Condo of the Day: Newswalk Studio Loft

$560k for a studio right by the AY construction site. This guy is certifiable for sure.

Posted by: guest at July 1, 2008 12:56 PM

Maybe he moonlights for Corcoran.

Posted by: guest at July 1, 2008 1:04 PM

This a pretty nice unit.

But if it dpesn't face Atlantic Yards (which the seller claims a virtue), it appears to face a parking lot.

And who knows what's going to be built on that some time in the future?

Posted by: guest at July 1, 2008 1:05 PM

Seems like this unit faces away from the AY's site. Facing towards Park Slope from higher up in that building seems to be OK, unless there's going to be residue from the construction onto Dean.

Posted by: guest at July 1, 2008 1:08 PM

New Condos Come To PLG:
http://renovatingonthecheap.blogspot.com/2008/07/new-condos-come-to-plg.html

Posted by: guest at July 1, 2008 1:10 PM

I think he's made a nice pitch. Building sounds pretty great - loving the idea of a playground on the roof (although irrelevant to anyone who would buy a studio). Still think it's priced too high. He should ask 499k I think.

Posted by: guest at July 1, 2008 1:14 PM

oooof. $560k for a studio, there? That living space looks cramped too. I'm not getting this pricing at all.

Posted by: guest at July 1, 2008 1:27 PM

I've been that building many times. I would say that it is one of the best full services buildings in the area. You definitely want to be facing AWAY from Atlantic Yards which this unit is. $800 sq/ft sounds about right. Good luck!

Posted by: guest at July 1, 2008 1:33 PM

To quote The What:

"Worthless when (if) Atlantic Yards is built"

Posted by: guest at July 1, 2008 1:36 PM

I saw a really nice, 800sf 1 bedroom with a huge private deck on super prime Carrol street in the Slope over the weekend for 565K. Granted, it already had an offer at asking, but it certainly makes this place look overpriced.

Posted by: guest at July 1, 2008 1:44 PM

So, here's a question: I've kept an eye on the market in the Slope and PH for awhile now, and it seems to me that there is very high turnover in this particular building. What's that about? Any insider scoop there?

Posted by: guest at July 1, 2008 1:58 PM

AY Effect, 1:58.

Posted by: guest at July 1, 2008 2:15 PM

this guy need sto take a look at the two COD yesterday. One in PH where this is located and the other in Brooklyn Hghts, a much nicer area than this one and see the pricing on those

Posted by: guest at July 1, 2008 2:16 PM

1:58 - it's a big building with the kind of services and layouts that attract the young, hip, single PH people who might be expected to be more on-the-move than the fuddy-duddy olds of PS.

Posted by: guest at July 1, 2008 3:09 PM

Did I miss the common charges?

Posted by: guest at July 1, 2008 3:37 PM

I know this building very well. There isn't an unusually high turnover there - it's just a big building (over 150 units) so there's always a unit or two for sale. There's a big difference between the units that face AY and and Pacific St and those that face Dean St (which this one appears to be). The parking lot across the street is zoned R6B - which has a 50' height limit, so even if and when that gets built out, it's not going to blot out the sun. It's a good building with a lot of friendly young professionals, and the rooftop deck with the playground is a great place to while a way a summer afternoon. Still, most units that I've seen on the market in this building have been in the $500-$600 a SF range, so the asking price of $800/SF seems crazy to me. This should be priced somewhere in the $400k - $450k range. I love the building but this is an incredible reach, especially considering the current lending environment.

Posted by: guest at July 1, 2008 3:54 PM

They have built in phases, and apartments are offered by sponsor when they complete a phase. Not sure if any more phases are contemplated. However, there have been recent assessments based on some shoddy work. Its a nice building, though right on the AYs, so some people are looking to get out.

Posted by: guest at July 1, 2008 4:19 PM

I thought AY was good for property values? Who wouldn't want to live near this world class nightmare of Gehry's?

Posted by: guest at July 1, 2008 4:31 PM

I thought AY was good for property values? Who wouldn't want to live near this world class nightmare of Gehry's?

Inside scoop? Have you been living in a hole while watching the real estate?

Posted by: guest at July 1, 2008 4:33 PM

I own a 1 bedroom co-op apartment, with an eat-in kitchen (& plenty of sun light) in Crown Heights and needed some opinions on setting a price for it. I know it's in another area, but I still think $565,000 is way off for a studio. Thinking that for my 1 Bedroom, a price in the ball park $175,000 give or take $20,000 is fair.
Just MY/NY opinion

Posted by: guest at July 1, 2008 7:04 PM

Notice how he didn't post any pic's of the sleeping (and storage)loft(s)? Even with decent finishes and a cool bldg, that address and view =$470K tops.

Posted by: guest at July 1, 2008 8:47 PM

Umm, good luck. I'm looking to buy in this size/price/locale but won't be calling. I would not take this seller seriously because the place is priced way above known comps and there is no broker to blame. At least with a broker, there is a chance a low offer will be passed to a rational seller. Maybe not, but there's a chance. With FSBO, no chance. I doubt this seller would even return the call of a buyer offering $465k, yet that seems like a much closer starting point than $565k. But who knows. Good luck!

Posted by: guest at July 1, 2008 11:53 PM