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September 23, 2009

Broker Switcheroo, Huge Price Cuts at The Elan

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After almost a year and a half of sales mode, the developers of the Elan at 255 1st Street in Park Slope are getting a broker make-over and instituting one of the more sweeping and aggressive batch of price cuts that we've seen to date. On the broker front, A.D. Shaye is out, Apartments & Lofts is in. The new website is here. As for pricing, all remaining 17 units got whacked an average of 26 percent. Apartment 12B, which has 1,169 square feet of interior space and 167 square feet of outdoor space, was reduced from $1,025,000 to $725,000. Holy cow! This is obviously what most developers need to be doing now. This'll be interesting to watch.
Condos of the Day: 255 1st Street [Brownstoner] GMAP

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Now we're talking!

On the website where do you find the prices for the units?
And why didn't they rotate the floor plans. I'm getting a pain in my neck from turning my head 90%

Posted by: Expert Textpert at September 23, 2009 10:15 AM

asking 625/sq ft now puts this close to market clearing price.

pls note, well above $300/sq ft.

mr stoner, you forgot to include McD's in the background.

Posted by: antidope at September 23, 2009 10:15 AM

thanks brownstoner. this is what gets me out of bed in the morning. please publish more articles announcing sweeping price cuts.

Posted by: joe_the_bummer at September 23, 2009 10:16 AM

are these price cuts brand new? Recall seeing some massive prices cuts on some of the first few units that closed (ie $1M or more units selling below 800k). were those initial units one-off specials from developer than?

anyhow, good to see developers are doing what it takes to move units

Posted by: more4less at September 23, 2009 10:21 AM

They will prob clear some units at these prices. Makes the pricing at the crappy Boymelgreen building on 11th look silly.
Even though (as discussed yesterday) the two are not directly correlated, the brownstone and co-op market will be much better off once the condo glut is taken care of, even if it takes some rock bottom prices to get there. We'll probably see some $500 sq ft. in Park Slope, Downtown and Billyburg before its over.

Posted by: Brokedeveloper at September 23, 2009 10:30 AM

still too expensive, just not too far out of whack with what others are asking now.

Posted by: the chicken at September 23, 2009 10:40 AM

After calling the management co & realtor, Figured it out...sorta.

The prices aren't on the Elan website (Mr'B's link to the new website) but on Apts & Lofts Website.

http://www.aptsandlofts.com/new-developments/the-elan

But they only list a few apts and not the one Mr. B references. What gives?

How am I supposed to be interested in an apt. if I have to do all this work already?
I'm gonna pass.

Posted by: Expert Textpert at September 23, 2009 10:47 AM

comparable units are selling for about this price.

not too expensive unless you think prices are still falling.

i don't know that they'll clear their inventory quickly, but sales will start occurring slowly and steadily around the $600 level.

the black beast next door (scarano) is incognito on streeteasy and a&h websites, but expensive signs made of white printer paper announce sales of two streetlevel units.

i am curious about the prices and dubious of the credibility of these sales as aguayo is the broker and they have a well earned shady/slimy reputation. i can totally see them promoting bogus sales in a lame attempt to spur sales.

Posted by: antidope at September 23, 2009 10:50 AM

new condo, you just moved in. catch a whiff of McDonald's morning, noon and night. No thanks

Posted by: Springs at September 23, 2009 10:53 AM

I looked at a couple of the rental units in the Elan ($2800/mo 2 bedroom), and while everything was pretty spiffy and shiny and the kitchen and bathrooms clearly had some money put into them, they somehow managed to make 1000 sq. feet seem like there was no room for any furniture.

If you see the pictures on the site, the furniture is all fairly minimal (flat screen tv, small dining room table, no shelving or bookcases anywhere), and that's probably what suits this space best.

We have many bookcases and probably more furniture than average, and it felt like the apt. would be very cramped with our stuff in it. We walked out saying "well if we got rid of the this and this and this and this maybe we could make it work".

