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September 18, 2009

Price Cuts at 542 St. Mark's Avenue

ishi-091609.jpg
It shouldn't come as any great surprise, but sales aren't exactly booming over at 542 St. Mark's Avenue (aka ISHI) in Crown Heights. The 14-unit condo development hit the market in May and, as far as we can tell, has yet to get a single deal done. As a result, a second round of price cuts—in some cases bringing the total reduction to more than 20 percent—was instituted earlier this month.
542 St. Mark's Avenue Listings [StreetEasy] GMAP
Development Watch: ISHI Comes Into Focus [Brownstoner]




Posted by Brownstoner at 11:01 AM | Comments (5)
Categories: Condos, Crown Heights

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This part of Crown Heights, has always been mostly commercial, with warehouses and light manufacturing space, and lots of 1920's-30's low rise, one or two story buildings, now holding auto body shops, small manufacturers, import/export and the like. Interspersed are small rows of houses and tenement buildings here and there, and vacant lots. This is not the part of Crown Heights with rows of beautiful houses, or even a steady stream of people.

For all I know, building here is a concept ahead of its time, like building the Dakota on the edge of a shanty town near Central Park. Perhaps someday, this will be part of a new post industrial enclave, with hip and happening lofts and cool homes with wine cellars where there once were oil pits. But we're not there yet, and I honestly don't see these condos selling at all. There are a couple of new construction condos in the immediate area, and a couple more stalled projects. I think it's going to be a while for any of them to get anywhere, especially since on top of everything else, they are pretty unremarkable, no matter where they happen to be.

Posted by: Montrose Morris at September 18, 2009 11:26 AM

The area really isn't that bad. I used to rent at Classon and St. Marks right around the corner. Franklin Ave has also sprouted some cute restaurants in the past few years, though you need to walk two blocks over to Washington Ave for a good grocery store. The shuttle train at Park Place connects you to the Q/B/2/3/4/5/C trains and runs on a very regular schedule at rush hour (though late night, you will be waiting for a while).

The prices here are a little high, especially since you can get the same space/finishes two or three blocks east (i.e. closer to PHeights and Park Slope) at about the same price. Somebody offering another 10-15% off asking would be getting a good deal.

Posted by: pringler at September 18, 2009 1:48 PM

anyone wanting to buy in this area would be advised to wait until (or to bargain heavily in light of) the two condos that seem close to completion on st. marks on the two blocks between vanderbilt and washington.

Posted by: i disagree at September 18, 2009 3:02 PM

Love the sales pitch:

"The first of its kind, ISHI embodies both the industrial and natural elements of its surroundings. The thirty-six intimate condominium lofts with exposed concrete were inspired by the warehouses on St. Marks; a Zen-like courtyard reflects the lush landscapes of nearby Prospect Park. A glass-enclosed gym opens up to the courtyard for seamless transitions from hard body workouts to calming yoga. Party like a rock star or soak up some sun on the roof deck with the striking Manhattan skyline as your backdrop..."

Posted by: DitmasSnark at September 18, 2009 4:04 PM

Yea check back with me when they get closer to the actual cost to build them at around $150 psf.

Posted by: williamsburgguy at September 18, 2009 6:51 PM

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