Checking In On the Red Hook Co-ops

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Selling market-rate units in a building where a bunch of affordable units have already closed is typically a tough endeavor: In addition to some the class-consciousness that can come into play, no one like to pay twice as much as the guy down the hall for the same apartment. (It’s also tough when the building’s located around the corner from a gigantic tract of public housing.) So it’s no great surprise that the market-rate units at 71-79 Wolcott Street in Red Hook, a Fifth Avenue Committee project, aren’t flying off the shelf. When we call the broker, it sounded like one or two out of 20 market-rate units might be spoken for; regardless, hardly enough to qualify as meaningful traction. The $380,000 two-bedrooms and $510,000 three-bedrooms have been on the market since sometime this summer.
Market-Rate Units Available at Red Hook Co-Op Project [Brownstoner]
FAC’s Red Hook Homes Near Completion [Brownstoner]
Red Hook Co-Ops [Manzione] GMAP

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