Toren About Two-Thirds Sold
The Toren supermarket may not be happening, but that news last month apparently hasn’t done anything to diminish buyers’ hunger for apartments. (Last month’s price cuts could have had something to do with it as well.) According to a press release that went out yesterday, 13 apartments at the 38-story tower at 150 Myrtle Avenue…
The Toren supermarket may not be happening, but that news last month apparently hasn’t done anything to diminish buyers’ hunger for apartments. (Last month’s price cuts could have had something to do with it as well.) According to a press release that went out yesterday, 13 apartments at the 38-story tower at 150 Myrtle Avenue in Downtown Brooklyn went into contract in the last week alone, bringing the total number of units sold to 156 and the percentage sold to 65.
Maly, your rectangle doesn’t seem to count the width of the master closet. I get a 29’x32′ rectangle, or 933sf. Still overpriced, and still lying about square feet.
This building has some of the worst layout I have seen.
Absloutley no furniture placement must have came to mind while designing the rooms.
Trolley, I do hope you refocus your marketing energy to something a bit more effective. I’m talking about deception in marketing, and your answer is pretty much: “look! shiny object!” I have no beef with Downtown Brooklyn. It’s newly residential, so it makes sense there are few services, and I am certain it will get better, especially in the long-term.
However, it has nothing to do with what I am talking about. Toren (and Oro, and many so-called luxury condos) are playing a fast game with what is available and what is sold. Some of these techniques are legitimate, and some are coming close to outright lying (like that press release.) The game is to make-believe prospective buyers that these developments are selling fast and create a sense of urgency, by counting contracts that are dead-as-dodos in the sales.
If you look at the most recent closed sale, #2301, this a 2-br apartment, listed as 1,113 sf. However, a look at the floorplan reveals it is built within a 26 by 32 ft rectangle, so it just cannot be more than 860 square feet. The buyers paid $763,000, or $887/sf. That’s a crazy price for an up-and-coming area.
Just remember, everything in NYC changes. Think of the future Nets arena. To us, we’ll remember the train yards, the fight over the land, whether or not we like the design. But in the future, people will mostly think of what currently exists to them. To people like that, Downtown will be what it will become, and that seems to be headed in the direction of a 24/7 neighborhood with a thriving restaurant/retail/hotel/college/residential and business community.
I want some of what Trolley is drinking!!!!!!
Every NYC neighborhood has its pros and its cons. Downtown Bkln has some of each. It has a great location relative to mass transit to Manhattan, access to a adjacent neighborhoods, dense highrise living, and eventually, a thriving retail scene. As Flatbush Avenue becomes cleaned up and connects to a revitalized Fulton Mall, and the Arena/BAM area, the entire section of Brooklyn from DUMBO to Park Slope will have a continuity it’s lacked.
Some of you people really are special. Maly points out what the reality is and even though it’s NOT bad, some of you come at Maly like your mother was cursed.
Positively optimistic about Brooklyn development and desirability in the long term. Pessimistic about prices in the short term. The fundamentals don’t lie. Oro and Toren’s (luxury residences) NEED for FHA status (pathetic) and first-time fools does not lie. Condo prices will collapse, like everything else, at least -37.5% so that historic price/rent sees mean/average of 10x, and price/income 3x. It’s no different than the NASDAQ crash in 2000 except for the scale/magnitude (property values will collapse but the properties themselves won’t just disappear).
***Bid half off peak comps***
Considering that these units moved at all in such a saturated market during one of the worst financial times in history says a lot not only for this neighborhood but Brooklyn in general.
Frownstoners are entitled to their opinions and there will be some winners and there will be losers. But there is a lot of money being thrown in the development of this neighborhood and the surrounding parts so to ignore the potential growth only makes that person the fool.
Unless people expect this to be the next Detroit, I don’t see why property values won’t increase over the long term. Right now I see a lot of opportunities in this area for residences and small businesses alike. The falafel cart guy outside of Avalon has the right idea.
Location wise, it’s pretty convenient that so many subway lines are nearby. I only take one line directly to work whereas living in Park Slope I had to transfer twice. What a pain.
Although I do agree that there is a lot of fluff behind these numbers but it’s like that across the board. If you think that real estate agents are actually the most honest people, I have a bridge in NJ that I’d like to sell you.