These are definitely places for people with few possessions, and the two bedroom did not seem like a good space for a couple with 1 kid. Definitely more for a couple who want an office.

And, frankly, no matter what you think of the interior, it is hard to walk out the building, turn toward the McDonalds, and walk down to 4th Avenue to the Union Subway stop and say "yeah, I want to spend $1,000,000 to do this every morning".

Maybe $725,000 will get it done.

Posted by: northsloperenter at September 23, 2009 10:56 AM

Next to the Mickey D's will be an issue for some and not others. My biggest gripe with the apt's is the lack of common space. The size of the living/dining area makes you feel very cramped. Anyplace that has 3 bedrooms should have larger common spaces than a 1 bedroom.

Posted by: panda10 at September 23, 2009 11:10 AM

Where is the "remaining 17 units" data coming from?

Posted by: DitmasSnark at September 23, 2009 11:11 AM

this is the first time youve posted a picture of it without the obligatory shot of Mickey D's. good job! hahahah.

i walk by the building everyday. the people ive seen looking at apts there or already live there seem like major toolbags.

that said, i said this last time, but the corner really DOES smell like mcdonalds hardcore. of course you will easily get used to the smell and not it anymore but for a million bux do you really wanna be smelling ghetto burger patties?

*rob*

Posted by: Butterfly at September 23, 2009 11:12 AM

re: all the new prices, we have some insider info that clearly hasn't all been disseminated yet...

Posted by: brownstoner at September 23, 2009 11:20 AM

The Absolute had a bunch of price cuts today as well. They cant even rent the 2 units out that went rental. I dont think the Elan is worth the money still

Posted by: bitter_bubble_buyer at September 23, 2009 11:21 AM

antidope, those black townhouse condos on that same street had a FAKE person living in one of them for a week or so a while back. he would sit outside a lot. i walked into one of those places, no one was there. i could have totally had squatted.

*rob*

Posted by: Butterfly at September 23, 2009 11:33 AM

I would much, much rather live in the Elan next to McDonalds on First Street than the so called 500 Fifth Avenue project on a grngy part of 12th Street. "Aspire Higher" and pay more for less. For starters, the Elan as a completed project, better location and more realistic price should be an obvious no brainer. Additionally, the developer and/or broker have enough common sense to make adjustments to move inventory. I do not know what the others are thinking or doing to counter this move.

Posted by: foulplay at September 23, 2009 11:37 AM

heard some of the early units that closed got FREE Park and Storage units. if indeed true, developer needs to drop prices some more cause buyers will expect to get similar or juicier deals than buyers who already closed - that's simply the mindset of buyers in a mkt that's still dripping down

Posted by: more4less at September 23, 2009 11:42 AM

where do you "hear" things, m4l? there is no garage here. storage is often but not always part of a condo. paging nsr. ie someone with actual knowledge, not hearsay.

Posted by: antidope at September 23, 2009 11:48 AM

The living spaces in these condos are way too small for the price. I still just dont get it - I understand if you are converting a brownstone into floorthroughs and are constrained by the existing layout, but these condos are designed from scratch for gods sake.

Posted by: saminthehood at September 23, 2009 11:54 AM

Based upon my breakfast habits, the McDonalds significantly raises the value of these apartments in my eyes.

Posted by: the chicken at September 23, 2009 12:01 PM

antidope, some friends of a friend were checking it out back then and they were offered the parking and storage. haven't followed up to see if they were among those that closed. Don't be so quick to call someone for lying when you don't have the scoop

Posted by: more4less at September 23, 2009 12:26 PM

I seem I'm not the only one who thought the living/dining rooms were too small for these places.

I honestly thought the apartments looked like good places to rent for a 2-3 week vacation, but not a great place to live.

Problem is, who the heck wants to vacation on 4th avenue?

