November 5, 2009

Price Cuts at 156 Pulaski Street

Pulaski Street between Tompkins and Throop in Bed Stuy can't be an easy place to sell condos anytime let alone in a bearish market, so we have great sympathy for the Corcoran duo that's taken over the marketing reins at 156 Pulaski Street. The nine-unit condo project hit the market last February, and Aptandlofts.com managed to move a five of units in the first few months despite challenging financing conditions that killed several deals. Corcoran took over in August and just trimmed prices on three out of the four remaining units. As a result, Unit 1A and Unit 1B, which were both $299,000, are now available for $275,000, while Unit 2B is now $199,000, down from $239,000.
156 Pulaski Listings [StreetEasy] GMAP

November 4, 2009

Price Cuts at 272 St. Marks Avenue

After four months on the market, 272 St. Marks Avenue was coming up goose eggs in the sales department. As a result, seven out of the eight units were on the receiving end of 10 to 15-percent price cuts recently. So a top-floor three-bedroom that was $1,049,000 is now $895,000 and a second-floor one-bedroom that was $575,000 is now $495,000. Think it's enough to get a little action going?
272 St. Marks Avenue [StreetEasy] GMAP

November 2, 2009

Condo of the Day: 85 North 3rd Street, #207

The Mill Building at 85 North 3rd Street has long been a favorite of ours. The conversion hit the market in better times and was popular with buyers. One such buyer is now moving on though and putting his second floor loft on the market. The 1,750-square-foot pad, which originally went for $872,000, is asking $1,200,000, and before everyone jumps to the conclusion that that's too big a mark-up, consider that, despite the plethora of new construction condos clogging the market, there's actually a paucity of nice conversion properties available. Witness the overwhelming demand for Mason Fiske recently. At under $700 a foot, this place is priced competitively with the Mason Fiske apartments.
85 North 3rd Street, #207 [Corcoran] GMAP P*Shark

Sheepshead Bay Gets Sexy

Sheepshead Bay doesn't get a lot of attention around here but this new condo at 1702 Avenue Z caught our eye. We don't think of the area being known for Richard Meier-wannabe designs. Given the alternative though (like this place we wrote about last year), we'll take it. The ten three-bedroom units range in price from $799,000 to $899,000. At less than $500 a foot, we bet these'll sell. GMAP

October 28, 2009

The Edge Is Making a List, Checking It Twice

The Edge may still be holding out on cutting prices, but the massive Williamsburg development is finding other, more creative, ways to try to attract buyers, according to Curbed. Condo hunters are now invited to use the Edge's handy 70-item checklist of amenities and features to compare the waterfront project with other competing developments. Sustainably harvested floors and kitchen cabs? Check. Plunge pool with waterfall? Check. Bosch Cooktop and wall oven? Bien sur. (See the entire list here.) What's more, in a show of bravado, The Edge is offering potential buyers a free car service ride to the competition as long as they visit The Edge first.
Williamsburg's Edge Does a Bit of Trash Talking [Curbed]
Development Watch: The Edge [Brownstoner]
The Edge Tops Out [Brownstoner] GMAP
The Edge Sells Burg's Most Expensive Condo [Brownstoner]
Development Watch: The Edge [Brownstoner]
Development Watch: The Edge [Brownstoner]

October 27, 2009

Dive In at 80 Met

Just a few days after the first closings were recorded in public records, 80 Met opened its doors up to a photographer from Curbed, who put together quite a slideshow of the just-about-finished development. The biggest eye-catcher for us was this shot of the swimming pool. Pretty swanky.
Williamsburg's 80 Met Comes Out to Play [Curbed]
80 Met Makes it Official [Brownstoner]
80 Met Receives TCO [Brownstoner] GMAP
Price Cuts at 80 Met [Brownstoner]

