Condos of the Day: Price Cuts at 95 Lexington Avenue

When the market is soft, outlying markets are the first to feel it. Just as the papers were reporting that the sub-prime mess is spreading to the Alt-A mortgages, the price cuts start in fringe areas, and work their way to the blue chips. Nothing unusual about this.

Posted by: guest at February 19, 2008 12:54 PM

The layouts also seem to be quite odd. With narrow bedrooms and weirdly shaped kitchens, these don't appear practical. Also, what does a studio apartment need two bathrooms for? Especially right across from each other.

Posted by: guest at February 19, 2008 1:10 PM

Hi:

Disclosure: I work for the development team.

To clarify, the buildings with the Steel windows - 95 Lexington - are one project, and the green windows - 105 Lexington - are a DIFFERENT project.

Also, we included two bathrooms, because we felt that 1200' spaces might be subdivided, and who wants guests peeking through your medicine cabinet? Most people seem to appreciate it.

Posted by: guest at February 19, 2008 1:22 PM

Apparently anything in Brooklyn with "lofts" in the name is getting the chop.

Posted by: guest at February 19, 2008 1:46 PM

$500/psf in Bed-Stuy? The location isn't bad (if you don't mind the G train) but this isn't 2006. Keep chopping.

Posted by: guest at February 19, 2008 1:56 PM

If these were half the size and the price per foot stayed the same they would be flying off the shelves to first time buyers. It's not that they are terribly off from a psf point of view but they are off from what someone wants to spend for Bed-Stuy. I don't undrstand why more developers don't make smaller units in these fringe areas where younger first time buyers would not hesitate to jump into the market.

Posted by: guest at February 19, 2008 2:02 PM

Halve the psf and I'm there.

Posted by: guest at February 19, 2008 2:07 PM

One big problem for these project is that the brownstone market in Bed Stuy has plummetted. You can get an entire brownstone for 700-800K. It makes a 1200 sq ft condo for the same price seem very very expensive.

Posted by: guest at February 19, 2008 2:09 PM

keep chopping. maybe after another 15-20% i might get interested

Posted by: guest at February 19, 2008 2:24 PM

These layouts don't make any sense. They can't be divided into bedrooms so this would only work if you want one large open space for that price which limits their appeal.However maybe another 15% cut could do the trick

Posted by: guest at February 19, 2008 2:44 PM

There are practically, no bedrooms in the ENTIRE developement. Big spaces, Yes. But, the finishes seem like the standard developer fake-luxury fare. For this money I have many choices in downtown BK.

Posted by: guest at February 19, 2008 2:45 PM

I went to this building last weekend for the open house and these units are "true" lofts spaces, with the easy option of having 2 decent size bedrooms (which the builder will put in for you). I found the finishes to be above average and was surprised to find that the building is environmentally friendly.
No, I am not a broker, but a serious buyer who is going back again this weekend to take another look.

Posted by: guest at February 19, 2008 3:08 PM

3:08pm as you can see if you buy there you will be alone in that building for quite a while. can't agree with you that these can be easily converted to 2 bdrms

Posted by: guest at February 19, 2008 3:16 PM

Totally agreed they can be converted to huge 1 bed and smaller 2nd bedroom but I like the option of keeping the whole place wide open as a huge loft. Agreed on the finishes too nice to see that people are finally taking the Brooklyn buyer seriously and delivering highend and chic product

Posted by: guest at February 19, 2008 3:17 PM

3:08 -Have you been there?
I am going to assume that you haven't because the model unit is already converted to a true two bedroom.

Posted by: guest at February 19, 2008 3:27 PM

I went to an open house two weeks ago. They have actually converted the model into a 2 bedroom apartment, and it works very well. How is Duravit "fake-luxury"?

