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July 11, 2008
Big on 4th: Rental or Condo?
Work's progressing on Issac Katan's building on 4th Ave. between 12th and 13th, a big baby that'll have 135 units when all's said and done. Aside from a rumor that this place was going to host an Olive Garden, there's precious little info out there about 500 4th. So we wonder: Condo or rental? On the pro-condo side, Katan had a hand in another 4th Ave. condo, the Novo, and sales at the most recent non-rental on the strip, the Argyle, are none too shabby. On the pro-rental side, though, we've got today's market, the fact that Novo sales have been fairly lackluster, and a lack of marketing for the building so far. Seems to us like this one could go either way. Your $.02, please:
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Comments
I don't care if its rental or condo. All I care about is the Olive Garden's unlimited pasta special. It's just what the neighborhood needs.
Posted by: guest at July 11, 2008 11:48 AM
Does it matter if condo or rental? Is 1 better? Is there more demand for 1 over the other?
Posted by: guest at July 11, 2008 11:54 AM
the project is a hybrid. the top four floors are condo. the rest is rental.
Posted by: guest at July 11, 2008 12:01 PM
12:01 - That will never fly.
Posted by: guest at July 11, 2008 12:18 PM
I think they should forget Olive Garden and put the beer distributor back in as the retail tenant.
Posted by: Flatbushwhacker at July 11, 2008 12:29 PM
As that side of 4th avenue gets more built up, that block will get better and better. There are some nice houses on that block. Hopefully they don't all get turned into superblock condos.
Posted by: Park Place at July 11, 2008 1:08 PM
the timing truly couldn't be worse for new condos unless they price them way under market average.
looks like a rental all the way...
Posted by: guest at July 11, 2008 1:35 PM
If the quality is as lousy as the NOVO condo, this building will suffer from slow sales in an inferior location. No worry however, like the NOVO, this baby won't be finished until two or more years elapse. The NOVO took that long and only now has received its first "temporary" C of O. Rental seems the way to go but who knows how good or bad the market will be in 2010?
Posted by: MarionG at July 11, 2008 1:39 PM
How about ---wannabe condo...can't sell 'em...turn rental
Posted by: guest at July 11, 2008 1:52 PM
I lived on 12th street for many years. There are absolutely NO beautiful buildings on that street west of 6th Avenue, and precious few the entire way even to the park.
The presence of the Ansonia factory for over a century permanently damaged the housing stock.
It should all be bulldozed.
Posted by: Polemicist at July 11, 2008 1:53 PM
Jealous assholes.
Posted by: guest at July 11, 2008 2:18 PM
What would really put 4th avenue on the map is if Apple opened a store there.
Posted by: guest at July 11, 2008 2:35 PM
I LOVE that area.
Its is so "edgy".
I hear thy are opening several restaurants, hotels and clubs there.
Signed,
A broker
Posted by: guest at July 11, 2008 3:50 PM
Once again, Polemicist is WRONG. There are many lovely houses west of 6th Ave on 12th St.
It's no Montgomery Place, sure, but it ain't bad.
Posted by: guest at July 11, 2008 4:01 PM
Polemicist obviously has not been in the area for some time as there are many nice houses on 12th and the adjacent streets. I walk by this condo/rental/olive garden wannabe every day and am hoping for a good market/green grocer.
Posted by: Turtlejam19 at July 11, 2008 5:16 PM
Propertyshark has every single building photographed in that area.
Why don't one of you people choose which you consider to be the most attractive?
The vast majority of the houses are plastered with aluminum siding and look like third world hovels. There are more than a few "out of context" rent-stabilized tenements that are crumbling.
There is one reasonably well maintained wood-frame house close to Sixth Avenue, but that's it.
Obviously, beauty is in the eye of the beholder - and if you think aluminum siding is just dandy, so be it. But whatever is built on this site is going to be far better than the shacks that presently are found in the area in abundance.
Posted by: Polemicist at July 11, 2008 5:33 PM
12th may not be all that, but 13th between 4th and 5th Aves is a nice block. There are some frame houses, brick townhouses and a few bigger apartment buildings, mostly in relatively good shape, which is unusual for this part of the neighborhood.
Posted by: guest at July 12, 2008 12:26 PM
Hey Polemicist -
Don't be such an asshole. I live on 12th St and there are plenty of nice buildings. Although there is some aluminum siding, I would hardly call them "third world hovels." Get over yourself, you arrogant asshole!
Posted by: guest at July 12, 2008 8:36 PM
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