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May 12, 2009

Checking In On 500 4th Avenue

When we last wrote about 500 4th Avenue, Isaac Katan's 135-unit new development on Brooklyn's "Park Avenue" between 12th and 13th Streets, the one comment the post received was a question: "Any updates on the "Rental or Condo?" question?" As of two months ago, we now know that the developer decided to roll the dice with condos. So far, according to StreetEasy, four of the units are in contract and the average price per square foot asking price is $715; there has yet to be a single price cut. Only a matter of time, we'd assume.
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Howe are the developers going to find 135 people to buy unless it's cheaper than rent? It's a charmless building in a transitional area. It seems crazy to bother going condo in this economic environment without a clear plan to actually sell.
At these prices, I can't see how that would happen.

Posted by: Maly at May 12, 2009 11:18 AM

There was a good beer distributor that used to occupy this site. They let us borrow their hand truck to wheel kegs back to our apartment for parties. Now that they're gone, where do people go to get a keg?

Posted by: Sparafucile at May 12, 2009 11:31 AM

There appears to be a "price cut". The agent's web site states: "Early Bird Special: 10% off the purchase price of any home at 500 Fourth for those who get in early!" That makes it about $643 sq ft. We will be looking at it this Sunday. If it is a "class" building, and you can get an upper floor w/ views of Manhattan, what would be a good sq ft price?

Posted by: sjtmd at May 12, 2009 11:46 AM

Sparafucile - There's a distributor on Third Avenue, I believe between 7th and 8th Street.

Posted by: SnarkSlope at May 12, 2009 11:47 AM

You want a keg?

For better selection, go to American Beer on Court in Cobble-Carroll

Don't those beer places in Sunset Park on 3rd ave have kegs as well? Can't recall a name....down around Costco.

Posted by: Prodigal_Son at May 12, 2009 11:47 AM

What a joke! No sales will happen in this building. Certainly not in the foreseeable future. Especially, if this building is listed and managed through the Park Slope Brooklyn office of Prudential Douglas Elliman. The poor broker who obtained this huge building will not get any managerial support. This is due to the office manager's utter incompetence. Hopefully, he has at least a fourth grade mental ability to anticipate a rental scenario for this building. Hoefully, this is not too difficult consiering the PDE Park Slope office is basically a rental office. They lose all their sales listings to Corcoran, BHS and the smaller shops. It is laughable to even think four units went into contract. Remember, StreetEasy follows the Elliman website. It is easy to post "in contract" on a website. It certainly would NOT be the first time Elliman has done as such. I would love to actually see those signed contracts. How long unil this building considers the rental scenario. If the developer is smart and deliberate, the rents have already been determined for next week. I hope the PDE broker has enough sense to anticipate that rental commissions may be the only option.

Posted by: foulplay at May 12, 2009 11:51 AM

I drove by this building the other day, and was surprised by the fact that I liked the esthetics of it. Maybe they also did a good job on the inside?

Posted by: CuriousGeorge at May 12, 2009 12:01 PM

foulplay you clearly have a personal issue with this broker since your only other comment on this website was -

"Given that Elliman is sooooo poorly managed in Brooklyn, it is no surprise you were never called back. Obviously, the incompetent office manager should have been aware of misrepresentations made in its substantive misrepresentations. Hopefully, Elliman will wake up to the problem of poor office management in the Brooklyn offices before it is too late."

you are a bitter broker who didn't get this building as a client. or were fired from elliman.

Posted by: swine_flu at May 12, 2009 12:06 PM

My best guess to sell this place $500 psf and developers pay $3000 towards closing costs. Then they can attract the young and the priced-out.

Posted by: Maly at May 12, 2009 12:10 PM

With prices at The Edge in Wburg slashed to $700 a sq ft, the developer can dream on about those $715 asking prices. $500 a sq ft, more like.

Posted by: GWH at May 12, 2009 12:12 PM

Rhymes with "schmental."

Posted by: SnarkSlope at May 12, 2009 12:28 PM

Swine Flu - off on all fronts. I just have some solid knowledge regarding the horrible management of the Brooklyn offices at Prudential Douglas Elliman. I believe change is on the way.

Posted by: foulplay at May 12, 2009 12:37 PM

UGH!
I hate this building - I live by here and it's such an eyesore
uggggghhhhh!

Posted by: gemini10 at May 12, 2009 12:56 PM

Insanity. The asking price on the gorgeous 8th Ave HOTD--which consensus suggests is too high--amounted to about $640/sf. So there's a premium for living in a condo on 4th Avenue?

Posted by: basementalist at May 12, 2009 1:50 PM

> "I live by here and it's such an eyesore"

Oh yes, and everything else along that stretch is a veritable feast for the eyes.

I'd move into this hulk if they drop the prices in a BIG way.

Posted by: SnarkSlope at May 12, 2009 5:08 PM

I actually think this building has turned out to be far more attractive than I ever hoped or expected. Not that that's a huge statement, but still.

Posted by: dixiecupdrinking at May 12, 2009 11:00 PM

Alright, I've been reading blogs about new developments in Brooklyn and I keep asking myself this question.....Do bloggers ever like new developments in brooklyn? I check out blogs from time to time because I am someone who is actually interested in buying property, and all I ever see is people trashing new developments. I have news for you, NYC is and always has been a developing city. so go back to middle america and stop complaining about a city that you simply dont understand. and stop pretending you know anything about real estate if your a renter. your landlord is the criminal.....wheres your rent now?

Posted by: panic at June 16, 2009 9:34 AM

« 2/3 Sold at The Jacksonia Price Cut at 355 Degraw Street »

May 12, 2009

Checking In On 500 4th Avenue

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