Posted by: guest at February 19, 2008 3:27 PM

kitchens were gorgeous and only 4 huge units per floor, its a nice place

Posted by: guest at February 19, 2008 3:48 PM

when I went it sounded like the developers were amendable to negotiating right off the bat, looks like that whole block is going to be a filled condos and that street will be totally awesome

Posted by: guest at February 19, 2008 3:50 PM

I find the statements above about reducing size to make these more affordable to first-time (and other) buyers interesting. Here's a different perspective: I like lots of space and actually don't need luxury finishes. New and better-than-average is good enough for me (i.e.: the Hotpoint stove that I bought for my last apartment, which had an oversized burner, a really hot burner, was self-cleaning). I also suspect that the luxury finishes have a higher mark-up, like the profit-margin on that soda you buy with your burger.

Posted by: guest at February 19, 2008 3:50 PM

i know willbklyn, nice to see that these guys are still priced under a million

Posted by: guest at February 19, 2008 3:56 PM

When I saw Lex I thought it was manhattan. For $500 a foot.

Then I saw it was in Bed-Stuy Do or Die.

What was I thinking?

Let me put the pipe down and get back to work . . .

Posted by: guest at February 19, 2008 4:11 PM

i live on this block, This is Clinton Hill NOT Bedstuy, one would think BROWNSTONER would know that...

Posted by: guest at February 19, 2008 4:51 PM

this is Bedstuy not Clinton Hill regardless of where you live 4:51pm.

Posted by: guest at February 19, 2008 4:54 PM

Clinton Hill runs to bedford ave.

Posted by: guest at February 19, 2008 4:56 PM

here we go....commence argument about whether this is Clinton Hill or BedStuy, for the thousandth time....now

Posted by: guest at February 19, 2008 4:58 PM

Clinton Hills runs to Classon ave

Posted by: guest at February 19, 2008 4:59 PM

The WEST side of Classon Ave., to be specific -- however, the RE community has for years insisted on extending its boundaries, with such developments as "Clinton Hill Village" on Kent Ave. between Dekabl and Willoughby. Many if those buyers believe they live in Clinton Hill.

Posted by: guest at February 19, 2008 5:22 PM

Bedford? I thought it went to Lewis.

Posted by: guest at February 19, 2008 5:30 PM

Clinton Hill runs to Classon, but for real estate brokers and developers it runs to Tompkins.

Let's be real here, This developement is nice. But competition is stiff at this price point. From Bed Stuy to Fort Greene, From Kensington to Carroll Gardens, There are many choices at 700k to 900k+++ I know this block, I know this area. This project will sell. The question is at what price???

Posted by: guest at February 19, 2008 5:37 PM

I am considering buying in this building, especially now that they reduced asking. It is being thoughtfully renovated, details are nice, definite bedroom possibilities. Plus the developer supposedly actually sees things through, even following up with buyers after they move in. I've been looking for months and it is bigger/better than you can get for the price in most of bklyn.

Posted by: guest at February 19, 2008 5:37 PM

5:37...apart from the ph's, these are in the 500K-700K range.

Posted by: guest at February 19, 2008 5:41 PM

I'm sure all of the Bed-Stuy owners would love to grey the Clinton Hill boundaries a little bit but just because your broker told you it's Clinton Hill dosn't make it so.

Spend 5 minutes here and you will see exactly where the boundary is:

http://www.nyc.gov/html/dcp/html/neighbor/neigh.shtml

(Hint: It's Classon)

Posted by: guest at February 19, 2008 5:47 PM

clinton hill runs to bedford ave.

Posted by: guest at February 19, 2008 5:47 PM

5:41...40% of the units are priced at $699k or better. 65% of this project is at $600k or better.

All the defense of this developement is a little suspicious. Hmmm????...can we say "vested interest"?????

Posted by: guest at February 19, 2008 5:52 PM

I went there a few weeks ago - tried to score one of the penthouses, but they wouldn't come down enough in price. Actually, they pretended to come down, but didn't at all. They said from the outset as we were walking around they would reduce it to slip under the mansion tax after transfer taxes etc were added in. Then their counter to our offer was basically just that and they said that was as low as they are going. The apartments are really very lovely. Won't get one w/o outdoor space and the penthouses are just a shade over what we are willing to pay, unfortunately.

