Price Cuts at 111 Monroe Street

Over the weekend, eight units at 111 Monroe Street received price reductions of 10 percent or so; the highest-priced unit to get its asking price trimmed was a 950-square-foot two-bedroom that went from $505,000 to $455,000. As you may recall, the 29-unit building is one of the projects in the borough that's offering buyers FHA-financed deals that require just 3.5 percent down.
111 Monroe Street: Let's Do the Time Warp Again [Brownstoner]
1142 Bedford Avenue Nearing Completion [Brownstoner] GMAP
Development Watch: 1142 Bedford Avenue [Brownstoner]
Development Watch: Halfway There at 1142 Bedford [Brownstoner]
New Development: 1142 Bedford Avenue [Brownstoner]

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hypothetical question: Assuming you have a choice, why would you chose to build a building with grey brick other than to make it as ugly as possible?

Posted by: sam at June 26, 2009 11:05 AM

Well, grey reads more modern, don't you think?

Posted by: brownstoner at June 26, 2009 11:19 AM

How do these 3.5% FHA loans work?

Why can I buy a condo in an ugly building with only 3.5% down, but need 20% in a building I'd actually want to live in?

is aptsandlofts.com marketing this building? it seems most of their new construction has these incentives now.

Posted by: dirty_hipster at June 26, 2009 11:39 AM

The Developers Group

Posted by: brownstoner at June 26, 2009 11:55 AM

what is this area like? havent been there

Posted by: bktycoon at June 26, 2009 1:51 PM

Stoner:
Don't you think this building would look just as modern, and perhaps fit in better, if it were dressed in reddish brick?

Posted by: sam at June 26, 2009 3:07 PM

sam,

i don't think grey brick is ugly.

loads of designers use it, and not because its cheaper than other brick.

there's just no accounting for taste i guess.

as for contextuality: the building is 2-3 stories higher than the rest of block. red brick won't change that.

in fact, the grey brick helps identify if as of its time - you should be able to tell when a building was built by its construction techniques and detailing, in my opinion.

Posted by: young archi at June 26, 2009 6:42 PM

A plus: this building is directly across the street from the recently renovated YMCA. Apparently, more renovations and an expansion is on the way.

Posted by: Queenie at June 28, 2009 11:53 AM

Here's my question. Assuming you wanted to pay $400K+ to live no where near a train, shouldn't a wise man think twice about diving headfirst into a condo with a bunch of folks who couldn't manage to save up more than a 3.5% down payment? I mean, it is a nice deal if you haven't managed to save anything, but it seems to me that the underside of that rock is a lot of financial risk since a condo is only as sound as its owners.

Am I wrong about that?

Posted by: serpentor at June 28, 2009 5:33 PM

Serpentor:
this building is only a few minutes walk to a/c train to either Nosrtand Ave or Franklin Ave stations. Less than 20 minutes to downtown Manhattan. The location is very convienent.

Newer building designers tend to overlook how their building would fit into its surrounding. There are few cases where the new construction blend into the area nicely. One of my favorite is the newer building on the corner of Sterling Pl and 7th ave in Park Slope. the red brick building, not the Condo. If anyone know who the architect is, kindly share. If and when I want something built, I want it in that style.

Posted by: ClintonHillGal at July 1, 2009 12:35 PM

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June 26, 2009

Price Cuts at 111 Monroe Street

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