July 1, 2009

Checking in on The Elan

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Has the Elan, a 32-unit condo on 1st Street between 4th and 5th avenues, been the victim of bad timing, unrealistic expectations, or both? When we last took a look at the development in March, a round of price cuts had just been implemented, and five of the units were in contract. Three months later, although StreetEasy now shows no in-contract units, one of the condo's brokers says that seven units are, in fact, in contract—though not all of those are sure-fire closings, since the TCO took longer to materialize than the offering plan stipulated. However, the TCO finally did come through a couple weeks ago, and the first closing is scheduled to happen this weekend. Prices for units at the building range from $949,000 for a 3-bedroom to $599,000 for a 1-bed.
Price Cuts at The Elan [Brownstoner]
255 1st Street [StreetEasy] GMAP

Come On and Take a Free Ride (at Northside Piers)

As Curbed picked up on yesterday, The Real Deal reported that Toll Brothers is now offering potential buyers at its Northside Piers project on the Williamsburg waterfront a free ride for the entire first year. That's right, the whole kit and kaboodle: Mortgage payments, common charges and real estate taxes. The offer's good through the end of August. Too bad the days of 95 percent financing are behind us!

June 30, 2009

A Little Momentum for Fort Greene Developments?

Towards the end of a glowing profile of Fort Greene in yesterday's New York Post, there were some interesting details about how some of the new developments in the hood are faring. By far the most successful in recent months has been the Classic Modern, the eight-unit project at 268 Cumberland Street where seven units have sold since hitting the market since February. It's been a tougher slog for the Forte (a Brownstoner advertiser) and Clermont Greene. A marketing makeover this spring helped ink another six deals at the Forte, bringing the total number of sales at the triangular high-rise to 42. And up the hill at the Clermont Greene, the project's brokers claim that the recent granting of the building's C of O has created "major momentum" and that the development is now 25 percent sold.
Go Greene! [NY Post]

June 26, 2009

Price Cuts at 111 Monroe Street

Over the weekend, eight units at 111 Monroe Street received price reductions of 10 percent or so; the highest-priced unit to get its asking price trimmed was a 950-square-foot two-bedroom that went from $505,000 to $455,000. As you may recall, the 29-unit building is one of the projects in the borough that's offering buyers FHA-financed deals that require just 3.5 percent down.
111 Monroe Street: Let's Do the Time Warp Again [Brownstoner]
1142 Bedford Avenue Nearing Completion [Brownstoner] GMAP
Development Watch: 1142 Bedford Avenue [Brownstoner]
Development Watch: Halfway There at 1142 Bedford [Brownstoner]
New Development: 1142 Bedford Avenue [Brownstoner]

June 25, 2009

Condo of the Day: 110 Livingston Street, #6W

This one-bedroom condo at 110 Livingston Street hit the market last week for $729,000 and was trimmed to $714,000 this week; according to StreetEasy, the 893-square-foot unit was initially purchased from the sponsor two years ago for $545,000. This place has a great layout and personally we really like the kitchen finishes as well. Hard to see how it fetches $800 a foot now when it barely cleared $600 a foot back in the heyday.
110 Livingston Street, #6W [Douglas Elliman] GMAP P*Shark

500 Fourth Avenue 20% Sold; Opening in Fall?

500%204th%20ave.JPG Elliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is "over 20% sold in less than two months" (impossible to verify since closings haven't been recorded yet) and is scheduled to be move-in ready in "late fall." Also, the building will have a large lounge area called "Club 500" and a 24-hour lobby attendant. Prices are ranging from $342,000 to $1,077,000.
500 Fourth Avenue [Official Site] GMAP

