Checking in on 500 4th Avenue

500%204th%20avenue%202-2010.JPG
Way back in June, the folks marketing 500 Fourth Avenue beamed out a press release saying that the mammoth 12th Street condo was 20 percent sold and closings were slated to start in the fall. The latter didn't happen, which isn't too surprising given how long it takes for most new condos to be move-in ready, and there's still no TCO. At this point, StreetEasy is showing that 39 of the building's units are in contract and there are active listings for another 77. What is a little surprising is that there haven't been any price cuts: Listings are ranging from $342,000 for a 539-square-foot unit to $1,077,000 for a penthouse, as they have been for nearly a year. This big boy's still got a long sales slog ahead of it!
500 Fourth Avenue 20% Sold; Opening in Fall? [Brownstoner] GMAP
500 Fourth Avenue Listings [StreetEasy]

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i guess the owner of the brick building on the corner didn't want to sell his property to the developer.

Posted by: joeingowanus at February 5, 2010 11:17 AM

From what I have heard, the owner of that building also owns the laundromat. Apparently he was holding out for a huge payday. The developers even offered to open a laundromat in the building if he sold.

I guess he waited too long and they just built around him...

Posted by: newsouthsloper at February 5, 2010 11:33 AM

Looks like the Borg spaceship getting ready to assimilate a smaller ship. What a behemoth.

Posted by: Montrose Morris at February 5, 2010 11:33 AM

Park Avenue, baby!

Posted by: antidope at February 5, 2010 11:37 AM

Was the movie 'Up' based on the owner of the red brick building?

Posted by: guikazoid at February 5, 2010 11:47 AM

saw the model unit last summer. the developers chose nice finishes and really made a nice product. unfortunately the price/finishes are not in line with the area (yet). i think these will sell like hotcakes if they had a 10-15% price reduction. also problematic is probably the school district. looks like this place needs to pull a "forte" move to get these sold.

Posted by: looking at February 5, 2010 11:49 AM

Are they still running their "early bird" / "recession" 10% discount offer?

Posted by: guikazoid at February 5, 2010 11:52 AM

Looking:
agreed - they TOTALLY need to pull a "Forte"!!!

Posted by: gemini10 at February 5, 2010 11:54 AM

Resistance is futile.

Posted by: newsouthsloper at February 5, 2010 12:56 PM

I actually like the exterior of this building. I think the brown windows look really good. I would like to see an actual apartment though, some of the layouts seem better than others, you know, the same ole 2 room thing.
I have such a pet peeve with that don't I ???

Posted by: STARGAZER at February 5, 2010 2:28 PM

yeah the layouts are pretty typical. they do have decent closet space and the maintenance costs are not that high for this type of building. i did like some of the units--they just need to sell more/shave down the prices.

Posted by: looking at February 5, 2010 3:27 PM

My wife and I looked at the, not just the showroom but actually in the (then) partially finished units. It's actually a really nice building, great finishes, energy efficient, and good windows that keep the sound from the street out. Certainly the nicest of all the new 4th Avenue buildings (though I suppose that's not saying much). If this building were a little further north on 4th Avenue, I bet it would have sold out at current prices.

Posted by: davfgreene at February 5, 2010 6:00 PM

That brick building is actually my local laundry mat. This building replaced an empty stinking lot, so it's an improvement, but all throughout the construction there was a disgusting sewer smell coming up from the grates out front. Those grates are being covered by a sidewalk right now, but that smell would keep me from buying there. I live on the other side of that building and the terraces and penthouses look nice (lots of big windows) but today as the snow was falling I noticed one door on an upper floor was swinging in the breeze, exposing the apartment to the elements. The area is ok, you have to walk to fifth or seventh for good restaurants and nice shops. The laundry mat and bodega on the corner attract a lot of drunks and weirdos, but it's not a dangerous area at all.

Posted by: Elizabeth1west at February 6, 2010 4:36 PM

« FAC's Supportive Housing Project Getting Very Close Inventing the Myrtle Avenue Pedestrian Plaza »

February 5, 2010

Checking in on 500 4th Avenue

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