« Open Thread Good News for Bed Stuy and Crown Heights Armories? »
February 3, 2010
Forte 100% Spoken For!
Well, that was crazy quick! The unsold units at the Forte condo on Ashland, which were transferred from developer to lender this summer and then put back on the market at massively reduced prices in November, are now all either sold or in contract. Adam Pacelli, the lead Corcoran broker for the building, says that six of the units available for sale have closed, 52 are in contract, and the remainder have pending contracts. Pacelli says Corcoran inherited 70 units to sell. (Streeteasy records confirm the numbers save for one condo the site says still isn't in contract.) When the condo went back on the market, most units were priced around $500 a foot. Surprised?
Forte Reboot Priced to Sell [Brownstoner] GMAP
Forte Officially Goes Back to the Bank [Brownstoner]
Clarett, Goldman Lose Control of Forté [Brownstoner]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/13261
Comments
not too too surprised it all got sold but am surprised how quickly it all sold.
This vulture has to go back onto the perch and wait for the next failed bldg to circle.
Posted by: more4less at February 3, 2010 9:39 AM
Great prices but the units seem a little cramped. I feel that if you had more than 4 people in the apartment that you would be falling all over each other. Hey, they sold out which is great for downtown BK no matter at what price.
The rounded window units and the peak of the flatiron face the south BK? Would have loved if they faced NYC for the skyline view.
Posted by: Adam Dahill at February 3, 2010 9:41 AM
Yup. But seems demand is out there for realistically priced new construction, even with columns in the living rooms.
Posted by: denton at February 3, 2010 9:42 AM
Adam, your 4 people comment was for 2 or 3 bdrm units?
Posted by: more4less at February 3, 2010 9:45 AM
Exactly M4L
I saw many prices in the mid-high $400K range for 2 bedrooms - so you can then imagine people got at least another 5% off that asking price
So now that that building is sold out, what does that mean for the amenities and services in that nabe?
That Bldg is huge! - I also wonder what kind of people bought into the Forte?
Posted by: gemini10 at February 3, 2010 9:45 AM
question about buildings like this... some new construction seem to have windows that dont open. how do people get fresh air? i cant live without my windows open 24/7 even in zero degree weather. is fresh air pumped in thru ducts? that doesnt sound fresh to me
*rob*
Posted by: Butterfly at February 3, 2010 9:46 AM
Rob, these windows don't open up & down. you crank it open - ie it opens out like a door. but most don't open that wide where you can stick head out and sling water balloons at the pedestrians
Posted by: more4less at February 3, 2010 9:52 AM
just enough to toss eggs on dogs
seriously, this is good news for downtown corridor and surrounding nabes
Posted by: antidope at February 3, 2010 9:58 AM
gem, I know first hand none went for under ask, some went for over. A friend of mine is in contract right now for one of the units and after the price reduction, they were going like hotcakes. She had to offer ask since about 5 units in her line went into contract in 2 days after the reduction at ask or a little above ask.
Posted by: Kensingtonian at February 3, 2010 10:00 AM
quote:
most don't open that wide where you can stick head out and sling water balloons at the pedestrians
that sucks. i hope those people who bought knew about that demenity ahead of time!
*rob*
Posted by: Butterfly at February 3, 2010 10:02 AM
Not surprising at all. In fact they probably could have gotten $550/SF if they wanted to move them just a tad slower. For years this building was overpriced. I believe it opened at a little over $750/SF. If they had actually come out the gate at something between $600 and $650/Sf in 2007, they would have had a successful project on their hands and we would have had way fewer Frownstoner posts about this building. Instead, because of developer and bank greed, this building is now entrenched in everyone's mind as a failure. Remember a couple of months ago when someone kept on insisting that prices were going to have to drop to $300/SF in order to unload these? Whoever that was should come on this thread and own up to it. If you're gonna make a ridiculous claim like that, you should have the balls to own up to it and offer a mea culpa when you get proven so drastically wrong.
Posted by: bkre at February 3, 2010 10:09 AM
I've been. The windows have child locks screwed in. They are easily removed, but is scary to have such a large opening .
Posted by: FYI at February 3, 2010 10:09 AM
Greetings from San Jose!
Clearly theere is a market for new construction that is not reflected in the Brownstoner threads. Be it the Forte or the towers on 4th Ave, they are all trashed here, and then a few months later there is a follow-up post announcing that the development is sold out.
This news makes the situation of the Elan all the more peculiar. IMO this is one of the better new buildings that has gone up, yet it is not moving.
Gemini: what are you doing to discourage sales there;-) ?
Posted by: benson at February 3, 2010 10:11 AM
Whenever I walk by that building, it looks crooked to me. It must be the triangle shape.... but even the ancient Greeks knew about this optical illusion stuff and adjusted the shape of the Parthenon.
Posted by: tybur6 at February 3, 2010 10:17 AM
bkre, I wasn't the one insisting this has to be 300 psf but I certainly was salivating for 300 psf. at 300 psf, might've even bought 2 units
Posted by: more4less at February 3, 2010 10:20 AM
rob, I agree, I hate not being able to open windows. And all these floor to ceiling windows, including those in the most high end Manhattan developments, usually only have a tiny part of a window that will open. Sucks.
