Yet Another Round of Price Cuts at Lofts on Lex

Though they had a fresh round of chops last month, it seems prices are going down again at 95 Lexington Avenue, the 20-unit development which had four units in contract a month ago. Per Streeteasy, the remaining 16 units are now all discounted. The 1,524-sf 5D got a $150,000 haircut three days ago, to $849,000. That same day, the 1,015-sf 4C took $100,000 off, making it $469,000 (most are studios or one-beds since they're supposed to be, well, lofts). Will this do the trick? GMAP

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I saw the neighboring building, 105 Lex, when they had that preschool open house there. (Sponsored by Corcoran, no less!)

I have to say, at least these are actually loft-sized? And at 105 Lex at least, I didn't entirely hate them. The kitchens were too large. The bathrooms had those gross acrylic tubs that are supposed to be nice but aren't. But all in all? It made me consider the block and the location. Which is not good, exactly, but also not that bad.

Compared to 105, I think these have lower ceilings and less window exposure, which is sort of a pita if you want to build out, but spacewise for the money, they're a lot better than a Bushwich conversion or something in east Williamsburg.

So... I kind of like these. Or at least I like the building next door.

Posted by: Heather at December 16, 2008 11:11 AM

You have to be pretty desperate to live in the No Man's Land between Clinton Hill and Beford Stuyvesant. Maybe if you drive everywhere, but then why not rent somewhere nice like Westchester County?

Posted by: Inigo at December 16, 2008 11:21 AM

I know that some people like new and all, but I'm altogether confused by spending almost a million dollars for a loft when you could have a whole brownstone a block away for about the same price.

Posted by: amanda at December 16, 2008 11:26 AM

"The kitchens are too big"

... NOT a common complaint in New York. My wife and I have yet to find a place, new or old, that has as large a kitchen as we'd like. :)

That one in the pic looks decently sized, but it could use a better layout.

Posted by: cwbuecheler at December 16, 2008 11:34 AM

The kitchens in 105 Lex are three-sided, with a lot of empty space in the middle, and yet annoyingly not enough space to actually put a table or something. These kitchens look better, actually. Sorry, should have explained that.

Posted by: Heather at December 16, 2008 11:46 AM

i actually think these look pretty nice, although i'd say that's technically bed-stuy not clinton hill (not that i have a problem with BS, i live there). i kind of dig this part of the neighborhood, i run through here all the time and this place looks alright from the outside. easy walk to ft. greene, and several train options, although they are way overpriced for a 1 bed imo.

Posted by: sarahlucy at December 16, 2008 12:12 PM

that area is not great. i saw a brownstone a block a way from this location a few weeks ago, it's a long walk from the train (c train, the g doesn't count).

Posted by: chortik at December 16, 2008 1:10 PM

"Will this do the trick?"

Not a chance in hell. 20% "sold". Technically in Bed Stuy, not Clinton Hill as hyped (peep the LPC map if you disagree). $849K? That will be a brownstone comp well into Clinton Hill proper before the market bottoms. They need to look a good look at their highest bids and be grateful (take a little profit or minimize loss). They're gonna follow the market down to it's very last compound.

***Bid half off peak comps***

Posted by: Brownstones Half Off at December 16, 2008 1:20 PM

Area isn't great, but the lower range of prices isn't bad for the space. And it's close to decent areas... close to Choice and Still Hip and all of that. I think the higher-priced units will have to come down more, but they're not bad. What are the schools like?

Posted by: Heather at December 16, 2008 1:28 PM

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December 16, 2008

Yet Another Round of Price Cuts at Lofts on Lex

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