October 26, 2009

Faulty Towers: Complaints About Condos on the Rise

Lawsuits against developers and complaints over construction defects at new condos have increased greatly, according to the Times, and are likely to skyrocket over the next couple years. The reasons for the uptick in unhappy owners are obvious—condo fever resulted in plenty of rushed, problem-plagued buildings but at the same time developers were more likely to fix problems in flusher times—and tied to a three-year statute of limitations on suing developers for negligence. The article zeroes in on one Brooklyn building, the Broadway Arms in Williamsburg, above, where owners filed suit against the developer. The condo has had leaky roofs, unstable balconies and a faulty ventilation system. Owners in the building, according to their lawyer, have filed suit because they want to to protect their investments: "They want to make sure they get the value they were promised for their units when they bought it."
Your New Condo Leaks? Join the Club [NY Times]

October 21, 2009

Condo of the Day: 153 Lincoln Place, #3C

It looks like most of the units at 153 Lincoln Place—the former bordello in Park Slope—are now spoken for: Seven have closed, one is on contract and two are still for sale. One of the apartments that's still available, Unit 3C, has had its asking price cut twice in the last three months, bringing it to $999,000 from an initial $1,245,000. It has a lot of space—1,388 square feet—so we suspect the problem has been the untraditional layout. Or maybe, to beat a familiar drum, it's the lack of original details inside a historic shell. Thoughts?
153 Lincoln Place, #3C [Corcoran] GMAP P*Shark

324 St. Marks Launches

After what seems like an eternity in development, 324 St. Marks Avenue (aka Mark 324) has finally hit the market. As Set Speed said last week, "You'll get radiant heating in the bathrooms and a gas fireplace in every unit, but it sure won't come cheap." The eight units range in price from $631,000 for a 852-square-foot two-bedroom to $932,400 for a 1,228-square-foot three-bedroom. We'll see whether the nabe can support the prices!
Development Watch: 324 St. Mark's Avenue [Brownstoner] GMAP P*Shark DOB

All About the Clocktower

The New York Times got their hands on the images way back in August but there's finally an official website up to market the unique four-floor residence atop One Main Street in Dumbo known as the ClockTower. You see, when you're asking $25 million, it's worth building a standalone website. Pretty spectacular.

October 20, 2009

Condo of the Day: 55 Berry Street, #5D

55 Berry is positively old-school when it comes to the condo-ization of Williamsburg—some listings at the converted knitting factory came on the market as long ago as late 2005. This particular 1,168-square-foot loft on the fifth floor has been kicking around since then, with its asking price getting as high as $930,000 in early 2006 before selling somewhere south of that in 2007. Halstead got the listing for the resale last month and just trimmed the asking price last week to $839,000. We love this kind of large-windowed, high-ceilinged space. Bachelor paradise.
55 Berry Street, #5D [Halstead] GMAP P*Shark
Building photo from Curbed

October 16, 2009

270 Greene Avenue Hits the Market

Surely one of the ugliest buildings to be built in Clinton Hill ~~in recent memory~~ ever, 270 Greene Avenue finally hit the market after three years or so in the pipeline. DOB permits say that the building has six apartments, but only four are currently listed on StreetEasy. Prices range from $479,000 for a 987-square-foot two-bedroom to $635,000 for a 1,266-square-foot two-bedroom. Needless to say, we'll be surprised if these sell anytime soon for anywhere close to ask. Update: It looks like there is a stand-alone website up; there are also photos of the interiors viewable in the individual listings (like this one) that are much nicer than you'd think judging from the exterior.
270 Greene Avenue: Not a Good Looking Building [Brownstoner]
Development Watch: 270 Greene Avenue [Brownstoner] GMAP P*Shark DOB

October 15, 2009

Closings and Move-Ins at 420 Classon Avenue

After a lengthy delay for much of this year, people are finally living at 420 Classon (aka The Hawthorne), the affordable housing conversion brought to you by the Pratt Area Community Council. We noticed that the first three closings hit public records last month, and a PACC rep told us that six families have already moved in. Another five are expected to move in over the next two months.
420 Classon Avenue Almost Ready for Lucky Winners [Brownstoner]
420 Classon Avenue: Waiting for the Lottery Results [Brownstoner]
Lottery for 420 Classon Avenue Kicks Off [Brownstoner] GMAP
Development Watch: Windows for 420 Classon Avenue [Brownstoner]
Present from PACC: 420 Classon Rendering [Brownstoner]
Development Watch: PACC on Classon [Brownstoner]
The Future of 418-422 Classon? [Brownstoner]