Signs of Life at 105 Lexington Avenue

Back in mid-May, we told you that there were some closings in the pipeline at 105 Lexington Avenue, the 32-unit condo on the Bed Stuy/Clinton Hill border. Looks like there was something to it: As of last week, three closings had happened to date, including a ~~1,197-square-foot~~ 1,800-square-foot one-bedroom loft which went for $950,000. Impressive.
105 Lexington Avenue Listings [StreetEast] GMAP
Checking In On 105 Lexington Avenue [Brownstoner]
105 Lexington Avenue Coming to Market [Brownstoner]

June 19, 2009

Nondescript East W'burg Condos Defying the Market

We can't see the appeal in this new condo offering at 15 Judge Street but the one-bedroom residences in ~~Bushwick~~ East Williamsburg are flying off the shelf at around $550 per foot: Five units have already sold since the project hit the market a month ago, if you can believe it. Given that the development has neither architecture nor location going for it, the sales effort must be getting a big boost from the fact that you can buy a place with just 3.5 percent down courtesy of the FHA. GMAP

June 18, 2009

Condo of the Day: 970 Kent Avenue, #107

This two-bedroom, two-bath loft at 970 Kent Avenue in Bedford Stuyvesant has a nice light and airy vibe to it, enhanced by 13-foot ceilings and large windows. We also like the open layout of the living area. The monthly common charges come to $898, not unreasonable for a 987-square-foot pad. Do you think the asking price of $488,000 will fly?
970 Kent Avenue, #107 [Brown Harris Stevens] GMAP P*Shark

Argyle Closings Happening, But Watch That Punch List

As we noted two weeks ago, closing at The Argyle on 4th Avenue in Park Slope (where 70 percent of the units have been sold) have begun. And a press release yesterday trumpeted the fact that buyers have already begun moving in and provided a link to some photos of finished interiors. Unfortunately for one new owner that we heard from, though, his place doesn't look like the one in the promotional photos. Seems that his unit wasn't in finished form when it was time to close a couple of weeks ago and he was persuaded to sign an addendum to the contract in which the developer promised to fix the problems in a timely manner. The buyer sent us the following warning tale at the end of last week and followed up with the photo above yesterday. Here's the owner's email from earlier this week:

Here I am at day 11. And I still don’t have keys to the main front doors, access to my parking space, window screens, appliance warranties, touch up paint. What I do have are uneven and scratched kitchen cabinets, sloppy paint and caulking work, uneven tiles and floors that look like the rolling hills of the Berkshires (okay, that’s an exaggeration, but there are elevation changes by inch in a three foot are all over the place.)

The update as of yesterday was that the sponsor has now torn up 90 percent of his floor, made him vacate the apartment and is predicting the work will drag on another ten days. A far cry from how the model apartment looks. Welcome to Brooklyn's Park Avenue!
First Closings Recorded at the Argyle [Brownstoner]
Argyle Listings [Corcoran] GMAP
DOB OK's the Argyle [Brownstoner]
The Argyle Unveiled [Brownstoner]

June 17, 2009

Condo of the Day: 44 Cheever Place

This one-bedroom apartment at 44 Cheever Place has high ceilings and large windows, both of which get it high points in our book. We suspect the owner put a lot of care into the paint job but suspect that the listing might fare better with something more neutral. The832-square-foot floorplan is reasonably laid out and there are approved plans for a mezzanine over the kitchen (paging Scarano). And if you're a driver, you can pick up a space in the building for $35,000. Monthly common charges are $570 and the asking price is $560,000. Waddya think?
44 Cheever Place [Corcoran] GMAP P*Shark
Condo of the Day: 44 Cheever Place [Brownstoner]

June 16, 2009

Burg Condo Unwelcoming to Children

A reader sent in a tip that a vacant new condo building on Metropolitan Avenue between Kent and Berry in Williamsburg has a creepy message written on a ground-floor window in what's meant to look like blood: I Hate Children. Ironic? Or not? GMAP

