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August 29, 2007
The Dewitt Update: Not a Sale in Sight
You'd think that after three months without a single unit in contract that serious price cuts would have begun at the PACC-sponsored Dewitt Condos at 483 Washington Avenue in Clinton. Instead, just one of the eight market-rate condos (#4B) has been trimmed about 5 percent while the rest have been left to languish with their original price tags. "These market-rate prices are absurd," we wrote back in early June. "We'll be quite surprised if anyone takes the bait at these levels." Hate to say we told you so, but we can't for the life of us understand why these places were priced so high to begin with. In other news, we hear that the results of lottery for the affordable units should be complete soon. Are any readers in the running for that?
Dewitt Condo Pricing [Brooklyn Properties] GMAP P*Shark DOB
Market Rate Units on Sale at PACC's Dewitt Condos [Brownstoner]
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Comments
About-face walking.
Posted by: guest at August 29, 2007 12:23 PM
What about the monstronsity across the street from this building. Did PACC have a hand in that as well? The installed the balconies (hideous on the front of the building to begin with) on and lined the bottom of each with some sort of white vinal siding. Some look incompletely finished too. Plus, I think they found some scrap marble tiles and threw them on the base of the facade, next to the lovely roll down metal grate garage door. Total eyesore. Doesn't line up with the facades of other buildings either. Ugh.
Posted by: guest at August 29, 2007 12:29 PM
We'll have the skinny on that one for you tomorrow, 12:29.
Posted by: brownstoner at August 29, 2007 12:48 PM
Is it only the market-rate units that haven't moved? Are there low-income apartments in the building that *have* been snatched up?
Posted by: Rehab at August 29, 2007 12:54 PM
I saw this development about 2 months back. The finishes are fine enough, although only 2 units seem desirable; the others have some awkward layouts and shower stalls with no glass, and views that are not great, etc. But when we saw the price we thought it way out of hand. This development is right in the middle of nice brownstone streets, but lacks all that quality itself for being a new development. Not to mention that the area is far from gentrification just yet. The developer wants top dollar for what this place will someday be worth so it's not really an investment for anyone, just a monumental waste of money.
Posted by: guest at August 29, 2007 1:09 PM
You can buy a brownstone in good condition in this area for the price of 7A.
Posted by: guest at August 29, 2007 2:07 PM
We applied for that lottery and even though our application was certified mail before the deadline, we received the return receipt dated well after the deadline.
I just assumed it was another insider dealings going on as I had called numerous times and never got a response as to the discrepancy.
Posted by: guest at August 29, 2007 2:44 PM
We received a letter letting us know that we were not in the running. It also said that they have another development coming up and that we should visit the contact page of their site so we could receive info about it when it was available.
Posted by: guest at August 29, 2007 3:12 PM
2.07, while I think these places are priced too high, think the cheap brick veneer an pine colored door are ugly, and find the bs lotter for a few apartments to be a sham and waste overall, especially since they knocked down a building that could been refurbished,
I do not know of any brownstone in the neighborhood "in good shape" that could be bought for the price of 7A. Maybe an SRO in bad shape with tenants...
Posted by: guest at August 29, 2007 3:29 PM
I know someone in the running for one of the houses -- she definitely had no inside connection.
Posted by: lesterhead at August 29, 2007 3:31 PM
7A is $938/sf! That's some sweet and tasty crack they're smoking if they think this price is reasonable.
Posted by: guest at August 29, 2007 6:42 PM
I am in the running but am not sure what is going on.
Posted by: guest at August 29, 2007 9:02 PM
I'm just guessing but the absence of a price reduction in the face of slow or nonexistent sales might be due to the fact that the market rate units are cross-subsidizing the affordable units. The high prices might be needed to make the affordable units truly affordable.
Posted by: guest at August 30, 2007 10:18 AM
Excellent point 10:18. Reminds me of a guy named Charles Ponzi.
Posted by: guest at August 30, 2007 3:38 PM
3:38: You and I go to jail for Ponzi schemes. But the government has all kinds of Ponzi schemes and bills them as among their most valuable services.
Posted by: Jeremy at August 30, 2007 6:39 PM
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