Posted by: northsloperenter at September 23, 2009 12:32 PM

a- check your dictionary, cowboy. no lying accusations thrown, though your defensiveness does make me think...

b- i have enuf scoop to know there's no garage at the elan. as stated.

c- you're the one speculating wrapped in the elusive "friend of a friend" category. i am trying to stick to verifiable data.

d- telling me not to do something i didn't do. that must be your idea of a clever trap...

Posted by: antidope at September 23, 2009 12:42 PM

McDonalds won't be there forever. During the next wave of development (in five years, ten, twenty, who knows?)that site will be redeveloped. So the french fry smell will go away, but so will the views from the west-facing windows.

Posted by: Sparafucile at September 23, 2009 12:45 PM

antidope, talk is cheap. put some $$$ where you mouth is. how about we put $1k on this and we'll both look up the contracts on the closed units and see if contracts reflect any parking or not

Posted by: more4less at September 23, 2009 12:53 PM

there are no views on that side of the building facing mcdonalds. there's no windows! and if you think mcdonalds is going anywhere in 5 - 10, even 20 years, keep dreaming lol

*rob*

Posted by: Butterfly at September 23, 2009 12:55 PM

Antidope, need more time to think over the wager?

Posted by: more4less at September 23, 2009 1:15 PM

maybe u missed something on previous threads. it's my policy not to gamble on-line. you can keep your gambling in your frat house, cowboy.

i am willing to grant that you appear to be correct on the elan. there is no access to the elan by car from 1st st. however, the offering dox do indicate a garage accessed from the rear of the building (that'd be garfield st), which seems strange bc the elan is not a through block building. and upon inspection of the old google map, there does appear to be an alley that i didn't know existed.

upon further reflection, i also have a zoning question. how did the elan get approval to go 12 high when it's not on 4th ave? anyone?

Posted by: antidope at September 23, 2009 1:23 PM

I live on 2nd Street and see this building from my window. I've checked ACRIS and only see one sale at 5B. That purchaser used a Suffolk county bank for financing which is probably holding the paper. FNMA regulations require 50%+ in sales before they will take the mortgage so who is lending here? I suspect financing difficulty will tremendously inhibit sales.
Folks are now living on the 3rd, 4th, 7th, 8th, 9th, and 11th floors but I suspect these are all tenants. I'll check ACRIS from time to time to see if sales have been recorded but "Street Easy" only shows 4A and 4B in contract and I see no deed yet for those two apts.
So, bottom line, if you buy figure most of your neighbors will be tenants for years to come. There is a $14 million construction loan on this building so question is: when will the foreclosure occur? I've been in the building and layouts are poor in many units. My recommendation: go elsewhere or wait for bank fire sale!

Posted by: MarionG at September 23, 2009 1:25 PM

Antidope, I'm glad you admit you were wrong. can't be right all the time. sometimes the other party just knows more about something.

Posted by: more4less at September 23, 2009 1:36 PM

hahahhaha
I am renting in this building Rob - am I toolbag?
I will not be buying

Posted by: gemini10 at September 23, 2009 1:39 PM

m4l, you're a creepy schmuk for trying to lure a wager where you knew the outcome.

note to self, keep away.

g10, is there really an alley into the rear from garfield?

Posted by: antidope at September 23, 2009 1:50 PM

g10, you would be a genius not a toolbag. can I queue the jefferson's "moving on up" tune for you?

Posted by: more4less at September 23, 2009 1:51 PM

PS -it doesn't smell like Mcdonalds in the building or the apartment

and there is a parking lot in the back of the building accessed by a driveway on Garfield with about 15 spots

Posted by: gemini10 at September 23, 2009 1:54 PM

thx. pretty unusual setup.

Posted by: antidope at September 23, 2009 1:57 PM

M4l - hahaha
remember, we are just renting for a bit and not planning to buy that apartment -they are pretty inside, but odd layouts
did you ever buy your house? I forget?

