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June 25, 2009

500 Fourth Avenue 20% Sold; Opening in Fall?

500%204th%20ave.JPGElliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is "over 20% sold in less than two months" (impossible to verify since closings haven't been recorded yet) and is scheduled to be move-in ready in "late fall." Also, the building will have a large lounge area called "Club 500" and a 24-hour lobby attendant. Prices are ranging from $342,000 to $1,077,000.
500 Fourth Avenue [Official Site] GMAP




Posted by Gabby at 11:15 AM | Comments (22)
Categories: 4th Avenue, Condos

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Let me go ahead and translate this into English.

"80% of this building remains unsold as of the end of spring selling season. If you're interested in a rental on 4th Avenue near Sunset Park, give us a call in a couple of months. Love, Corcoran."

Posted by: lechacal at June 25, 2009 11:35 AM

This is a Douglas Elliman project per the website link.

Posted by: crank at June 25, 2009 11:45 AM

you mean prospect park?

Posted by: guikazoid at June 25, 2009 11:45 AM

I think he meant Greenwood.

Posted by: crimsonson at June 25, 2009 11:47 AM

Fine. Greenwood. I guess Sunset Park is all the way on the other side of the cemetery and I can't get away with that much of an exaggeration.

Posted by: lechacal at June 25, 2009 11:53 AM

Ah k, didn't realise you were talking about neighborhoods but the actual PARK :). Hence, me suggesting you meant Prospect Park (the actual park) :).

I visited this building during the open house a couple weeks back. Pretty nice, kind of expensive. They kept emphasizing that they would have charged 1,000 per square foot but because of this recession its now 700ish a sf. Then they had their "early bird" special... "TAKE AN ADDITIONAL 10% off!" Any who, one of the finance guys there said they were able to get approval to close on the condos once its 25% sold...

Posted by: guikazoid at June 25, 2009 11:58 AM

This place is worth - at the very most - $500 psf.

But's that's to buy. Who knows what they are going to charge when they go rental later this year.

Posted by: lechacal at June 25, 2009 12:12 PM

I know everyone likes to hate on anything with 4th Avenue in the name, but 20% sold in 2 months is really quite good, is it not?

I know some of you will say it's all lies and trickery, but I believe it. This is one of the better looking buildings along here and I've heard the amenities are excellent. Some people are suckers for amenities.

Posted by: 11217 at June 25, 2009 12:26 PM

20% sold is actually good, especially considering the economy.
I don't know the building so I have no opinion about it. The location is pretty good (1 block from 5th Ave and 2-3 blocks to trains).

Posted by: crimsonson at June 25, 2009 12:30 PM

The building is on a particularly unattractive stretch of a particularly unattractive avenue. It is nowhere near the really good stuff on 5th Avenue (AlDiLa, Blue Ribbon, etc). And it's a much shorter walk to the Gowanus Canal than to Prospect Park. In short, the location is awful. And frankly all the amenities in the world aren't going to make up for it.

Posted by: lechacal at June 25, 2009 1:01 PM

That's all well and good lechacal, but you do realize that not everyone has the same taste as you or I.

There are plenty of people who would find this luxury rich building attractive at the right price. I personally much prefer the areas you prefer also, but I also happen to like much of the more industrial areas also. It's attractive to younger folks, especially as all the new clubs and music venues open up in Gowanus.

Posted by: 11217 at June 25, 2009 1:06 PM

I am not saying this is the case here. However it is a common practice for new developments to release units in increments. So let's say they market 40 out of 100 to start with. 8 out of those 40 go into contract, and they start advertising 20% Sold.

Again not saying its being done here. But its fairly easy to check, if someone has the time.

Posted by: kdabrowski at June 25, 2009 1:09 PM

I have to say and I live 2 blocks away up on 6th this area is a bit of a deadzone. there is NOTHING on this stretch of 4th except laundry mats, flat-fix shops,STrauss Auto and a few bodegas. you would have to be OK walking a 5 block radius in the direction of 5th or 3rd to get anything interesting

Posted by: gemini10 at June 25, 2009 1:15 PM

maybe the people that bought there are planning on a lot of flat tires.

