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January 15, 2008
Condos of the Day: Whiplash at 364 Myrtle Avenue
The building at 364 Myrtle has had a rough ride. A Scarano design, the three-unit building got bogged down in Mezzanine-gate a year ago after all the units were already in contract. With no C of O in sight, the developer honorably let the buyers out of their contracts. Last fall, he tried to rent out a couple of unit for around $5,000 a pop. Either there were no takers or the owner thinks the condo market has improved since October because all three units just came back on the market as condos—at about the same asking prices as back in early 2006. The two lower units are now on the market for $899,000 and the upper one is asking $875,000; all three are over 1,500 square feet. These are pretty spacious and the location is increasingly nice (go MARP!) so we wouldn't be surprised, at about $500 a foot, to see these find buyers without too much struggle.
Kara Kasper's Listings [Corcoran] GMAP
364 Myrtle Avenue [StreetEasy] P*Shark
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo [Brownstoner]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What's Up With The New Building on Myrtle? [Brownstoner]
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Comments
why is every condo in brooklyn gray these days?
Posted by: guest at January 15, 2008 12:53 PM
Another boring post on brownstoner. Mr. B get off your butt. Shot some video. Do some field research. I want to learn more about brownstones and brownstone Broolyn.
Posted by: guest at January 15, 2008 12:56 PM
This site was more interesting when you did this as a hobby.
Posted by: guest at January 15, 2008 12:58 PM
So what happened with the mezzanines and the CofO? Did it get sorted out?
Posted by: guest at January 15, 2008 1:07 PM
"...location is increasingly nice..."
In this market, at that price, I need nice today.
Posted by: guest at January 15, 2008 1:33 PM
This is a very ugly building that just seems to be stuck between 2 other bldgs.
Posted by: guest at January 15, 2008 2:26 PM
Yeah, I agree with 2:26. Why would I buy a condo in a "building that just seems to be stuck between two other buildings", when all those other new developments are being created on the vast open tracts of bucolic fields and valleys that are so common throughout Brooklyn?
Posted by: guest at January 15, 2008 2:36 PM
Awful location, shoddy construction, WAY overpriced.
NO DEAL.
Posted by: guest at January 15, 2008 2:56 PM
Lets check back on these in 3 mths and see howm much they have been reduced by. I say 30% or maybe they will go rental again, then get relisted for sale again then go rental again etc etc..
Posted by: guest at January 15, 2008 3:12 PM
That location may be increasingly nice, but at a snail's pace. The walk to the subways still sucks, and the b54 doesn't help much.
Posted by: guest at January 15, 2008 3:13 PM
875k for a (effectively) 5th floor walk-up???
Posted by: guest at January 15, 2008 3:46 PM
i can't speak to the construction or whether the pricing is on point, but based on the outside of the building and the pictures, i think its rather pretty. I like it, especially juxtaposed with older buildings. And i don't think the location is too bad, either. And I think it will find buyers, afterall - all 3 were in contract in 2006.
Posted by: blowfish at January 15, 2008 6:20 PM
you want video? here's video:
http://www.onehansonplace.com/2008/01/ill-fated-myrtle-ave-condos-back-on.html#comments
Posted by: ltjbukem73 at January 15, 2008 6:27 PM
3:13, you're high. Or an idiot. (Or really elderly.) The walk to the C train is less than 5 minutes and happens entirely on gorgeous, landmarked streets.
Meanwhile, I know Scarano's tactics are controversial and many of the developments he's designed have been called shoddily constructed (of course, Scarano ain't the builder, but whatever). But I think this building is kind of cool. I like the soaring, high ceilings. I love the translucent glass stuff above the balconies--didn't know from the street view that that would allow more light in. I like, believe it or not, the mezzanines.
Posted by: Rehab at January 15, 2008 7:32 PM
"the same asking prices as back in early 2006"
Yeah. That will work.
NOT.
Will the last broker out of the Corcoran office please turn out the lights?
Posted by: guest at January 15, 2008 7:42 PM
no 5 minute walk. you're high, not him.
check it out on google maps. 0.7 miles. I'd be happy if I could RUN 0.7 miles in 5 minutes.
Posted by: guest at January 15, 2008 7:45 PM
i do not like this area persoanlly, but really, it's a very good price. not too much out there of this quality (brand new, spacious, etc...) at this psf. don't understand the hate.
Posted by: guest at January 15, 2008 11:39 PM
"not too much out there of this quality (brand new, spacious, etc...) at this psf. don't understand the hate."
There's plenty of this crap out there, of precisely this shitty quality...just as outrageously priced. Just because you started with the whole "I don't like this area, but...", doesn't make you any less obvious. The fact that you would even say that there aren't many Fedder-Styled properties out there 'of this quality' [insert gagging here] gave your hand away.
Now on to relevant matters: Is there now a C of O for this building?
Posted by: guest at January 16, 2008 4:24 AM
BOOO!!!!!!
it's pricey for TODAY...
but given all the construction in downtown, the B54 HAS to improve... (and i'm guessing somehow or other, the projects nearby will be converted to co-ops)
so someday it'll be lucrative perhaps.
i still wouldn't fork that much over for that stretch. i would rather pay for less space in better area.
(and let all the WALKER-FREAKS get mugged on the way home)
Posted by: guest at January 16, 2008 9:48 AM
Does anyone know if a TCO was issued yet?
Posted by: guest at January 16, 2008 12:00 PM
Is it still a walkup? That's a whole lotta stairs. Especially for those two upper units. The deck on the first floor unit is pretty awesome, however.
Posted by: BKNYKEV at January 16, 2008 7:49 PM
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