Trying to buy in Dumbo now instead.

Posted by: guest at February 19, 2008 8:46 PM

These lofts aren't geared toward any market (singles, families, etc.), why is accounting for the lack of interest. The apartments are too big and expensive for a single person to purchase as their first home. And the apartments are too awkwardly shaped for families.

I still don't see how it's possible to have two decent sized bedrooms in here (bedrooms, not offices). Do they intend on turning the dining rooms into bedrooms?

Also, where are the closets. I understand it's loft space and it is supposed to be bare and open. But today's buyers need closets.

The layouts were poorly planned and the price will need to decrease much more in order to get those first home buyers to come in. This is a fringe area, so the apartments need to be damn good to get people to come in.

Posted by: guest at February 19, 2008 8:49 PM

If this is in CH does it make it any better? NO! So what difference does it make.

Posted by: guest at February 19, 2008 9:18 PM

8:49...these are loft spaces. Loft spaces are huge open rooms without closets. If you want bedrooms and closets then why are you looking at loft spaces?

Posted by: guest at February 19, 2008 9:47 PM

This block is going to be one of the most desirable blocks in the hood once all these new condos sell out.

Posted by: guest at February 19, 2008 9:51 PM

Which should be around the 12th of Never.

Posted by: guest at February 19, 2008 9:55 PM

9:51 I agree. Give it another 2-3 years.

Posted by: guest at February 19, 2008 9:57 PM

You are dead wrong 9:55. Dead wrong. You will definitely eat those words! It will be around the 3rd of Never. Definitely not the 12th!

Posted by: guest at February 19, 2008 10:19 PM

9:55 here. I stand corrected. Thank you.

BTW, those words taste like chicken.

Posted by: guest at February 19, 2008 11:17 PM

I am thinking of buying one of the lesser priced units.. I am a little concerned that this area WONT hit and I will loose money. But there are tons of new buildings going up and the G train is running much better. These units are really nice inside, solid walls, one that is all brick, the kitchen is beautiful. There is allot of taste going into the design inside unlike all the "Mcmansions" going up in south slope that are super tacky.

Posted by: guest at March 6, 2008 10:46 AM

FWIW, I live on that block (rented for the past year, just bought an apartment nearby, but not in these units). It's definitely on the border between neighborhoods; I roll my eyes when real estate people insist Classon to Franklin is Clinton Hill, but unless you're that desperate for some street cred who really cares that it's the Western edge of Bed-Stuy? It's a quickly developing nabe, and I heart the G train.

Yes, it's a bit of a gamble given the real estate market, but the neighborhood is definitely moving up and these seem like pretty nice units at an okay, but not great price. Now if someone would drop in some nice retail shops on Classon and a good supermarket...

And yes, sorry this post is way late but I just got around to Googling this construction.

Posted by: guest at March 10, 2008 3:42 PM

I went to this building twice, the block is very sketchy, with a church?/commercial garage across the street, a parts store down the block and a homeless shelter next door, also Lafayette Projects two blocks away, so it will be a long while before this block gets upgraded

Posted by: guest at March 20, 2008 8:18 PM

The interiors are very nice IMHO. They recycled alot of the original materials (maple floors, brick etc). The large windows facing Lex are definitely unique. I was there on a sunny day the first impression was good overall.

While I was walking the n'hood I stopped to talk to two NYPD officers who said there was still alot of crime in the area but mostly drug related.

The biggest problem I see with this area is the major lack of infrastructure. At the open house they show a map with nearby restaurants etc but most are 5-10 blacks away.

My gut feeling is this is a good long term investment if you plan to stay for awhile (>5 years)

Posted by: guest at March 24, 2008 4:07 PM

"5-10 blacks away" ?? holy shit that sounds sketchy, man.

Posted by: guest at June 2, 2008 8:45 PM