Posted by: denton at February 3, 2010 10:21 AM
Bkre;
I think you are referring to me in your post above. Folks can click on the original thread and see for themselves what I wrote at the time. It is not what you claim. To summarize quickly: I wrote that if the unsold units were unloaded on an organization who planned to rent them out, the GRM calculations would indicate $300/sq ft.
Posted by: benson at February 3, 2010 10:22 AM
Good news as that stretch of fulton could use some help.
Posted by: DeLepp at February 3, 2010 10:23 AM
Benson - I know, it's totally weird. Elan is in a much better location than the Forte, but again they will have to come down in pricing and I think hire a new real estate team that can market the place better
Kens - ahh, ok thanks for the info.
Posted by: gemini10 at February 3, 2010 10:29 AM
g10, ask them to throw in a parking spot, storage, and you'll take a 2 bdrm for 450k
Posted by: more4less at February 3, 2010 10:34 AM
Elan is on 4th Ave -- that's not a better location than, well, just about anywhere besides a toxic waste dump.
Posted by: zinka at February 3, 2010 10:39 AM
"Surprised?"
Not at all. The bad debt from Clarion was defaulted on and cleared. A vulture came in and scooped it up for much less and was able to unload. This is how the crash works.
But 100% spoken for is a little misleading as only 1% have closed, 75% are actually inked and the remaining are floating around between sponsor and lawyers. But I expect at least 90% to close. We'll see what really happened (actual closed prices) when ACRIS catches up. -25% on the surface seems about right considering where we are in the crash (half time).
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 3, 2010 10:41 AM
Elan is in a better spot if Park slope is your go to spot. Otherwise there is a reason this building sold out while other price reduced buildings sit- Subway access/Bam/Ft Greene/ potential of Fulton mall/City point and Atlantic yards.
But like I said, if Park slope is your be all end all then yes, Elan is better.
Posted by: FYI at February 3, 2010 10:41 AM
bkre- i remember the $300psf predictions and agree w you that they obviously could've gotten a bit more; and Hypo didnt even have to make the loans as i previously speculated they might
benson- check out discussion yesterday about elan but it remains a curious case; i still feel that it is kind of in purgotory btwn dvper and lender.
Posted by: antidope at February 3, 2010 10:43 AM
off- 25% off peak ask is not 25% off peak comps, so maybe we're still in the first quarter of your crash?
Posted by: antidope at February 3, 2010 10:48 AM
Antidope, anything on the market juicy enough for you to pull the trigger or you're a closet vulture?
Posted by: more4less at February 3, 2010 10:49 AM
Zinka
ur right, it's a matter of opinon. I much rather not live across the street from the Projects and in the middle of the entrance ramp to the Manhattan Bridge
much rather live 100 steps from 5th avenue and all it has to offer, not to mention 2 blocks from subway
antidope - agreed, there's something weird going on at elan with lender/dvlpr and potential buyers
Posted by: gemini10 at February 3, 2010 10:50 AM
at $500k an 80% mortgage plus common charges is around $3k, which is in line with the Downtwn Brooklyn rental prices for 2 Beds.
When the rent/own trade-off is in line or close, things will sell.
Posted by: Brokedeveloper at February 3, 2010 10:53 AM
"off- 25% off peak ask is not 25% off peak comps"
Yeah it is. Fools bought there preClarion. Those are peak comps. Janet Jackson is flashing a titty again.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 3, 2010 10:56 AM
Clarret, not Clarion. Christ!
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 3, 2010 10:57 AM
i think elan pricing is going to look good in the rear view mirror...
but i don't think anyone will be getting rich off someone else's misfortune as i don't expect a bounce in prices
Posted by: antidope at February 3, 2010 11:05 AM
i think a lot of it selling out also has to do with the fact that it's an interesting looking building and a super tall building. some people are very attracted to that.
*rob*
Posted by: Butterfly at February 3, 2010 11:12 AM
interesting SHAPE... incredibly ugly building.
Posted by: TD at February 3, 2010 11:23 AM
"I much rather not live across the street from the Projects and in the middle of the entrance ramp to the Manhattan Bridge " -- that isn't where Forte is. Don't know what bldg you are confusing it with.
I thought Forte layouts were interesting ..less boxy than most bldgs. Just about any new bldg is ugly to almost every here so I pay no attention to those comments.
Posted by: Petebklyn at February 3, 2010 11:32 AM
Actually, BHO, it's Clarett (one R, two Ts).
I would guess that, after the Forte debacle, they're future hinges on The Brooklyner renting fast and fully. By the way, there's some cool music on the "Residences" page for the Brooklyner website. Some local gal called April Smith who sounds immensely like Amy Winehouse.
Posted by: johnife at February 3, 2010 11:39 AM
I've been stalking Forte in Streeteasy. Every week after the price cuts, a long list of "In Contract" listings would appear in the alert emails.
Good for them. It's about time they realized these units were grossly overpriced and adjusted accordingly.
