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May 7, 2008
New Burg Condos Come to Market
The supply of new condos in Williamsburg continues to come online. A couple new ones—one on the South 1st, the other on North 5th—have hit the market in the last couple of weeks. The Rialto, on 5th just off Bedford (above left), is being handled by the Developers Group, with current prices going from $625,000 for an 839-sf, 1-bed, 1-bath to $1,225,000 for a 1395-sf 2-bed, 2-bath with outdoor space. The listings for the building, which has 31 units, talk about how it's a carriage house conversion with "exclusive finishes, cutting-edge state of the art appliances, and a sleek design." Bien sur. Meanwhile, a building called the Soleil on South 1st Street between Havemeyer and Marcy (rendered above right) has listings up on aptsand lofts' site. The eight units advertised range from $489,000 for a 1-bed, 1-bath of unspecified square footage to $615,000 for another 1-bed, 1-bath, square-foot total also unknown. (The development's official website shows some layouts with living rooms that are 22x12 and bedrooms that are 13x11). Think this one'll have a sunny future?
Rialto Listings [Developers Group] GMAP
Soleil Listings [aptsandlofts] GMAP
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Comments
I don't know. I just can't wrap my head around $900 per square foot condos in Williamsburg.
I can't believe anyone actually takes a mortgage out for that kind of property. If I had $1.3MM in cash to blow on a place, I'd pick up a penthouse in Miami.
Posted by: Polemicist at May 7, 2008 12:23 PM
If I had 1.3MM id get the largest park slope condo I can find (in a brownstone...not one of those new developments).
Posted by: guest at May 7, 2008 12:58 PM
Time to play the waiting game. These prices are going to plummet over the next two years.
Posted by: guest at May 7, 2008 1:52 PM
Carriage House conversion? I guess that Makes Atlantic Yards a "train yard conversion"
Posted by: WillBklyn at May 7, 2008 2:22 PM
It's always fun to see Apts and Lofts marketing new developments. Their website is the least user friendly and when the sq. footage and floor plans of units are missing (usually the case) it smacks of either ignorance on their part or their belief that (would be) customers can be hoodwinked. TDG is not much better, but I always have more info at hand with them before I go to the open houses.
Posted by: guest at May 7, 2008 2:45 PM
12:58 -- well, i did have 1.3 million and bought a condo for less than that in williamsburg. also, i moved from park slope.
why? park slope is crowded and after almost 6 years there simply couldn't tolerate the people, the things to do, or the long commute.
williamsburg has more people like me. i have made probably 25+ new friends since moving one and half years ago.
i can get home in 12 minutes in a cab, or walk! which i love.
the restaurants, salons and stores are excellent and are simply on a different level than other brooklyn neighborhoods. there is no comparable Yilli for shopping or Deluxe for a salon and well, the restaurants, really they are so much better that it's not worth discussing.
as for my kid - proximity to the city was very important for us for her. we do not want her trapped in boring park slope - we want her to be able to see all new york has to offer. also, we are currently sending her to private school in manhattan which would have been impossible from Park Slope - it's just too damn far. and, the impending construction explosion of 4th ave and AY with it's accompanying population increase seemed like it would make me feel even more hemmed in in PS.
also, i plan on staying with my family for good, so I think Williamsburg is an excellent long term investment. the price per square foot was so much lower than PS, that we were able to get a gigantic place with a garden, and as the psf rises, we will be multiplying the psf price by over 2000 sq ft. i see the sq. foot prices rising up past Dumbo levels on the waterfront and than pushing out. cha-ching.
and, finally, i prefer brand spanking new. and, of course central air.
Posted by: guest at May 7, 2008 3:59 PM
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Developers Group Tool.
So sad.
Posted by: kuroko at May 7, 2008 4:18 PM
Okay, 3:59, valid points, but...
why are you reading/posting on *brownstoner*?
Posted by: guest at May 7, 2008 4:20 PM
There is a second "wing" of this building on North 4th that was some sort of garage, may have even been a stable in a past life. It was added onto as part of this project. Probably not a carriage house in the technical sense, certainly not a carriage as we would think of "converted carriage house", but it could have been a building that once had a carriage in it.
I guess the description is as accurate as their square foot measurements.
Posted by: WBer at May 7, 2008 4:57 PM
4:20 - because i'm a brooklyn enthusiast, and many posts are now not about brownstones or Park Slope
4:18 - developers group tool? are you speaking to me, 3:59? what does that mean. i'm not in real estate and have never bought or sold anything through them. have zero connection to them or apts and lofts or anyone in real estate for that matter.
Posted by: guest at May 7, 2008 5:35 PM
it is a strange, sad fact of this blog that no matter how honest, straightforward, or valid the post, it will get criticized in some malicious fashion. (in re: 3:59) it's probably what keeps most of us blogging as guests. I know it does me.
Posted by: guest at May 7, 2008 6:24 PM
it is a strange, sad fact of this blog that no matter how honest, straightforward, or valid the post, it will get criticized in some malicious fashion. (in re: 3:59) it's probably what keeps most of us posting as guests. I know it does me.
Posted by: guest at May 7, 2008 6:24 PM
3:59 ---I love Williamsburg, I like going out there and yes, restaurants are among the best in Bklyn. But, man, is it crowded. A few years ago I remember Bedford being this sleepy street and now it feels like a mutant version of Avenue A. Restaurants are packed, much like Manhattan....and the train in the morning is a mess. And with all the new construction, it's only going to get worse.
Posted by: guest at May 8, 2008 12:43 AM
After spending two years watching the Soleil rise, I have to say I am dubious they'll get that much. From what I've seen from the exterior and from what I garnered from the website, there are two apartments per floor and the price just goes up according to the view. Admittedly, the views from the upper floors are probably great, but... I'm curious about the number of one-bedrooms coming to market in Williamsburg vs. family apartments and how that inventory glut will affect pricing going forward.
Posted by: Heather at May 8, 2008 2:45 AM
I'm an irish investor. Is North 5th St Williamsburg a good option for long term investment?
Posted by: guest at May 16, 2008 7:04 AM
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