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July 23, 2007
Bulk Sale at 622 Foster Avenue
It looks like the developer of new condo building at 622 Foster Avenue in Midwood doesn't want to stick around through the arduous sales process. The seven-story, 35-unit building (with an additional 10,000 square feet of commercial and community facility space) is being offered as whole while the last bit of construction is being completed and the offering plan is up for approval. The price? $25.5 million. At that price of over $500 foot, a buyer would have to have a pretty optimistic outlook for what he was going to be able to turn around and sell the individual units for, no? Can anyone point to a good comparable for this building?
622-630 Foster Avenue [Douglas Elliman] GMAP P*Shark
Photo by Nicholas Strini for Property Shark
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Comments
looks like pretty good quality construction, just judging from the photos anyway...
Posted by: anon at July 23, 2007 12:09 PM
Price sounds nuts to me, but what do I know?
25 million can still buy AAA properties around the world after all.
Sure, not skycrapers, but prime stuff in really good areas.
I personally would rather buy a commercial building in Chicago, Boston, or San Fran, that this place. Sign a tripple net lease and go to sleep!
Posted by: Anonymous at July 23, 2007 12:17 PM
I agree residential property is a huge risk for an investor. I will never understand people who drop millions on residential property. I invested 900k in a commertial property in 2000 now I have over 50k in monthly income. Townhouse in brooklyn or never work again. Suckers.
Posted by: Retired@30 at July 23, 2007 1:11 PM
Retired@30 and yet so angry.
Posted by: pie in the sky at July 23, 2007 3:29 PM
This building is on the corner of my block. Not ugly, and looks well built. Price seems way too high for the neighborhood. We're talking a $375-400 per sq foot nabe.
Posted by: josh at July 23, 2007 4:55 PM
looks like they are asking significantly more than $375-$400 per foot: http://www.brooklynproperties.com/condo282.htm
Posted by: Anonymous at July 23, 2007 7:04 PM
Pie your just jealous. Get back to your cube!
Posted by: Retired@30 at July 24, 2007 12:53 PM
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