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August 28, 2007
Condos of the Day: 543 Dean Street
We have no idea how much historic detail was intact before the developer of 543 Dean Street in Prospect Heights got crackin' on his modern reno, but suffice it to say there is certainly none now. That said, the design and construction quality on this job looks to us to be a cut above average—but not by much. The four units, which range in size from 935 to 1,440 square feet, are all priced at about $800 a foot, a heck of a lot more than a house in the area, but then that's par for the course. (For what it's worth, the developer paid $825,000 for the house in early 2005 and the total of the four asking prices is $3,925,000.) The elephant in the room, of course, is everybody's favorite decade-long construction project known as Atlantic Yards. Only time will tell how big a hurdle that will be in trying to move these babies.
543 Dean: Modernist Homes [Brooklyn Properties] GMAP P*Shark
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Comments
That's crazy! They are not even getting $800 a foot in Park Slope. The developer must be in a dream world if he thinks he can get anywhere near that.
Corcoran has a bunch of listings in the Newswalk building and they are selling between $550 and $670 a square foot, which is right next door.
Posted by: guest at August 28, 2007 12:56 PM
The developer has lost his mind. As the previous poster said the Newswalk condos are selling for considerable less and there are still no takers for those. let alone this.
Posted by: guest at August 28, 2007 1:05 PM
Don't know about the price, but I must say I think they've done a very nice job. Much nicer than the generic crap you usually see in these condos.
Posted by: guest at August 28, 2007 1:21 PM
Atlantic Yards Effect = $ for homeowners
Posted by: guest at August 28, 2007 1:22 PM
Guest 12:56..How can you compare an apartment in a 4 family building to one in like a 30+ family building? (I'm just guessing at the number of apartments in the Newswalk, but that buiding is HUGE in comparison...)
I think there is a price for quality of living that you cannot just compare across the board. Sure, the prices seem high, but if I was looking to buy a place, I'd rather shell out more money to share my entrance with 4 other families than 30. Call me in introvert if you want, but I prefer a more intimate living atmosphere than going through a security gate, up an elevator, and down a long hallway before I get to my space...but that is just me...
Posted by: guest at August 28, 2007 1:38 PM
1:38 Guest here...Oops...if I was living in a 4 family, I would have to share my entrance with 3 other families...I never was very good at math...
Posted by: guest at August 28, 2007 1:40 PM
i literally live next door to this and checked it out during an open house a few weeks ago. the quality of construction is pretty good and the design seems nice. good, high-end appliances and fixtures, too. but i don't think that i'd buy one at these prices.
also, there wasn't much original detail left in the building before the renovation, so not much was lost in the conversion.
Newswalk Condos have about 170 units.
Posted by: threecee at August 28, 2007 1:52 PM
Guest 1:38 - I actually would think that people would pay MORE for newswalk since it comes with a doorman, a gym, and pretty awesome rooftop deck with a children's jungle gym and a bunch of barbecue grills. I understand the privacy comment you made but I think that most people wouldn't feel that way and would rather have the amenities I listed below. But I'd be curious to hear what other people think...
Posted by: guest at August 28, 2007 2:06 PM
Isnt this very close to where Atlantic Yard is going? It would be traffic headache, not to mention construction noise to endure during Atlantic Yard constructions
Posted by: guest at August 28, 2007 2:08 PM
2:06--I agree with you; I'd much rather have those amenities than the privacy of this place.
Posted by: guest at August 28, 2007 2:11 PM
This is in a nabe that is expected to be more-or-less decimated by Atlantic Yards.
Posted by: guest at August 28, 2007 2:12 PM
Don't forget living one street away from an arena. That's gotta be a barrel of laughs.
Posted by: guest at August 28, 2007 2:30 PM
This is ACROSS THE STREET from what is going to be an enormous construction site for many, many, many years to come. You'd have to pay me to live there.
Posted by: guest at August 28, 2007 2:39 PM
I like the design. The location stinks.
Posted by: guest at August 28, 2007 2:44 PM
I cannot believe anyone would pay such a price. A few streets away you can buy a whole house for 750,000 - did any of you see "The Hunt" article in the NYT last weekend ? A small 3 story break house with brownstone at the bottom sold for 680,000 ! I would rather own a house than one floor of a house - for the same price !
Posted by: guest at August 28, 2007 2:52 PM
The house in NY Times The Hunt was in Crown Heights. Not necessarily a bad thing, but it is definitely a different neighborhood. (Don't get me wrong - I chose a house in Clinton Hill over condos/coops in Ft Greene).
Posted by: guest at August 28, 2007 3:36 PM
I agree, I would think newswalk would command a premium for doorman, elevator, garage, and views. We sold our place in Newswalk a couple of years ago, and these prices make me regret it!! However, I think it's crazy to pay a premium for no doorman/ no elevator. Still, nicer finishes in this condo.
Posted by: guest at August 28, 2007 4:13 PM
A house in Park Slope (even with the inevitable TLC) would be much cheaper than lining this developer's pockets.
Posted by: guest at August 28, 2007 5:59 PM
Actually there were about 35 new units at Newswalk that went on the market a few months ago through A&H. The remainder that's on Corcoran is what's left so quite a few about 30 have sold at about $650 a/ft. These units defenitly need a price cut if they developer wnats them to move. Can't say I'm that impressed with the marketing and the layouts look awful, impractical.
Posted by: guest at August 28, 2007 6:47 PM
This is the only forum i know where people would rather live in a shaky four-unit building with no services and no elevator than in a larger building, which provide a doorman, live-in super, elevators and every other urban amenity.
Are these folks a little retarded or just very young and stoned?
Posted by: guest at August 28, 2007 7:39 PM
I think the elephant in the room here is more the mortgage meltdown than AY
Posted by: guest at August 28, 2007 8:11 PM
Another elephant in the room: Brooklyn Properties is not the broker to sell a high quality property in a somewhat challenging location.
The developer needs to use a company that has a broader reach, better exposure and a better website.
Posted by: Honey at August 28, 2007 9:47 PM
I agree with guest 1:38; who cares about all those amenities which you are forced to share with hundreds of residents, and you don't need a doorman for 4 units. Amenities are nice but I'd rather have some solitude and quietness than all that. And guest 1:40, good catch, you got 1:38's math mistake. If only you could use those talents for some good the world would be a better place.
Posted by: guest at August 28, 2007 10:19 PM
Honey, why don't you just tell us what brokerage you work for so the developer can give them a call?
Posted by: guest at August 29, 2007 8:15 AM
10:19 -- me, personally, I'd rather have the neighbors and the walls and floors of construction meant for multiple dwellings than a one-family conversion where I can expect to hear my four other neighbors every time they come home, flush the toilet, take a shower, etc. I've lived in brownstone apartments and those things don't bother me much? But to call converted brownstone living a privacy advantage over a larger building is completely laughable.
Posted by: guest at August 29, 2007 12:28 PM
I really don't understand what the allure is of all those other amenities. It's basically the urban equivalent of a gated community. Buildings that have them attract suburban types that are choosing to live in nyc now that there's no more grit and crime.
Posted by: guest at August 29, 2007 12:36 PM
I don't think this kind of choice just boils down to privacy. It's similar to a situation where you could decide to work for a small company where you feel you are part of a community of workers instead of a large corporation where you can feel like just a number.
It is an issue of scale...not privacy.
Posted by: guest at August 29, 2007 12:38 PM
I'm considering buying on the 1st floor of the Newswalk. from what I've heard there aren't many left and the value is at about $530\sq ft. pretty good I think but would love to hear other's thoughts.
Posted by: guest at September 5, 2007 4:08 PM
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