Well, not quite, but the NY Observer wonders if the condo boom around McCarren Park might go bust. “In North Brooklyn (Williamsburg, Greenpoint and the Navy Yards), condominiums accounted for three-quarters of residential sales in the spring of 2008, according to market reports by appraisal firm Miller Samuel,” they write. “Between then and the spring of last year, condo sales in the area fell by almost 30 percent, from 174 to 122 sales.” Not as bad as some other neighborhoods, apparently. They say that Brooklyn’s overall home sales plummeted 43.6% at the same time. Many new North Brooklyn developments have clustered around McCarren Park (after all, pretty soon those buildings can claim a giant pool in their front yard), and while some aren’t hurting, the story singles out 55 Eckford, a Scarano project plagued by financing troubles and stop work orders, as well as the infamous Finger Building. The big difference in future sales may be that a buyer wants to see the place finished before they drop the down payment; floor plans alone will no longer be enough to seal the deal.
The Ghost Condos of McCarren Park [NY Observer]
Condos Near McCarren Park. Photo by A.J. Kandy.