October 14, 2009

The Locale: Greenpoint Condo Auction

The Locale, a four-story, 16-unit luxury development in Greenpoint from TreeTop Development, is going on the auction block November 11, reports Curbed. This is the sign of the times that the media and real estate business have been expecting—developers have already opted to unload their stagnant projects elsewhere, but this is the first in Brooklyn. The building, at 267-269 Kingsland Avenue, offers one-bedroom and one-bedroom duplex units, some with balconies and views of the Manhattan skyline. The auction will be held at the New York Marriott, 333 Adams Street, at 7:30 p.m., where bids will start at $150,000—as low as 25 percent of the original asking prices of $445,000 to $600,000. points out that Brooklyn condo sales dropped nearly 30 percent in the second quarter, and median sales prices fell 16 percent. GMAP P*Shark DOB
First Condo Auction Looms in Brooklyn [Crain's]
On the Block: New Greenpoint Condos Heading to Auction! [Curbed]
The Locale Auction Listing [Sheldon Good & Co]

How Much to Live in that Slope Scarano?

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The Scarano-designed condo on 1st Street between 4th and 5th avenues shook off its scaffolding in July, and some of the building's 10 units have been on the market for more than a month at this point. (If the broker's website is accurate, a few of them are already in contract.) Listings in the building are ranging from $649,000 for a 1,012-square-foot, 1-bedroom unit to $1.15 million for a 1,691-square-foot three bedroom. Has anyone checked these out in the flesh?
Dying Breed: One of the Last Boom-Era Scaranos Revealed [Brownstoner] GMAP

October 13, 2009

80 Met Makes it Official

Last week the first closing was recorded in public records for 80 Met in Williamsburg. The unit that sold, according to StreetEasy, was a 555-square-foot studio that was originally listed for $415,000 and wound up going for for $385,000. StreetEasy says that 45 of the condo's 123 units are in contract, so the development still has a long sales road ahead of it. Prices on active listings are ranging from $485,000 for a one bedroom to $1.67 million for one of the project's nine townhouses.
80 Met Receives TCO [Brownstoner] GMAP
80 Metropolitan [StreetEasy]
Price Cuts at 80 Met [Brownstoner]

October 9, 2009

One Brooklyn Bridge: On the Retail Hunt

Developer RAL Companies and Affiliates opened its doors to retailers in 2007 for its 75,000 square feet of space in One Brooklyn Bridge Park, a luxury condominium in Brooklyn Heights along the waterfront. The Real Deal reports that Ian Levine, the company's COO and CFO, claims to be in discussions with two restaurants and a high-end market. Levine would not, however, disclose the retailers' names or details of the possible deals. One Brooklyn Bridge Park, like many other new, luxury condominium buildings, has been struggling to fill vacancies, and vacancies have probably contributed to the lack of retail interest. The developer and the marketing firm, Winick Realty Group, are hoping that when the Brooklyn Bridge Park is complete on Pier 6, more foot traffic (currently there is little to none) will come to their isolated location along the waterfront and drum up interest in condominiums and retail space.
One Brooklyn Bridge Park in Talks with Retailers [Real Deal] GMAP
Price Cuts at One Brooklyn Bridge Park [Brownstoner]
Rentals, Price Cuts and Loan Extension at 1BBP [Brownstoner]

October 8, 2009

Condo of the Day: 11 Terrace Place, #2

We're including this condo at 11 Terrace Place in Windsor Terrace because we think it's attractive or a great deal but because we were unaware that this building even existed. Unfortunately, the listing for this one-bedroom doesn't do a great job of putting the apartment's best foot forward (after all, even a pig can benefit from some lipstick). So we're more interested in hearing about the back story on this building (looks to us like it was built in 2007) than in whether you think the asking price of $349,000 is reasonable for this particular unit, but please vote on that too.
11 Terrace Place, #2 [David West] GMAP P*Shark

