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September 16, 2009

Condo of the Day: 500 4th Avenue, #PHG

500-4th-Avenue-0909.jpg
While the new condo development has been on the market since last spring, this penthouse pad was just released last week. The details: Two beds, two baths, 1,062 square feet, $818,000. For those already rolling their eyes, consider that Boymelgreen was able to sell out the Novo. Granted, he got more than a two-year head-start, but this building looks a little nicer. Of course, it's also quite a bit further south. Thoughts?
500 4th Avenue, #PHG [Douglas Elliman] GMAP P*Shark
Taking the Pulse of 4th Avenue's Inventory [Brownstoner]
500 Fourth Avenue 20% Sold; Opening in Fall? [Brownstoner]





Posted by Brownstoner at 12:39 PM | Comments (31)
Categories: Condos, Park Slope

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Comments

1062 sft is a penthouse?

I like the broker calling this 'contextual'. Also near 'world class landmarks'. Like the Gowanus Canal?

Seems like a nice enuf pad minus the hype.

Posted by: denton at September 16, 2009 12:56 PM

I personally think the building looks horrific and charmless, 4th ave sucks, and you're looking at $770 a square foot for the privilege.

No thanks.

Posted by: MoneyForNothing at September 16, 2009 1:10 PM

$506 maintenance, um, I don't think so...you KNOW that will go up exponentially!

Posted by: promenade at September 16, 2009 1:23 PM

I don't like the exterior of this particular 4th avenue condo at all. I lived right by while it took them like 3 months to put up(scary)
agreed it looks nice inside! I don't think they will get 818K at all though. That stretch of 4th is the pits

Posted by: gemini10 at September 16, 2009 1:25 PM

506 maintenance on a full service building is a STEAL for this square footage.

That's about the average maintenance of a brownstone 1 bedroom with ZERO services.

The finishes on this place look better than average to me.

Prices seem high, though.

Posted by: 11217 at September 16, 2009 1:26 PM

Too high - wrong side of Fourth, too far south too command these prices. Unlike Novo this is priced above surrounding area.

Posted by: fsrg at September 16, 2009 1:29 PM

also,I think the competition down on 4th avenue around Mcdonalds for roughly the same sqfootage is asking $675K, albeit no doorman and fancy pants lounge, but it has a lower maintenace and nicer exterior, just maybe not as nice of a layout as these though...

Posted by: gemini10 at September 16, 2009 1:35 PM

If you have the financials for an $800K apartment, why would you ever choose to live on 4th Avenue at 11th Street? I don't care if it's 2,000 SF.

Posted by: Shoots and Leaves at September 16, 2009 1:46 PM

that building ain't go no alibi, it's u-g-l-y.

Posted by: CG_ups at September 16, 2009 1:46 PM

i can't resist even though it's such an easy target. WHY would someone choose to live in this charmless cookie cutter POS apt? I guess because to some people the size of the bathroom and the kitchen appliances are of primary importance. ugh

Posted by: gkw at September 16, 2009 1:51 PM

why do people hate on 4th avenue so much? there are some amenities on 4th avenue that are not available in the poshy poshy avenues! also things on 4th avenue are MUCH cheaper. like 40 ounces :)

*rob*

Posted by: Butterfly at September 16, 2009 1:58 PM

Why anyone would pay money to live on 4th Ave is beyond me. It is gross, was always gross and will always be gross. Unless the cars go away and there are loads of trees planted on the median, it will remain gross.

Posted by: STARGAZER at September 16, 2009 1:58 PM

" I guess because to some people the size of the bathroom and the kitchen appliances are of primary importance. ugh"

Exactly - just how some people find paying a premium for "period details" ugh-inducing.

Take off the white wig - different strokes for different folks my friends.

Not going to defend 4th Avenue though.

Posted by: dirty_hipster at September 16, 2009 1:59 PM

Most people didn't even consider 4th Ave Park Slope 15 years ago.

Crap like $750 a sq ft to live on 4th Avenue is short lived at best. These type of places will end up falling much more than market as a whole. 2 years from now we are talking $400 a sq ft. tops for a place like this.

You have to have $160,000 to put down and make $160,000 a year to afford this place at the ask. I think those who fit this bill are not likely to choose 4th and 11th as their long term home.

By the way, the common charges almost always go up on new condos. I lived in one, and they were plus 40% within a year of closing. They always start out way underinsured and the amount of energy and salary required to run are always underestimated.

