« Trouble Commenting? First Closing at the Vermeil »

March 25, 2008

Kodachrome Goes Rental

192-Spencer-Brooklyn-0308.jpg
In another clear sign developers are having a tough time moving condos, word on the StreetEasy discussion board is the Piet Mondrian-inspired 192 Spencer Street in Bedford Stuyvesant, also affectionately dubbed the Kodachrome building, is going rental. Last November, we reported 10 percent price cuts, bringing one bedrooms down to $325,000 to $611,100 depending on size (with tightened lending practices, the down-payment for those units would be $65,000 to $122,220). Calls to the developer and sales agent were not returned, but listings have been pulled from The Developers Group website. After the developer closed on the property in 2004, an 18-unit condo across the street sold out within six months for $300,000 to $445,000, according to Property Shark. Was Kodachrome priced too high for the area or was its timing just bad? Or is the area just not quite there yet?
Kodachrome Building Open For Business [Brownstoner] GMAP
'Kodachrome' Building Underpromises, Overdelivers [Brownstoner]




Posted by sarah ryley at 11:00 AM | Comments (22)
Categories: Bedford Stuyvesant, Rentals

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/4313

Comments

all of the above.

Posted by: guest at March 25, 2008 11:01 AM

Tightened financing only applies to properties above $729,000. Banks are still lending up to 90% on sales below that number.

Posted by: guest at March 25, 2008 11:11 AM

OK RE Bubble is over, Brownstoner is over. RIP. How about starting a blog about another asset bubble? Gold maybe and we can name it Goldstoner?

Posted by: guest at March 25, 2008 11:17 AM

11:11 you are completely wrong.

Posted by: guest at March 25, 2008 11:21 AM

this will be Hassidic projects!!!!!!!!!!!!!

Posted by: guest at March 25, 2008 11:31 AM

this will be Hassidic projects!!!!!!!!!!!!!

Posted by: guest at March 25, 2008 11:31 AM

Or how about we concentrate on actually renovating and restoring the homes and communities we have, rather than speculating on the "worth" of specific properties and neighborhoods. More posts on the mechanics and challenges of doing the work, less invective-filled diatribes about who is an "idiot" and "when this war (sic) is going to end."

Posted by: Putnamdenizen at March 25, 2008 11:33 AM

serves them right! sick and tired of these ugly glass buildings overlooking gas stations.

Posted by: guest at March 25, 2008 11:39 AM

Brownstoner weren't you in love with this POS when it was first launched last year?

Posted by: guest at March 25, 2008 11:47 AM

this development was one of the ads on brownstoner.

guess that wasn't advertising money well spent.

Posted by: guest at March 25, 2008 11:56 AM

11:21...please set me straight...have you heard information to the contrary? what's your source? my sources are three mortgage brokers from three different companies (manhattan mortgage, universal mortgage and new york mortgage)...also, the 'tightened' financing rules are changing daily...now it looks like wells fargo is willing to do 90% again...i think banks will realize the middle market in nyc is not the sector suffering a high foreclosure rate...national policies don't necessarily apply here...

Posted by: guest at March 25, 2008 12:09 PM

if liquidity is still there, then it must be something else. maybe decreased expectations of appreciation and a glaringly wide rent/buy gap?

Posted by: guest at March 25, 2008 12:38 PM

I'm not surprised. Who'd sink their hard-earned money (or borrowed money) into this POS. This building is an eyesore and an embarrassment. It should be razed, not rented.

Posted by: guest at March 25, 2008 12:52 PM

i wouldn't buy one of these with YOUR money.

Posted by: guest at March 25, 2008 1:27 PM

Brownstoner's opinion of this building has me totally confused... one month it's "great" and another it's "an incredibly 'fugly' building".
I think it looks a bit GDR/Soviet myself... but Ostalgia is cool sometimes, jah?

Posted by: Forrestian at March 25, 2008 1:27 PM

building is totes fab. location blows chunks.

Posted by: guest at March 25, 2008 1:57 PM

building is totes fab. location blows chunks.

Posted by: guest at March 25, 2008 1:57 PM


Looks good to me. I like the look.

Posted by: guest at March 25, 2008 2:29 PM

No chance 11:31. Where are the requisite offset balconies and hideous window guards to keep their spawn from falling out?

Posted by: guest at March 25, 2008 3:08 PM

LOL @ Forrestian. You hit the nail on the head. I was thinking Karl Marx Stadt Expo building.

Posted by: gwbrubaker at March 25, 2008 4:00 PM

Right gwbrubaker--the design looks more DDR than Soviet. I guess the developer is changing its name to "VEB, The Developers Group" :-)

Posted by: Bob Marvin at March 25, 2008 4:15 PM

Somebody remind them that you need a C of O from the DOB to rent. You can look across the street at Mandy Brach's epic fraud as well.

Posted by: guest at March 25, 2008 9:13 PM

Post a comment

Please be patient while your comment is published. It may take a moment.

Latest Restaurant Additions