The Fifth Avenue Committee’s 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren’t spoken for. It came as a surprise to us to learn that a number of apartments in the developments will be sold at market-rate prices: According to an agent from Manzione Real Estate, which is selling 20 units the buildings, although 40 of the affordable units have been reserved via a lottery that drew 8,000 applicants, the remaining co-ops are on the market for between $390,000 and $575,000. Closings for the affordable units (which were priced as low as $47,000 for applicants who made an income cut-off) won’t happen until some of the market-rate units sell, according to the agent.
Red Hook Co-Ops [Manzione] GMAP
FAC’s Red Hook Homes Near Completion [Brownstoner]