Posted by: Brokedeveloper at September 16, 2009 2:37 PM

"I guess because to some people the size of the bathroom and the kitchen appliances are of primary importance. ugh"

Do you really need to ask a question answered yesterday (read the Novo thread).

Seriously, people as so caught up in curbed appeal when we know that is only a primary concern to a very small portion of the buying population. Location, price, amenities, size and etc are often THE primary concern.

Not saying 500th 4th addresses this but you answered your own question.

Posted by: crimsonson at September 16, 2009 2:43 PM

that building ain't go no alibi, it's u-g-l-y.

Posted by: CG_ups at September 16, 2009 1:46 PM


god bless you for the fishbone reference....

Posted by: MoneyForNothing at September 16, 2009 2:45 PM

11217,

When comparing condo maintenance to a brownstone co-op, you have to factor in proeprty taxes. Those are included in a brownstone co-op's maintenance, but not condo ccs. (Very few brownstone condos, you'll mostly find co-ops).

Posted by: slopefarm at September 16, 2009 2:54 PM

Brokedeveloper - I agree that this is overpriced for 4th and llth (westside no less) BUT the issue is what do comparable apartments in/near PS cost....sure if you can get a nice elevatored Apartment in PS like nabe for $600 sq ft - then your right $400 a sq ft for this, but the price here is totally derivative of PS as a whole which is derivative of Manhattan....

Posted by: fsrg at September 16, 2009 2:55 PM

how much will this rent for? we all know this will be a rental building down the road.

Posted by: more4less at September 16, 2009 2:58 PM

this may be the very last place I'd put my money

Posted by: Ringo at September 16, 2009 2:59 PM

"You have to have $160,000 to put down and make $160,000 a year to afford this place at the ask. I think those who fit this bill are not likely to choose 4th and 11th as their long term home."

Not to revisit the debates from the other day, but everyone I talk to feels you would need to earn alot more than $160K a year to prudently afford this - you're talking about a $3,750 mortagage, plus maintenance on top of that..

Posted by: saminthehood at September 16, 2009 3:07 PM

I dont know about "alot" more than 160K (taxes are abated) so you got to figure the monthly nut is about $4500 which is a bit more than the 30% gross income you'd like to see but hardly crazy.

Posted by: fsrg at September 16, 2009 3:21 PM

I went to an open house here. People like this stuff . . .

Posted by: Nomi at September 16, 2009 3:33 PM

From the conversation re: mortgages yesterday it would seem someone would need 300k in cash floating around to afford this place.

Posted by: dirty_hipster at September 16, 2009 3:35 PM

At $160K salary, you are taking home after taxes etc no more than $100K. This place would eat up over 50% of your take-home - that is insane. You should be bringing home at least $160K to afford this - which is around a quarter million salary.

Posted by: saminthehood at September 16, 2009 4:46 PM

my daddy is a contractor in NJ and is buying this place for me so STFU.

Posted by: Petebklyn at September 16, 2009 4:50 PM

I lived on 4th Ave for years, 603 and 395. Its not that bad, 500 is close to the F and R lines. Everything is 3 times as expensive as it should be. I imagine the views are pretty nice from the penthouse, and it is a little better finished then a Boymelgreen. I watched Novo get built the non-union carpenters left out any insulation between apartments and the tape job on the sheetrock was horrible.

Posted by: Grumpy at September 16, 2009 5:58 PM

can't we do some landscaping type stuff on the median on 4th avenue, like they do on park avenue in manhattan? maybe widen the sidewalks while we're at it; there's got to be ways to make 4th avenue less dreary...

Posted by: pfa at September 16, 2009 7:26 PM

If I have to live on a highway, I'd prefer Atlantic or Flatbush. They are at least centrally located. 4th avenue and 11th is convenient to nothing except Park Slope and:

a.) It is Park Slope.
b.) it is up a steep hill.
c.) No matter how much they market this as Park Slope, it is on a charmless highway at the bottom of a steep hill from Park Slope, next to a brownfield.

On the plus side, close to Lowe's and the place where Whole Foods will never be built!

Posted by: Heather at September 16, 2009 7:52 PM

Yeah, I agree, living here on $160K would not be a pleasant way to live.

Posted by: Nomi at September 16, 2009 9:34 PM

I'm not so sure there's a "right" side of Fourth Avenue.

Posted by: kimcheater at September 19, 2009 11:21 AM

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