Price Cuts at 357 Dean Street

The six-story, six-unit new development at 357 Dean Street (dubbed Green on Dean) hit the market last winter and has managed to get two units in contract so far, not bad given the market. In an effort to nudge the sales process closer to the finish line, prices at the remaining four units have just been trimmed by between 3 and 7 percent. Enough to get buyers off the fence? That remains to be seen.
357 Dean Street Hits the Market [Brownstoner] GMAP
Development Watch: 357 Dean Street [Brownstoner]
House of the Day: 357 Dean Street [Brownstoner]

June 11, 2009

Cobble Hill Towers Condo Plan Drops

We're hearing that some tenants at the historic Cobble Hill Towers have begun receiving their Red Herring Condo Offering Plans in the mail. The wheels for the conversion were set in motion a little more than a year ago when long-time owner Frank Farella entered into a joint venture with the Hudson Companies to reposition the 186-unit complex. From what we gather, current tenants (or any new tenant that rents an apartment before the condo plan is approved by the Attorney General towards the end of this year) will have the option to purchase their units at an insider price of $500 per square foot; they'll have 90 days from when the plan is approved to exercise this option.
Cobble Hill Towers May Go Co-op [Brownstoner] GMAP
Exclusive: Hudson To Partner on Cobble Hill Towers [Brownstoner]

Walentas Putting Clocktower Manse on Market?

Talk about burying the lede! You had read through to the second half of an Observer article about the flipping of Brooklyn's most expensive condo to get to the real juice: David Walentas is planning to put his palatial pad atop One Main Street on the market in the near future, according to Dumbo superbroker Karen Heyman. Walentas' ask will be “way, way, way more" than the $8.5 million price on the one being flipped. GMAP

June 10, 2009

Condos of the Day: 707 Carroll Street

This ~~four-unit~~ eight-unit condo conversion at 707 Carroll Street in Park Slope hit the market back in February and underwent a price reduction in April. Four of the eight units are currently available at prices ranging from $595,000 to $695,000. The developer certainly gets points for keeping the original woodwork in place; he gives them right back, though, for designing cheesy kitchens. Anyone looked at these?
707 Carroll Street [Brooklyn Properties] GMAP P*Shark

June 9, 2009

Condo of the Day: 100 Jay Street, #16H

Here's a pretty swanky three-bedroom pad at the J Condo in Dumbo that's particularly notable for the fact that its asking price of $1,349,000 is firmly on the south side of the $1,000-a-foot mark where most of the other listings in the building seem to hover. Couple that with the fact that the apartment is family-sized (1,592 square feet) and immaculately put together and we could see this place getting some traction with buyers. Not necessarily at the asking price of $1,349,000 (cuz who pays that anymore?) but realistically within 10 percent of it or so. You think?
100 Jay Street, #16H [Douglas Elliman] GMAP P*Shark

June 8, 2009

First Closings Recorded at the Argyle

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As anticipated, the first closings at the Argyle, the condo on 4th Avenue and 7th Street, have occurred. Last week, three closings were recorded in city records. Among them: Unit 6C sold for $491,790; according to the building's amended condo declaration, it's a 695-square-foot one-bedroom. The buyers went into contract last August. Meanwhile, unit 3J sold for $701,574. The 1,043-square-foot two-bedroom went into contract last March. Corcoran's listings page for the 60-unit building shows that 11 of its condos are still on the market.
Argyle Listings [Corcoran] GMAP
DOB OK's the Argyle [Brownstoner]
The Argyle Unveiled [Brownstoner]

June 5, 2009

2233 Caton Avenue Sells Out

When we reported back in 2006 that a new condo building was being built at 2223 Caton Avenue, we wrote that "the 15-unit building will be an interesting test to see how far out the market for cookie-cutter "luxury" apartments can push." Well, two and a half years later, it seems that the project passed the test. We received an email earlier this week from a reader trumpeting the fact that the final two units had just gone into contract making the building sold out. Impressive. GMAP

Condo-Turned-Shelter Sparks Homeless Frenzy

Yesterday's news that a new building in Crown Heights had turned shelter rather than condo sent ripples through the homeless community yesterday, with a wave of hopefuls making the pilgrimage to the East New York Avenue building yesterday. "It would be a dream for me to move in here," said Jasmine Lopez, 21, who traveled from East Harlem with her 6-month-old daughter in hopes of securing one of the 67 apartments. Not everyone is as excited by the news: The Daily News reported this morning that some neighbors have started a petition to block the deal, fearing it will hurt local property values.