Posted by: DitmasSnark at February 3, 2010 11:45 AM
"there's some cool music on the "Residences" page for the Brooklyner website. Some local gal called April Smith who sounds immensely like Amy Winehouse"
I noticed this the other night when I clicked on it by mistake. Been trying to get people to listen.
Posted by: CGar at February 3, 2010 11:54 AM
My beef with Forte', when I was considering a condo a few years ago, was the challenge of fitting a true bedroom set in the master. Couldn't do it. If they made fewer, larger sized units at the same PSF, Clarett would have fared much better and maybe even made it out alive. You see a lot of multi-level apartments (just coops?) in Manhattan but not enough in Brooklyn. Apartment developers should go head up with the townhouse market and make more duplexes and triplexes in highrises.
***Bid half off peak comps***
Posted by: Brownstones Half Off at February 3, 2010 12:05 PM
I think Gemini1 has the Forte confused with the Toren? The Forte is in great location - right next to the Bam Harvey and a block from Fort Greene Park. Too bad it is so ugly, but I guess you can't see that from inside! Perhaps this will allow the further development of the BAm Arts District to restart.
Posted by: Putnamdenizen at February 3, 2010 12:07 PM
Putnman
you might be right
when I drive up Flatbush to hook a right onto Myrtle to get to the BQE entrance on Prince, what is the bldg that's like RIGHT THERE? the Toren?
ah so Forte seems like it's in a nice locale
Posted by: gemini10 at February 3, 2010 12:32 PM
gemini, do you even know where Forte is? It is not "across the street from the projects" nor is it anywhere near the entrance ramp to the Manhattan Bridge. And if "2 blocks from subway" is your criterion, then Forte is 2 blocks from 8 different trains -- Elan is 2 blocks from only the R train.
Posted by: zinka at February 3, 2010 1:27 PM
Zinka - read my 12:32 post
hello I just realized I was thinking of the Toren bldg which to me is NOT in a good location at all....
geesh! - sorry people DO make mistakes
Posted by: gemini10 at February 3, 2010 2:00 PM
Look for the Be@Schermerhorn to follow suit. Similar price reductions there, although, not as deep.
Posted by: BrooklynSteve at February 3, 2010 2:32 PM
Hahaha. Now we're comparing one building to another...Elan vs. Forte? Here we go with the projects again...dumb convo again frownstoners. Yet, people still live there and buy there and rent there. If you hate the projects live in the burbs. The projects are all over Brooklyn...and they're coming to a neighborhood near you!
Posted by: cillmylandlord_again at February 3, 2010 2:52 PM
Climylandlord:
certainly the projects AREN'T COMING to a hood near you b/c the city is trying to force the people OUT of the projects and make them move deeper into East NY or the Bronx so they can then reclaim the land and buildings and sell them off
I don't engage in the PJ convo much here b/c am well too versed in what and who lives there( good and bad) and if I have my choice of spending my money it's not going to be in a house near the PJ's or in a fancy condo near the PJ's
next!
PS am happy that Bldg sold out in record time - it's a good thing - am so not being a frownstoner.
Posted by: gemini10 at February 3, 2010 3:48 PM
Actually they've relocated the majority of people in Fort Greene projects (which are the projects that are often referenced to during the Downtown BK conversation) to Staten Island.
Posted by: cillmylandlord_again at February 3, 2010 4:15 PM
Gemini 10
60% of the building just sold in three months. Even in this economy, if a building is selling that quickly, I'm sure they got asking for just about all of them,
Posted by: davfgreene at February 3, 2010 5:50 PM
M4L
Actually, most of the windows slide open left to right.Once you remove the child safety thing, it opens quite wide.
Posted by: davfgreene at February 3, 2010 5:53 PM
Are people still claiming that proximity to the projects is going to be the end of a building? That hasn't hurt Boerum Hill. Didn't that ugly condo building that went up on Baltic near Hoyt sell out without any trouble? And they were asking going for close to $600psf I believe. That building makes Forte look like the Taj Mahal. It's proximity to the projects is the same as these other buildings in DoBro.
Anyway, in the end this is better for the area to have this building fully sold. As someone above mentioned, now it'll be interesting to see what happens at Be@Schermerhorn. If they price similar to Forte they'll probably sell those out too. There's obviously buyers willing to buy in the downtown area but just not at the old prices.
Posted by: NYGuy7 at February 4, 2010 9:59 AM
Latest Restaurant Additions
-
Villa Rustica
added March 12, 2010 12:00 PM in Park Slope -
Happy End
added March 11, 2010 12:00 PM in Greenpoint -
The Blue Stove
added March 10, 2010 12:00 PM in Williamsburg -
Madina
added March 9, 2010 12:00 PM in Kensington -
Cataldo's
added March 8, 2010 12:00 PM in Prospect Heights -
La Locanda
added March 5, 2010 12:00 PM in Williamsburg -
Manhattan 3 Decker Restaurant
added March 4, 2010 12:00 PM in Greenpoint -
San Remo
added March 3, 2010 12:00 PM in Ditmas Park -
Fanny
added March 2, 2010 12:00 PM in Williamsburg -
Pio Pio Riko
added March 1, 2010 12:00 PM in Greenpoint
Post a comment
Please be patient while your comment is published. It may take a moment.