The Toy Factory Lofts at 176 Johnson Street were the first new residential project in the downtown area when the building was converted back in 2005. Since then the Oro and Belltel have been completed, the Toren’s getting there and the Avalon, Catsimatidis and Flatbush Flatiron projects are in the excavation or foundation stages. While all this development certainly helps validate the location, it also provides some stiff competition for the Toy Factory. The latest unit to come up for resale is Apartment 2C, a 816-square-foot loft asking $530,000. Sounds not unreasonable until you consider that this is on the second floor overlooking the projects and, perhaps more importantly, that you can get a 794-square-foot place in the Toren for $524,000 (well, you could have, but this one’s in contract now) or a 768-square-foot pad in the Oro for $510,000. While our taste tends to favor conversions over new construction, it’s hard to argue the Toy Factory listing is a good deal in light of those comps (or in light of the fact that the owner paid $380,000 for the apartment in 2005).
176 Johnson Street, #2C [Century 21] GMAP P*Shark
Condo of the Day: 176 Johnson Street Exit Strategy [Brownstoner]
Condo of the Day: Toy Factory One Bedroom [Brownstoner]