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February 3, 2009

Testing the Crown Heights Waters

765-Park-Place-0209.jpgBringing new developments in less-than-prime neighborhoods during the current market might seem counter-intuitive, but they're giving it a go in Bushwick and even finding success in Sunset Park so why not Crown Heights? This 10-unit project at 765 Park Place hit the market last week with prices ranging from $225,000 to $429,000. One unit's in contract already. The developer paid $335,000 for the empty lot in 2007, or about $33,500 per apartment. GMAP




Posted by Brownstoner at 9:45 AM | Comments (9)
Categories: Condos, Crown Heights

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"The developer paid $335,000 for the empty lot in 2007, or about $33,500 per apartment"

and then had to actually build the apartments too. but if the point is theyre making money, congrats to them.

"but they're giving it a go in Bushwick and even finding success in Sunset Park so why not Crown Heights?"

not sure about bushwick, but could easily say why sunset park and not crown heights. but that'll lead to a vicious attack and nabe war.

Posted by: goldie at February 3, 2009 9:58 AM

This is near enough the new shops and restaurants on Franklin and Classon to be appealing to the new demographic moving in, as well as to anyone else wanting a new building. It is rather out there in terms of being in Crown Heights North proper, this is really in the part of CH known as Crow Hill, which is working on applying for landmarked designation. The only problem I see is that it is transportation. It's only a couple of blocks from the Franklin Ave Shuttle, but much farther to more express trains such as the 2,3,4 or A/C.

I don't get over there much, but have seen the building going up, and it looks good on the block. Modern, but contextural in size, color and shape to the rest of the neighborhood. I wish them well.

Posted by: Montrose Morris at February 3, 2009 10:39 AM

Price, Montrose?? What do you think of price? Or is it better to get a townhouse for a couple o' grand more? I'm going to start looking again.

Posted by: bayridgegirl at February 3, 2009 11:21 AM

MM,
According to Hopstop, this is a 8 minute walk to the Franklin Avenue 2/3/4/5 stop, not a long walk by any standard.

Posted by: lincolnlimestone at February 3, 2009 11:29 AM

Who does Hopstop use as its walking standard? An 8 minute brisk walk by a 24 year old, carrying nothing, in sneakers? Not saying its miles and miles, but the A/C is far enough away to make some people factor that into their equations. 8 minutes can be an eternity in a heavy rain, or a snowstorm, or with a lot of bags or stuff. Whatever, the shuttle is only 2 blocks away, so most people could deal.

BRG, I'm lousy at apartment prices, and I would never live in a new building, so I dunno. I know you love modern style, it might be worth checking out, at least.

Posted by: Montrose Morris at February 3, 2009 11:52 AM

Even at a 10 min walk to the 2/3/4/5 - 400K FOR A 2br condo seems somewhat appealing. I only have really ventured as far east as franklin - so i do not know this neighborhood at all. All things considered I guess I could see someone choosing one of these 800ft+ 2BRs at this price point when the probably a similar sized condo is being offered at 800k in park slope and 600k in prospect heights.

Posted by: bktycoon at February 3, 2009 12:50 PM

'I know you love modern style, it might be worth checking out, at least.'

I also love a townhouse dripping with period details with very contemporary furniture.

I haven't been looking lately, so don't know comps anymore. I think these might be a tad overpriced.

Posted by: bayridgegirl at February 3, 2009 2:27 PM

In this case, Hopstop is correct. 8 minutes is a fair estimate to the Franklin Avenue and, unlike MM, I do get to the area often.

Posted by: Big Jugs at February 3, 2009 6:49 PM

To contrast, Corcoran had a development on Maple in PLG that was selling 1600 square feet apartments for $499... I'm not really that impressed with 800 square feeet 2-bedrooms. We live in one. It doesn't matter how nice the fixtures are, it's still not that much space for a family.

Posted by: Heather at February 4, 2009 10:06 AM

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