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November 20, 2009

868 Metropolitan Sells Out in Less Than Two Months

868-Metropolitan-1109.jpg
As Curbed reported yesterday, the eight-unit condo development at 868 Metropolitan Avenue in Williamsburg sold out in just seven weeks. (This news came via an email announcement from the team at Douglas Elliman responsible for marketing the project.) So the question now is, Was it the free Vespas they were giving away (well, throwing into the deal might be a better way of putting it) or the $400-a-foot prices? GMAP




Posted by Brownstoner at 9:30 AM | Comments (24)
Categories: Condos, Sales, Williamsburg

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Comments

400psf - and walking distance to the 'Pumps' strip club on Metro and Grand.

Posted by: dirty_hipster at November 20, 2009 9:37 AM

DH - ever been there? - I like its seedy look.

Posted by: dittoburg at November 20, 2009 9:40 AM

No sir - But I've heard the strippers are uglier than Williamsburg architecture.

Posted by: dirty_hipster at November 20, 2009 9:41 AM

Do they have poles strategically placed throughout the bar like Rick's or just a stage??

ditto really wants to know if there are a lot of chicas.

Posted by: daveinbedstuy at November 20, 2009 9:42 AM

Was this one of those FHA 3.5% down buildings?

If so, monthlies would probably end up being way less than renting something comparable (or worse) in the area.

There was a building like this on Judge St that didn't look quite as nice that sold like hotcakes.

Posted by: dirty_hipster at November 20, 2009 9:59 AM

you're just a couple blocks from WHITE CASTLE!

Posted by: Santa at November 20, 2009 10:02 AM

Yeah, my buddy lived near "Pumps" and he said he was VERY happy that he was already shitfaced when he wandered in there one night. Apparently the entertainment and sobriety don't mix well.

But back to the property. I don't understand. How did the developer make any money?! I thought they had to charge $700-1000 per square foot for this level of quality and "luxury" living... Did $400 per sq ft even cover their costs?!

Posted by: tybur6 at November 20, 2009 10:03 AM

White Castle - *drool*

Curbed commenters who saw the units say construction quality was very poor.

Posted by: dirty_hipster at November 20, 2009 10:04 AM


How come you never checked out the strip club, DH? You're a single guy and it's in your neighborhood. What are you some kind of bigot or something? I don't understand.

Posted by: East New York at November 20, 2009 10:09 AM

"ditto really wants to know if there are a lot of chicas."

DIBS is on to me.

Posted by: dittoburg at November 20, 2009 10:12 AM

" What are you some kind of bigot or something? I don't understand. "

haha - it's like a half hour walk from where I live and everyone says to stay away. maybe i should go and provide a full review with pictures in the forum.

Posted by: dirty_hipster at November 20, 2009 10:15 AM

I've heard the dancers are a bit older, but hispanic women age very well in my biased opinion.

Posted by: dittoburg at November 20, 2009 10:16 AM

Ty, it all depends on the price of the property and how they built it. An elevator can easily add $100,000 to building costs, top quality materials can easily cost 2 or 3 times more than just OK materials, labor can range from $100/day to $400/day depending on their qualifications, experience and union-status, and so on.
Some of those costs pay themselves back if you are going to own long-term (energy saving double-paned glass, radiant-floor heating, solid construction) and some are more about quality of life (elevator, sound-proofing, fancy appliances.) As a developer, you can pick a strategy to make money in all sorts of markets, from super-cheap to extra-fancy. You have to figure what people will want to pay for, so that's a bit of an art.

Posted by: Maly at November 20, 2009 10:22 AM


Hey DH, ditto - there's nothing like eyewitness testimony. You don't have to get married to anyone or anything, just go see what's up. Man, things have changed since I was single.

Posted by: East New York at November 20, 2009 10:37 AM

ENY, I'm not single, I'm married. I'll suggest an evening out at Pumps to my wife.

Posted by: dittoburg at November 20, 2009 10:50 AM

I like the look of this building... too bad it's in (east) Williamsburg. :-)

Posted by: tybur6 at November 20, 2009 11:27 AM

That fake brick curtain wall facade is really looking nice.

Posted by: daveinbedstuy at November 20, 2009 11:27 AM


Sorry about that ditto, I didn't know! Yeah, maybe it's better you don't suggest that to Mrs. Ditto. Just a hunch.

Posted by: East New York at November 20, 2009 11:35 AM

DIBS - they could use real bricks and some other nice bits, then charge $800 sq ft -- and then not sell BECAUSE IT's EAST WILLIAMSBURG! Compare this to the Veridian in 'effing Greenpoint. This developer actually seemed to know how to make a profit AND sell at normal/reasonable prices (relatively speaking). If you didn't figure it out, I was being facetious above about "How did the developer make any money?!" They made money by being smart and not living in la la land like all of the "luxury" high-rises and such.

In other words, I like the "fake brick curtain"

Posted by: tybur6 at November 20, 2009 11:52 AM

i went to pumps once....very small club....there was a spanish stripper and she was 41, but her body was better than most 20 years out there.

Posted by: aj at November 20, 2009 1:23 PM

Per streeteasy,

1 recorded, 6 in contract, 1 active. Wake me when all are recorded.

***Bid half off peak comps***

Posted by: Brownstones Half Off at November 20, 2009 1:31 PM

aj - did you get her number?!

Posted by: dittoburg at November 20, 2009 1:33 PM

ive never heard of this pumps place... but i think i now know where im having my 33rd birthday this february :)

and ugh... free vespas. barf! has anyone ever known or seen smoeone who drives a vespa who wasnt a complete douchbag?
*rob*

Posted by: Butterfly at November 20, 2009 2:25 PM

dittoburg, no i didnt get her number, but it was interesting to find out that she had a daughter my age - i was 21 when i went to that place, almost 8 years ago.

rob - no go on the party....i think the place only holds like 10 people, seriously. its the smallest bar i've been to in my life, strippers or no.

Posted by: aj at November 22, 2009 12:55 PM

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