Desperation Sets in at 364 Myrtle Avenue

We wonder whether the owner of 364 Myrtle Avenue is suing Scarano Architects. After all, the owner was in contract on all three duplex units in the newly constructed building back in 2007 when the architect's aggressive interpretations of the building code caused massive delays in getting a C of O for this building (and many others as well). The owner let all of the buyers out of their contracts and then, as far as we know, rented them out last year. Six weeks ago, however, he put the entire building back on the market for $2,400,000; there's been a price reduction every week or two since bringing the current asking price to $1,850,000. Tough times.
364 Myrtle Avenue [StreetEasy] GMAP P*Shark
Still No Action at 364 Myrtle Avenue [Brownstoner]
Condos of the Day: Whiplash at 364 Myrtle Avenue [Brownstoner]
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo [Brownstoner]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What's Up With The New Building on Myrtle? [Brownstoner]

June 1, 2009

114 India Hits The Market

An eight-unit new condo development at 114 India Street in Greenpoint in just reaching completion and becoming available for sale. We feel sorry enough for anyone faced with trying to sell a small project like this in an off-the-beaten-path section of North Brooklyn that we will refrain from any catty comments about the design and just wish 'em good luck, especially at price-per-square-foot levels that rival those of larger, high-profile projects in first-stop-on-the-L sections of Williamsburg.
Listings and Availability [114 India] GMAP

New Jersey Couple Opts for McCarren Views

While Williamsburg has been indelibly branded with the hipster label for the last decade or so, luckily the marketing campaigns of developers in the area have cast a much wider demographic net. To wit: When Steven Leeds and Rachel Hott, empty nesters from Montclair, started looking for a place to move in the big city, they fell in love with a three-bedroom pad at The Aurora overlooking McCarren Park. (The 1,400-square-foot apartment was originally listed for $1,200,000, but the fifty-somethings snagged it for $999,000.) Before signing the contract, however, the couple insisted on timing the walk from the new development to the L train station. Luckily for them (and the developer), it clocked in at a commuter-friendly six minutes. They moved in last month, and can't get enough of their new neighborhood, especially McCarren Park. “I have never seen so much activity,” Dr. Hott said. “There is break dancing and tai chi and soccer.” In case they need any tips, The Times also has a close-up this weekend on the neighborhood to the north: Greenpoint.
The Hunt: The Six-Minute Test [NY Times]
Living In: Greenpoint, Brooklyn [NY Times]

May 29, 2009

Burg's Warehouse 11 Seeking a Savior

warehouse%2011%205-28.jpg Curbed found the Massey Knakal listing for Williamsburg's mammoth Warehouse 11, the failed Karl Fischer-designed condo. The development's lender has started foreclosure proceedings against its builder, and Curbed notes the bank is still owed a whopping $50,766,000. On the bright (?) side, "if taken rental [the property] could expect to generate around $4.1 million in gross annual income." GMAP

May 28, 2009

That Was Fast! 72 Berry Sells Out

72%20berry%205-28.jpg Call it the little condo that could: Williamsburg success story Mason Fiske, aka 72 Berry Street, is now completely sold out, according to its broker. The converted industrial loft hit the market at the beginning of March, and 17 of its 26 units were in contract by early April. Units in the project were asking around $650 a foot on average, about $100 less than bigger projects in the neighborhood like Northside Piers, according to the Real Deal.
72 Berry 'Only Thing Moving' in Williamsburg [Brownstoner]
The Only Project Selling in Williamsburg? [The Real Deal] GMAP