October 7, 2009

Prices Drop at the Oro Tower

The Oro, a condominium tower in Downtown that reached completion as the real estate boom went bust, is now cutting its prices by up to 25 percent to boost sales. Since the building's marketing campaign launched two years ago, only 90 out of the 374 units have closed, reports Crain's. The publication lists a studio's current price as $295,000, while another three-bedroom goes for over $1 million, and Street Easy has an active one-bedroom listed for $539,000; you can see all of the listings here. What's interesting is that in the Crain's article the developer says that he has no interest in converting the empty units to rentals, as other buildings have done to remain afloat. "Oro has always been a condo building and we intend to keep it that way," he said. Nevertheless, there are two active rental listings on Street Easy, a studio for $1,800 per month and a one-bedroom for $2,850, suggesting that a couple of the original buyers are feeling a little more open-minded on the rental question.
Condo Prices Slashed 25% at Big Brooklyn Tower [Crain's] GMAP
Work Resuming at Oro Part Deux? [Brownstoner]
Oro at 306 Gold Street [StreetEasy]

October 5, 2009

476 Sterling Condos Now For Sale

This would fall under the category of "Things we missed while we were in Hawaii." 476 Sterling Place, which we covered a year ago when it was a work-in-progress, hit the market in August, with one-, two- and three-bedroom pads priced from $384,020 to $642,005. The interiors look about like what you'd expect from a mid-level new construction project. Most of the asking prices come out in the mid-$400s per square foot. Anyone checked it out yet?
476 Sterling Place Listings [StreetEasy] GMAP
Development Watch: 476 Sterling [Brownstoner]

October 2, 2009

65 Clifton Place Hits the Market

Last week the new development at 65 Clifton Place launched its sales process. The floorplans look decent and the kitchens are more tastefully done than most new developments. Unfortunately, we don't think the pricing of around $600 a foot is going to be quite low enough to get the job done on this block. If the developer's flexible, though, you never know. Asking prices range from $435,000 for a 726-square-foot one-bedroom to $845,000 for a 1,538-square-foot ground-floor duplex.
65 Clifton Place Listings [StreetEasy] GMAP

The Venetian Unveiled

We took a look at The Venetian, Gravesend's attempt at classical opulence, last year when it was still in the throes of construction. A reader just sent in this photo with the news that all the scaffolding and other construction paraphernalia had recently been removed. Honestly, we're not entirely sure what to make of it. We had been assuming it would be entirely mock-worthy but it looks a lot better in reality than we had expected. We don't care much for the roof or those rounded upper corners but the lower floors actually look decent. Plus, judging from the renderings, the interiors are also not as garish as we would have thought. Of course, the whole thing rides on the choice of materials, which is hard to judge without being up close. We've got no idea about sales status, though last year Gowanus Lounge reported that condos there were asking $1 to $4 million. What do you think?
The Venetian: 16th-Century Living, Gravesend-Style [Brownstoner]
$2,000 a Foot in Gravesend? You Betcha [Brownstoner] GMAP

September 30, 2009

Condo of the Day: 125 North 10th Street, #NPHD

The new development at 125 North 10th Street in Williamsburg was a little late to the game, hitting the market last March as the world appeared to be collapsing. It took another six months for reality to set in: Across-the-board price cuts were instituted last week. This three-bedroom penthouse, for example, started out at $1,540,000 and is now $1,200,000. Still not giving it away but certainly a step in the right direction.
125 North 10th Street, #NPHD [Core Group] GMAP P*Shark

September 29, 2009

Development Watch: 232 7th Street Nears the Finish Line

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We haven't checked in on 232 7th Street, a seven-unit new development between 3rd and 4th avenues, since it was a hole in the ground. But now here it is, all grown up. The building, which is across the street from the Argyle condo, is a condo, according to a construction worker at the site. It doesn't seem like any listings for it have popped up yet, though.
Development Watch: 232 7th Street [Brownstoner] GMAP DOB