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August 7, 2007

Minerva Condos Pulled Off Market. Rentals Coming?

352-21stSt-03.jpg
More bad news for condo sales in Greenwood Heights: On Friday, listings for 352 21st Street aka the Minerva, where prices were recently cut after only one out of eight units found a buyer, were yanked from the Corcoran website. The development's description is still up though. One theory: The building will shortly reemerge as rentals. Any inside dope on the situation?
352 21st Street [Corcoran] GMAP P*Shark
352 21st Street [StreetEasy]
Condo Buyers Not Biting in Greenwood Heights [Brownstoner]




Posted by Brownstoner at 10:01 AM | Comments (20)
Categories: Condos, Greenwood Heights

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Comments

Mr. B, just because the listing is no longer on Corcoran does not a rental building make.

I find it hard to believe they'd pull out the condo opportunity when it has barely been on the market.

But, as I mentioned on the previous GWH post, WAY TOO MANY UNITS ON THE MARKET.

And more in the works. Yikes.

Posted by: ccgh at August 7, 2007 10:33 AM

plus all the units are gross, small, undersized - somehow developers believe the magical "marble counters" will blind buyers to all the other glaring defficiencies in their condos, namely horrible lay out, low ceilings and cheesy finishes (not to mention obscure locations). If you're going to try to sell condos in these emerging neighborhoods, they should at the very least be nice- otherwise they will be the first to suffer in the RE downswing.

Posted by: anon at August 7, 2007 10:39 AM

The building overview is still on Corcoran but all the listings have disappeared, which suggests to us that they're repositioning the building rather than just pulling the listings to change brokers.

Posted by: Brownstoner at August 7, 2007 10:47 AM

Did anyone actually see any of the units in the (gafaw) "Minerva?"

Posted by: ccgh at August 7, 2007 11:00 AM

We looked at a really beautiful condo on 21st in a converted school building and although we loved it, we decided against it because it seemed the whole neighborhood was one big construction site. It seemed there were an endless number of small houses that could go the way of the wrecking ball. Plus, all the new building seemed to be of these types of not very nice condo buildings that created a pretty unpleasant contrast with the mostly small houses that make up the neighborhood.

Posted by: Anon at August 7, 2007 11:00 AM

Maybe this isn't a case of a condo gone rental but I certainly think this will be a trend if sale transactions don't pick up.

Either apartment prices will drop to meet softening demand (less qualified buyers as we have a credit crisis) or the apartments will be dumped on the rental market pushing rental amounts down. A flow chart, if you will, for buyers on the fence. No?

Posted by: Anonymous at August 7, 2007 11:09 AM

I saw these units and would have to say their biggest downfall is price. Clearly being so close to the cemetery and a number of blocks from transportation and shopping doesn't help, plus they are all under 900 feet and 2 bedrooms so quite cramped. But, if they were priced reasonably they would have been bought, plain and simple. Young couples looking for their first place would like it, especially as the second bedroom creates the potential to grow a little, but what young couple can afford $550K. They need to lower the prices to a little around $400K, then you'll see them move quickly. Another example of greedy developers wanting an unrealistic profit and passing on those pipe dreams to purchaser.

Posted by: Suzi at August 7, 2007 11:25 AM

Yep, price is always the big downfall when a real estate market that was overheated begins to slow.

At some price, these will sell. The big question is whether that price will be enough to cover the developer's expenses.

In NYC, developers are lucky that the rental market is hot -- they may be able to save themselves despite the slowdown if rental income covers their expenses. In the rest of the country, developers haven't been able to sell or rent their McMansions at a level that will cover expenses... which is why the big national housing developers are in serious financial trouble.

Posted by: anon at August 7, 2007 12:50 PM

These have been on the market for ever. It's a case of horrible marketing(there isn't even a banner or logo to distinguish this from any other building nor did I ever see any ads, I heard about this from a competing broker) bad finishes, and really just ignorance in the market. The same broker who represented these also is doing another on 18th Street which is even worse in it's marketing folly's and the only sale there is a co-brok from A&H. Where do developers find these clowns?

Posted by: Anonymous at August 7, 2007 1:28 PM

nice 1:28 I just bought in 18th street. all the units are spoken for except a 2nd floor unit. The "A&H" sale was actually a fillmore sale the sponsor brought in himself, I should know. Sour grapes from a&h?

Posted by: Anonymous at August 7, 2007 1:40 PM

Anonymous at August 7, 2007 1:40 PM

18th and what?

Posted by: ccgh at August 7, 2007 2:06 PM

listing are still there. what's all the fuss?

Posted by: Mork at August 7, 2007 4:38 PM

Does anyone know anything about the new condos on 18th Street between 8th Avenue
and PPW? What's the story?

Posted by: bren at August 7, 2007 6:10 PM

just found this on the 18th street condos:

http://www.corcoran.com/property/nd/detail_overview.asp?ndevid=344


Posted by: bren at August 7, 2007 6:21 PM

Awesome "Bren"
Way to plug your own listing on the 18th St condos.

At least you didnt do it "Anon"

Didnt you get bashed enough on this thread?

Posted by: Jase at August 7, 2007 7:09 PM

Saw the the 8th Street beauty...or beast rather.

Watch that first step onto the landing, the sunken front garden/patio (?) are is quite a drop. I guess you could set up a local skate park to recoup on the mortage payment.

Another POS in the South Slope. One step above a Fedders and makes The Minerva look like should win an AIA design award.

Posted by: Action Jackson at August 7, 2007 7:23 PM

No, Jase 7:09 PM,I'm not an RE agent... I live very close by and I'm realy curious about that building... I watched it get built, and there doesn't appear to be any activity... just curious...

Posted by: bren at August 7, 2007 7:58 PM

It's interesting that some brokers will take any listing and say and do anything to get those listings. The two units in contract on 18th St are through A&H not sure if it's a co-broke or not but they gave up the listing because the developers were ignorant of the market and easily gullied by other brokers. Sometimes it makes sense for many reasons to get rid of a project but easy for frims to realize this when they actually do business unlike the agent representing the two projects. I should know I used to work for Corcoran. It should also be noted that Corcoran is slowly moving out of Brooklyn and has disbanded the whole development anyone that made any money at Corcoran is moving on.

Posted by: Malbeck at August 7, 2007 11:46 PM

Re: 11:46 --

I don't know if it's true that Corcoran is moving out of Brooklyn. But if so, interesting. I lived in Park Slope in the 80s/90s and remember when the big real estate firms moved in, took over half of 7th avenue, and then left pretty abruptly around 89 or 90. Interesting.

Posted by: anon at August 8, 2007 12:31 AM

The 18th Street building is a big improvement over the rat infested garages and house that existed in that location before... and while it isn't my "cup of tea" the units are filled with light and space, lovely roof deck and off-street parking included.
I viewed it going up from my co-op apt.,
and given what kind of crapola has been flooding this area, this building isn't offensive.

Posted by: bren at August 8, 2007 10:34 AM

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