Gowanus Condo Asks $4.395 Million
When we first saw this listing asking $4,395,000, we thought it was for the whole house. Then we realized it’s a condo. For that kind of money, you could buy a whole brownstone, renovated, with details, in Carroll Gardens. But it turns out the ask isn’t so crazy after all on a per square foot basis….
When we first saw this listing asking $4,395,000, we thought it was for the whole house. Then we realized it’s a condo. For that kind of money, you could buy a whole brownstone, renovated, with details, in Carroll Gardens.
But it turns out the ask isn’t so crazy after all on a per square foot basis. The building at 459 Carroll Street in Gowanus was converted into two condos in 2006 by the sellers, and this is the first unit up for sale.
The 19th century factory building is very large at 25 feet wide by about 64 feet deep, plus there is an extension on the ground floor that takes up the rest of the 100 foot lot. (So no garden.) The unit for sale, No. 1, has about 3,300 square feet of living space on the first and second floors. There is also a terrace and an art studio in the cellar.
The renovation has very much kept the industrial vibe, with a metal stair, white painted exposed brick, and high ceilings. The building housed a factory making ink and brushes in the late 1880s, according to the listing.
The ask works out to be about $1,330 per square foot. It may be high for Gowanus but it’s not unusual for prime Brooklyn these days. How do you think this sale could affect prices in the area?
459 Carroll Street, #1 [CoreNYC]
Photos by CoreNYC
The price should start with a 2.
You cannot compare this kind of space to a townhouse (condo or whole house), it will be a non conventional live/work buyer that wants this kind of space in this kind of semi industrial location. That said; it is still asking too much for the following reasons. A.) This kind of buyer wanting this style of space is more likely to create it them selves & B.) A two family Condo will be difficult to get Bank financing for at the best of locations; but in a flood zone with no direct comps.
C.) A two family condo does not work, especially with creative free thinkers that do not want to be held back by ONE dictator, non co-operative that you do not really know until you disagree about something.
So it will need a heavy cash buyer and that buyer looking for this style/location etc. is more likely to buy a raw space and create their own that they can control.
But as they say; you only need one buyer to want it.
As my very young children used to say when we asked them to eat some green vegetables at dinner: “not today”.
Not going to happen at that price given location, structure and comps.