The Edge Loses Price-Cut Virginity
As Curbed noted on Friday, The Edge, one of the mega developments on the East River in Williamsburg, just announced they would be dropping prices on some units in its 30-story southern building. This is particularly noteworthy because throughout the downturn developer Jeff Levine has made a point of saying that he wasn’t going to…
As Curbed noted on Friday, The Edge, one of the mega developments on the East River in Williamsburg, just announced they would be dropping prices on some units in its 30-story southern building. This is particularly noteworthy because throughout the downturn developer Jeff Levine has made a point of saying that he wasn’t going to cut prices. Now, however, you can pick up an 827-square-foot one bedroom that used to list at $670,000 for the cool price of $580,000; other as-yet-undisclosed deals in the 360-unit building are also to be had. They’re also lowering monthly common charges and offer a 25-year tax abatement. The Edge hopes to pass the 50% mark in their first phase of selling this summer. A realistic goal? GMAP
@D_H, Hahaha. Good one.
11217 Williamsburg waterfront mad libs
Who would buy an apartment in this building? The waterfront looks like an office complex in (insert city in florida or texas). The surrounding area looks like (insert war ravaged country overseas) circa 1982. Apartments in (insert building in downtown brooklyn or brownstone brooklyn) are much nicer, and you won’t be surrounded by (insert insult playing to the stereoptype that everyone in williamsburg are trustafarians or cokehead hipsters)
(Insert 3 streeteasy listing to Park Slope listings)
(Insert story about how everyone you know is moving from Wburg to Brownstone brooklyn).
(Insert ad hominem attack calling wine lover a racist scumbag)
<3
I’ve visited both buildings looking for a 2BR at around $1mm. These price cuts have been the worst kept secret in brooklyn real estate for months.
OBBP has larger apartment floorplans with a few 2brs that they are listing under $1mm. However, those units were in the center of an H design with very low ceilings, maybe 8 feet in parts, which was offputting because the rest of the building felt so massive and spacious. They had a view of a truck depot, brick walls, the BQE and a courtyard.
At the same price at the edge there were nice units with at least a partial Manhattan view and a high floor.
After seeing both, the two developments really didn’t feel like comparables to me so I’m surprised so many people hold them up as such. The tax and common charges were also signficantly different at the two developments. I also found OBBP’s subway access to be inconvenient.
WBer – thanks for the correction.
That’s not Stuy Town – that’s Baruch Houses (just north of the bridge) and Lillian Wald Houses above that. Stuy Town (which doesn’t look any different, really) is north of the Con Ed plant. Regardless, One BPP and LIC have much better views.
I should imagine the low-income portion of the Edge puts off some buyers, a problem that one BBp doesn’t have.
Also, while I don’t think that the Edge is bad looking building, as Legion points out the views here (of lovely Stuy Town) really don’t compare to the views from the LIC waterfront.
Re wine lover’s comments: I don’t think I’ve ever read such unmitigated shilling before in my life. This person definitely has some sort of financial stake in this project.
What about this “lower common charge” move? How much of an obvious ploy is that? Common charges on new construction are generally ridiculously understated from the get-go, as they’re just based on the budget in the offering plan – which is usually way off base. Once the project is safely sold off and in the hands of the new condo board, substantial increases are often necessary as actual costs are higher then budgeted.
So either they were realistic in their intial common charge numbers, but their honesty hurt them in comparison to all the under-budgeted projects out there, or they’re really taking people for a ride.
St.Petersburg, FL does have the Salvador Dali museum.
Gotta give them props for that world class museum. 😉