Prices Slashed at Verdi on Adelphi

The Verdi on Adelphi continues to be plagued by slow sales, and its situation is finally reflected in the pricing. Streeteasy shows asking prices dropping around 14% yesterday, leading to a $100,000 cut for the most expensive unit, a 1,002-square-foot two-bedroom. It's now $599,000 instead of $699,000. Not really a surprise to us; sales were slow back in January when we last posted about it. Only three units are in contract, with 11 more waiting for owners to snatch them up. Could the architecture have something to do with it? Or maybe proximity to the BQE? Evidently, all that glitters is not gold.
The Verdi [Corcoran] GMAP P*Shark DOB
Verdi's Sales Like Its Architecture: Ugly [Brownstoner]
At Verdi, All That Glitters Ain't Gold [Brownstoner]
New Development: Verdi on Adelphi [Brownstoner]

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Comments

That location is just awful. Fort Greene proper has great subway access and proximity to the park. This has no subway access and proximity to the BQE and the projects. Did this developer really think gentrification was going to roll all the way down there? If someone offered to let me live there for free I would decline.

Posted by: lechacal at September 10, 2008 11:21 AM

"Conveniently located a million miles away from any subway stations!"

Posted by: cwbuecheler at September 10, 2008 11:22 AM

Agreed that is a hideous location. It would be at least a 10-12 minute walk to the G train from there, and it is really ugly up against the BQE (and not likely to change much for the better). Bad idea badly executed.

Posted by: wasder at September 10, 2008 11:29 AM

I used to live more or less at the intersection of Carlton and Willoughby in Fort Greene and used to walk through the park and down Myrtle in the morning. At the risk of angering the social justice squad, Myrtle Ave near those projects (and other surrounding streets) may be fine in the morning but they are downright scary and dangerous at night. There is absolutely no way I would feel comfortable with my family walking around any of those streets at night.

Posted by: lechacal at September 10, 2008 11:44 AM

It's just so ugly. It would have to be the bargain of the millenium for me to want to live there. It looks like something a 12-year-old doodles on his notebook. And yes, the location is terrible.

Posted by: Bolder at September 10, 2008 12:45 PM

White people are still afraid to be on that side of Myrtle ave, which is a shame because who can't resist a fried chicken and waffle.

Posted by: Xander Crews at September 10, 2008 12:53 PM

Agree the Building is totally out of context and ugly

The pricing is high for the area

However, this is not as horrible an area as other posters are making it out to be

I honestly do not see the difference ( beside the York F train stop & of course the manhattan skyline view) between this area and DUMBO. Dumbo is ringed by Public Housing and the BQE/Bridges. I find Dumbo more desolate at night then this area

It is a 5 minute bus ride/15 minute walk down Myrtle Avenue to Metro Tech

Posted by: ESP1967 at September 10, 2008 12:56 PM

The property is 1/4 mile away from Fort Greene Park, and 3/4 a mile from the Metrotech Center (Which is just as close as the G train).

I'm all for replacing public housing with mixed-income developments like every other city in the country has done, but are these particular projects really this bad?

I also don't think the design is all that bad. It is certainly no better or worse than the very plain brick tenement next door. It's cheap construction surely, which means the developer has a ways to go in terms of price cuts.

Posted by: Polemicist at September 10, 2008 1:06 PM

It's all perception, I would assume they are just like any typical housing project in the city, low income housing with low income problems.

The more vocal locals haven't taken to kindly to the whole gentrification process in FG and I just think there isn't enough of a buffer between the housing projects, the BQE and the stroller nazi's that would soon reside at the Verdi.

Posted by: Xander Crews at September 10, 2008 1:21 PM

it's simply not priced correctly for the location. even if this had a gorgeous exterior, it's too expensive. the interior offers perfectly reasonable features.

needs to come down to like 500 psf.

Posted by: wine lover at September 10, 2008 2:57 PM

Rather hilarious disconnect between the actual building and the attractive green picture on the Corcoran site.

Posted by: Brooklyn Chicken at September 10, 2008 9:13 PM

I agree the location is not the best and the design is over the top, but I can't stand all the negativity. It's called gentrification people, any new condo is a good thing. It increases home values in the area, brings in new businesses, and gives the NYPD incentive to reduce crime. I notice that any condo being built in a scetchy area gets overly criticized while new developments in better neighborhood's (Park Slope) gets applauded. If you're a real New Yorker you would knowthat the Slope was a bad nabe before Manhattanites started moving there. Celebrate change!!!

Posted by: theone2233 at September 11, 2008 3:28 PM

This is the grosses location and the ugliest building in all of New York!

Posted by: FloatingWorld at September 11, 2008 6:35 PM

This is the grosses location and the ugliest building in all of New York!

Posted by: FloatingWorld at September 11, 2008 6:41 PM

$2500 /mo after ponying up $38k for a 1-bedroom... crazy.

Posted by: tybur6 at September 12, 2008 11:52 PM