Price Cuts, Broker Switcheroo at The Absolute

In the year and change that The Developers Group had the exclusive for The Absolute Condos, the marketing firm managed to sell 10 out of the 35 listings, though, from what we hear through the grapevine, they would have sold more if the developer hadn't turned down some decent offers at the peak of the market. About a month ago, though, Corcoran took over the reins and instituted some relatively modest price cuts. According to one of the brokers involved, "Activity is steady and a few offers pending," which all very well and nice but doesn't mean a whole heck of a lot in this market. At this point in the cycle, this location is likely to remain a challenge, but we've always liked the design of this building, especially compared to most of the new stuff that's gone up nearby, so we hope they're able to get sales past the tipping point where it can become a viable property.
The Absolute Condos [Corcoran] GMAP
Checking In On The Absolute Condos [Brownstoner]
The Absolute Hard Launches [Brownstoner]
The Absolute Launching on Myrtle [Brownstoner]
Development Watch: 111 Steuben/543 Myrtle [Brownstoner]
Development Watch: Myrtle and Steuben [Brownstoner]

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Posted by: daveinbedstuy at July 14, 2009 11:19 AM

Zing! Well played, DIBS.

Posted by: DitmasSnark at July 14, 2009 11:23 AM

"but we've always liked the design of this building"

I hope this was a brain fart comment...

Posted by: cornerbodega at July 14, 2009 12:07 PM

Nope--show us a nicer new building within 7 or 8 blocks of here...

Posted by: brownstoner at July 14, 2009 12:16 PM

Brownstoner's right - I thought it had an odd office building feel to it at first, but I have definitely warmed up to it, and it is the nicest thing around. Interiors are at least as good. what I couldn't warm up to was the rest of the neighborhood compared to some other locations I looked, and relative inflexibility on price.

Posted by: johny0299 at July 14, 2009 12:25 PM

The White Castle is a bummer and Steuben street is no great shakes but the area around this building is improving, especially the area of Myrtle right in front of it where Pratt is currently building. Also, there are decent places to eat nearby, including Pillow and Choice.

I tried to go to an open house here once though and there was no one around at the scheduled time.

Posted by: werner at July 14, 2009 12:46 PM

werner, stop it. some people would kill to have an amenity like white castle near them. (im being serious too!)

*rob*

Posted by: PitbullNYC at July 14, 2009 1:23 PM

I really don't get why developers/designers build glass apartment buildings with lots of windows when the only views in this building are of the new Pratt building going up across the street, Myrtle avenue, and as werner mentioned above, the White Castle across the street. Why have floor to ceiling windows for that?

I also think these glass buildings will age really poorly - dirty windows, dirty aluminum and window treatments that all look different (sheets anyone?) Does a buyer have any guarantee that in 15-20 years the windows won't be drafty and leaky and all need to be replaced for millions of dollars?

I looked at these apartments in the spring. The finishes are nice, but they are soul-less boxes looking out to dreary Myrtle ave. The floors were creaky and cheap looking and the ceilings were low. I didn't see apts facing north, so there might be good views there.

Posted by: kimmc at July 14, 2009 1:32 PM

Good for late night when plastered

Posted by: werner at July 14, 2009 1:33 PM

people must be living facing Manhattan because i do not really see any life here except for probably the sales office.
Glass is nice but i am wondering how this building will look 10 years from now....
Myrtle has cleaned up quite a bit....
its only a little hike to the G...
a who cares
enough time to rest on the platform

Posted by: dutchman at July 14, 2009 2:51 PM

I like this building a lot—but, then, I like Modernism. I think this might be described as "International Style" (any architects out there?) The lines are not at all like suburban office buildings; for that, see the Oro, which is a truly hideous building. This one has the sleek, graceful articulation of the "Mad Men" era. And the floor to ceiling windows are nice; the idea, my doubting friends, above, is that your home has tons of light in it, capisce? Delighted to hear that at least SOME of the units have sold; I was beginning to wonder.

Posted by: Rehab at July 14, 2009 4:06 PM

"year and change...managed to sell 10 out of the 35"

Probably 9 pre-Lehman.

***Bid half off peak comps***

Posted by: Brownstones Half Off at July 14, 2009 5:36 PM

« Walkabout with Montrose: The Birds and the Beasts Last Week's Biggest Sales »

July 14, 2009

Price Cuts, Broker Switcheroo at The Absolute

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