Posted by: funkymonkey at June 25, 2009 2:13 PM

93 units listed in StreetEasy (79 for sale, 11 in contract, and 3 'off the market'). So, according to my math - it is either 11/156 = 7% or 14/156 = 9%. Either way, to reach the stated 20%, 31 units need to be "sold". It seems like the 10% off "early bird special" hasn't caught the 20% sold worm.

Posted by: sjtmd at June 25, 2009 2:41 PM

"20% sold"

Got cash?

***Bid half off peak comps***

Posted by: Brownstones Half Off at June 25, 2009 2:53 PM

Once again it is funny math at the Douglas Elliman Park Slope office. Considering that this office is basically a rental office anyway, this building will soon join the pack. The office simply cannot compete with the other brokers for the better end sales listings. Is it not the responsibility of the office manager to prevent such "slanted" math. Some day upper management will catch on.

Posted by: foulplay at June 25, 2009 4:43 PM

Don't go by StreetEasy as information like this in not under public domain until it is closed and filed with city/state.

I have tried to look at units according to SE as available that was already in contract.

kdabrowski - you are correct that is a practice among but not all developers.

lechacal - no it is not by the heart of 5th Ave (Union, President, etc) but that is not like it is a far walk. You can definitely do that for dinner. And I agree with 11217, I think you over dramatizing that section of 4th Ave a bit. Having no historical brownstones does not make it some undesirable location for everyone. My wife and I don't like brownstones - at all. I would rather move by the Meat Packing District before I would move to a brownstone in Brooklyn. Then again we are young :P

Posted by: crimsonson at June 25, 2009 4:53 PM

I don't know who can possibly like that stretch of 4th ave. We looked at bunch of condos on 4th and pretty much decided that 4th Ave is not worth it. If you familiar with Brooklyn neighborhoods 4th ave and 12th street looks and feels like Sunset Park and should be priced accordingly ~$200 per sqft.

Posted by: loty at June 25, 2009 6:20 PM

I've looked at several condos that are on the market and 500 Fourth Avenue is, by far, the best I've seen. The quality of the finishes far surpasses the finishes of other condo apartments in the same price range. It's only a short walk to 5th Avenue, only two blocks from the subway. The amenities available seem really good - no more gym membership, no more worries about my mail getting wet in the outside mailbox, no more worries about packages being delivered, drinks on the communal deck ... With the 'early bird' discount - basically a drop in price, brings about a real reduction in price per square foot that I can afford - actually a much better deal than buying an apartment in a maintenance heavy co-op that needs updating. I'm buying one and really looking forward to being so close to such a diverse neighbourhood; which, from what I can ascertain from 'scoping out the surrounding streets', is a really well established community. A little 'gritty', yes, but I love it! Can't wait. :)

Posted by: sandgroper at July 4, 2009 10:05 PM

Its kind of funny to see how people here hate everything about everything, sometimes I'm one of you...about this building though, the location sucks, the facade is ugly but the apartment I saw was gorgeous, kitchen all Viking and nice bathrooms, it worths the money but I wouldn't live on fourth Ave, I'm kind of stuck up (hate me now) and peep boys and taxi drivers hang out is not what I call a neighborhood.

Posted by: diablorojo at July 29, 2009 12:42 PM

I agree with sandgroper... my soon to be new neighbor.
Im also buying one of the apartments and I did a lot of research beforehand. For everything you get, the quality of the finishes AND the construction this is a steal. It was actually priced at the same price as many fixer upper co-ops I visited. I really don't feel like paying extra for original moldings and a kitchen that needs gutted and I have to use a window AC AND have to leave the apartment to do my laundry.
Everyone seems to be comparing the pricing to Co-Ops which just doesn't make sense considering the maintenance on co-ops is through the roof. Not to mention you have to deal with a co-op board.
Your potential for profit is maximized when you buy in a area which will soon change for the better. Rather than paying out your butt for "charm" that is only two blocks away. Its not in the heart of Park Slope... but its literally a five minutes walk away.
If you really want to complain at least visit the building first. As for the neighborhood... its already changing for the better and I feel like the building can only help. They are even taking suggestions from the buyers when they select the local businesses for the commercial spaces on the ground floor.
What I know is - I am getting the apartment I never thought I could afford for the price of a fixer upper old co-op two or three blocks away. Im very excited!

Posted by: 062009 at September 22, 2009 11:31 PM

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