Posted by: gemini10 at September 23, 2009 1:58 PM

antidope, I didn't withhold what what my friend said. I believe my friend. when you imply I was bs'ing, I put my $$$ behind my trust on my friend. Nothing under handed at all. Can't blame me when you didn't believe it and I put you to the test. BTW, just looked up the contract and that's not my friend's friends. curious if they got similar offer but didn't bite or if offer wasn't as juicy

Posted by: more4less at September 23, 2009 1:59 PM

g10, been making offers but been beat by deep pockets with 50% down or all-cash offers so still looking

Posted by: more4less at September 23, 2009 2:00 PM

M4L - gotcha - and ur still looking in Clinton Hill/Bed Sty area - not interested in any South Slope houses?

Posted by: gemini10 at September 23, 2009 2:07 PM

G10 - are you aware if there are any 1 bedrooms for rent in this building - and is there a specific broker or is the mgmt company handling the leasing?

Posted by: dirty_hipster at September 23, 2009 2:10 PM

This place also has storage in the basment in the forms of actual locked and numbered rooms - so that's pretty cool

Posted by: gemini10 at September 23, 2009 2:12 PM

DH - there was 1 1 BR for rent at $2400 when we were looking in August - not sure if it ever rented
at the time rentals were being handled by Warren Lewis/Corcoran and Ideal properties
I will say my commute is now awesome to the city and I like being super close to 5th avenue - I just wish the layouts were better spaced if one was going to buy the apartment
it's a good rental

Posted by: gemini10 at September 23, 2009 2:17 PM

gemini10 -- do you have one of those units with the giant soaking tubs? Those looked pretty cool.

This place had the best bathrooms by far of any I saw out of ~20 apartments in park slope the last couple of months.

Posted by: northsloperenter at September 23, 2009 2:17 PM

"DH - there was 1 1 BR for rent at $2400 when we were looking in August - not sure if it ever rented"

Ugh - that's toooooo much $$$$ :(

Posted by: dirty_hipster at September 23, 2009 2:21 PM

I may be wrong but I believe that that (the principals of) AD Shaya was actually the developer on this so this brokerage change could represent a more significant turn of events.

It doesnt smell like McDonalds ther so that really isnt a consideration ( I mean maybe every once in awhile with the wind going in the right direction you might get a wiff of something but living near Bonnies is a FAR FAR bigger issue than here)
MarionG can yu confirm this.,...

Posted by: fsrg at September 23, 2009 2:21 PM

NSR!!!
how are you? did you ever find a place to rent? I recall youe moving/storage saga a few weeks back.
yes our apt has 2 big deep soaking tubs. agreed the bathrooms are pretty cool, the kitchen is nice, but in a BAD spot. the views from our living room are amazing. the walk in closet in the bedroom is pretty sweet too.

Posted by: gemini10 at September 23, 2009 2:21 PM

FSRG
what do you mean by?

"I may be wrong but I believe that that (the principals of) AD Shaya was actually the developer on this so this brokerage change could represent a more significant turn of events"

Posted by: gemini10 at September 23, 2009 2:26 PM

I mean a few years ago I researched the property (before they started) and I think the two guys who were the developers were the owners of AD Shaye (or maybe it was only 1 guy); so if thats the case (I'd have to go back and confirm) then I doubt they'd simply switch the brokerage to spur sales (who is going to fire themselves???) therefore maybe some sort of Bank action is already underway.

BTW - regarding the (black) condo slightly up the street - that was at one time (and according to the city records I see) a single development (Scarano Architect) with the adjoining shell - does anyone know whats going on there now?

Posted by: fsrg at September 23, 2009 2:31 PM

Fsrg - ok thanks
you might be right, but they are still acting as the rental agency(landlords...)

Posted by: gemini10 at September 23, 2009 2:33 PM

ok - definitely weird stuff on that block these day..

