some of you guys are talking about. I stopped by this jobsite about three months before it was completed to see about renting the commercial space. The foreman walked me through the building and I have to say the construction quality was excellent. I’ve been running restaurants in NYC for 20 years so I spend a LOT of time dealing with bad plumbing, electric, corner cutting landlords, etc. Say what you will about the style but this was several steps above the norm as far as the building systems.
Unfortunately I was outbid on the space. I think its going a French cafe which will totally change the charactor of that block. Plus with all the money the city’s putting into the park and the museum a block away it’s not going anywhere but up.