163 Washington Avenue Coming to Market in January

163 Washington Avenue, the once-controversial development between Myrtle and Park Avenues in Clinton Hill, will come to market in January and, interestingly, will stick with its plans and stay condo. This info, along with some detailed economics of the project, were revealed at last week's quarterly session of the Real Estate Roundtable by developer Mark Caller. Turns out that Caller's company GLC bought the land for just $80 per buildable square foot. Its sales strategy is to start selling the lower floors at a breakeven level of about $560 per square foot and hopefully fetch more for the higher floors a little later on. Think it'll work? On another note, check out the brick they've started to put on the southern facade in recent days.
Development Watch: 163 Washington Topping Out [Brownstoner]
Development Watch: 163 Washington Avenue [Brownstoner]
Windy Times at 163 Washington [Brownstoner] GMAP
What's Up With 163 Washington Avenue? [Brownstoner] DOB
Development Watch: 163 Washington Avenue Rising [Brownstoner]
Development Watch: 163 Washington Avenue Takes Root [Brownstoner]
Back in Business at 163 Washington Avenue [Brownstoner]
Work Resuming at 163 Washington Avenue? [Brownstoner]
11th Hour Compromise at 163 Washington? [Brownstoner]
Fate of 163 Washington Avenue Still TBD [Brownstoner]
BSA Considers 163 Washington Plans For a 3rd Time [Brownstoner]
Day of Reckoning for 163 Washington Avenue? [Brownstoner]

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Comments

if 560 is breakeven they are in a lot of trouble. They are mot likley lying thugh

Posted by: brickoven at August 13, 2009 10:13 AM

Soulless.

Posted by: dirty_hipster at August 13, 2009 10:23 AM

Soulless.

Posted by: dirty_hipster at August 13, 2009 10:23 AM

This price point hasn't worked for the Verdi or the Absolute, to my knowledge, these buildings don't have 1 unit in contract. How could it work for this developer? Does he have something they don't?

Posted by: Maly at August 13, 2009 10:27 AM

and obviously no lesbians have had sex in the bathrooms.

Posted by: dirty_hipster at August 13, 2009 10:28 AM

I was looking at listings for the verdi and absolute, and at least on the Corcoran site, they don't look awful except for one thing: the LOCATION sucks. Not seeing this would be much different.

Posted by: Heather at August 13, 2009 12:33 PM

If you have to aim to break even on any unit...

What was the peak for $/(buildable foot)?

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 13, 2009 1:41 PM

This pleace is gonna be AWESOME!!!

Posted by: jangles at August 13, 2009 5:53 PM

Without providing proof, why would anybody believe the developer on what his "breakeven number" is?

Not to mention that his "breakeven number" only matters to him, his investors, and his lenders.

Two words: SALES PITCH

Posted by: IronBalls at August 13, 2009 7:40 PM

The grey brick will have this place looking like a detention center. a very ugly choice.

Posted by: Guvna at August 14, 2009 9:51 AM

Grey Brick?? Such a bad choice. This isn't Berlin, the Achitect isn't Rem Koolhaas. There is a clear context that has been completely ignored not played against. I'm all for buildings that make edgey smart statements, this fugly mess will make nice Pratt dorms once the finished boxes sit on the market for a few months.

Posted by: FloatingWorld at August 14, 2009 2:20 PM

The grey brick was not in the original renderings...
I have heard from some of the guys working on the building that the rooms are tiny.
Maybe this will work in the developers favor...not that many square feet per apt. to charge for!

Posted by: blade at August 21, 2009 4:36 PM

$480 a foot to build? I think "break even" includes about $200 a foot profit.

Posted by: edifice rex at September 10, 2009 3:58 PM

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August 13, 2009

163 Washington Avenue Coming to Market in January

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