Btw - get some blinds : )

Posted by: fsrg at September 23, 2009 2:35 PM

one to four workers, possibly russian or ukranian, show up irregularly to install bits and pieces.

at the rate they're going, sagrada familia will be completed first.

i think they're seven years into it and it still looks like a mess.

Posted by: antidope at September 23, 2009 2:49 PM

FSRG - ummmm ok we have blinds - where do you live?
spooky

Posted by: gemini10 at September 23, 2009 2:51 PM

yeah but how did they end up splitting a single development in half?

Posted by: fsrg at September 23, 2009 2:52 PM

gemini -- yes, finally found a place -- somewhat randomly -- just a plain 'by owner' listing on craigslist that turned out to be legit and pretty much what we wanted. The owners seem like good people and we are looking forward to moving in. No soaking tub though :(.

And, fortunately, we've been able to avoid having to put things into storage (after I went through all the trouble of planning it out and getting estimates, of course...), so it will be a fairly normal move. Now we are working on getting everything boxed up. I really hate moving and hope we can stay at this place til we buy something.

We gave the Elan very high marks for the bathrooms and kitchen. Master bedroom was nice. 2nd bedroom was OK. Price was right. Living/dining space was too small for us. We just have too much stuff. Otherwise I could have seen living there for a few years.

I will never love 4th ave, but I could live with renting there for a while given how disappointing so many of the other places we saw were. At least the Elan isn't right on the corner. Not to mention, you can have running jokes about what kind of wine goes with McNuggets. I would think something like Ravenswood Zinfandel would be good with the mustard sauce. Probably go with a Sauvignon Blanc if you get the honey. Definitely Shiraz for BBQ.

Posted by: northsloperenter at September 23, 2009 3:07 PM

Gemini10 - relax its a joke - I can see your building when I go out at night and many of your neighbors seem to be lacking in window treatments - trust me I've seen nothing that would cause me to look again!

Posted by: fsrg at September 23, 2009 3:07 PM

permits show it's 14,000 sq ft on 4 flrs divided into 3 families.
and with today's favorite, a curb cut!

Posted by: antidope at September 23, 2009 3:14 PM

antidope - 14,000 ft, that sounds like its both sides no?

Posted by: fsrg at September 23, 2009 3:17 PM

who buys a 4,500 sq ft apt in a 3 family?

that is one bizarre business proposition.

Posted by: antidope at September 23, 2009 3:18 PM

not au block lot.

60 ft wide x 60 ft deep plus pool + parking.

want to reserve one?

Posted by: antidope at September 23, 2009 3:28 PM

not a thru-lot block

Posted by: antidope at September 23, 2009 3:33 PM

Fsrg - hahaha!
ok gotcha - well it's hard to get blinds up in that place - but we managed to put up those temp blinds which don't look great inside but keeps the "Toms" out!

Posted by: gemini10 at September 23, 2009 3:39 PM

Is the "black" condos 60' frontage? or is the whole Scarano building (meaning the black condos and the shell) 60' frontage

Posted by: fsrg at September 23, 2009 3:39 PM

NSR:
ok great - is it in the part of the Slope you wanted at least? sorry about the storage hassle! - totally annoying!
I agree Elan has small living/dining areas, we still have many unpacked boxes which will remain unpacked as we will leave in a few months anyway...

Posted by: gemini10 at September 23, 2009 3:41 PM

black beast is also 60-75' wide. (10 units; almost done)
i was talking about the yellow elephant. (3 units; just taking it's sweet time)
there's also a nice lot in between blackbeast and elan begging to be a community garden.

Posted by: antidope at September 23, 2009 3:52 PM

gemini -- yes, we ended up in the area we wanted, but the new place is not quite as convenient as the old. In fact, I will no longer be a North Slope Renter after the move. New place is in Center Slope. Guess I'll need a new login here...

Posted by: northsloperenter at September 23, 2009 3:52 PM

fsrg - your correct. A.D. Shaye was one of the owners (there are 2). It certainly looks like there is some bank action as you stated.

Posted by: landlord at September 23, 2009 3:53 PM

http://therealdeal.com/newyork/articles/slope-slowdown-on-fourth-avenue

Posted by: landlord at September 23, 2009 4:02 PM

antidope - thanks - btw - actually I'd buy all three - assuming the price reflects the condition of the building and the distressed nature of the development as a whole - that block will hold up and rebound better then most - I predict

Posted by: fsrg at September 23, 2009 4:34 PM

you'd have to pay for the debt, at least 2.4 bucks, plus gd knows how much more to finish...prob the bank would happily take a haircut. it is such an odd business proposition. always was, but now in this market it just looks hairbrained.

Posted by: antidope at September 23, 2009 5:02 PM

Well if the bank is willing to get a buzz cut, then it may not be so hair brained at all.

Posted by: fsrg at September 23, 2009 5:19 PM

also I looked on ACRIS - how did they allocate the debt - because again at one time this was one development (developer is the guy who did the one on Washington)

Very weird stuff

Posted by: fsrg at September 23, 2009 5:23 PM

the problem with that mcdonalds is not the smell, but the rats.
or, used to be. I haven't lived in the slope in 3+ years, but I do remember walking around there with my old dog and more than once having the dog go nuts and try to chase a rat. you could see them congregating near the garbage in the back. would be nice to know that they dealt with this.

personally, think developers should know that PS needs family sized apts, not places that only comfortably fit a couple or a single.

family sized apts would still be selling.

this price is better. original pricing was nutso.

Posted by: wine lover at September 23, 2009 5:23 PM

Which one of you morons is mondrell or works for him? more4less? You guys ALWAYS take over the boards for projects that you handle. guaranteed that aptsandlofts asked brownstoner to post this story. I'd be careful with this project if he's taking over. Just look at his past ones. aptsandlofts handles 2nd class projects and focuses in Williamsburg. Big deal! They take over a bldg in Park Slope (only their 2nd in this hood), and slash prices by this much? A retard could have done that. Real originl strategy!

And watch out buying here. McDonalds. 4th Avenue. nuff said.

Posted by: notabroker at September 24, 2009 8:28 AM

notabroker, why dont we wager $1k on that suspicion - ie put some $$$ behind your big yapping mouth

Posted by: more4less at September 24, 2009 9:23 AM

Do i pick up the cash at your home or at your office in Williamsburg? How does being pathetic actually taste?
ROFLMFAO.

Posted by: notabroker at September 24, 2009 9:30 AM

notabroker, you come to my NJ office to pay me the $1k - ie you would only believe who I am and whom I work for if you come to my work place right. Come next Tuesday. I'm right next to the NY Jets practice facility. After I take your $1k, I'll buy you a drink at the bar where EPSN radio does their talk show. I'm sure you have some balls and backbone so dont go backing out. Let me know if I need to pick you up at the nearby train station. cash man. no checks

Posted by: more4less at September 24, 2009 10:26 AM

ooo. careful, UgetWhatUpayFor gets real touchy when called pathetic. that said, Mr notabroker sounds 1) like a broker name notwithstanding, 2) bitter, and 3) unhinged.

Posted by: antidope at September 24, 2009 10:29 AM

antidope, just because you don't have balls to bet, doesn't mean you need to interfare with someone's wager. I'm sure notabroker wants to take my $1k.

btw, what's your position as far as you're a renter, owner, looking to buy, renter for life,...? just curious.

Posted by: more4less at September 24, 2009 11:00 AM

looks like notabroker is another big wide open mouth with no conviction but simply 100% bad breath. no balls and no back bone, you should talk to yourself in front of the mirror - only audience that'll listen to your crap.

Posted by: more4less at September 24, 2009 1:25 PM

« Mikhail Prokhorov's Unique Offer A Curb Cut on Landmarked St. Marks Avenue? Really? »

September 23, 2009

Broker Switcheroo, Huge Price Cuts at The Elan

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