November 20, 2009

Checking In On 660 Bergen Street

Things have been going pretty well over at 660 Bergen Street, the 16-unit Karl Fischer-designed condo development in Prospect Heights. When we took its temperature back in March, six apartments were in contract. And now? 12 are either closed or in contract, leaving just four still up for grabs. Probably not coincidentally, they are all first-floor duplexes. Still, overall an impressive showing in this market.
660 Bergen Street Listings [StreetEasy]
Checking In On 660 Bergen Street [Brownstoner]
Checking in on 660 Bergen [Brownstoner] GMAP
Development Watch: 656-662 Bergen Street [Brownstoner]

868 Metropolitan Sells Out in Less Than Two Months

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

November 18, 2009

A Few More Sales Trickle In at BellTel

It's not a lot for a building with 250 units, but it's something. A press release just went out yesterday trumpeting the fact that four units at the BellTel Lofts had sold recently; sales prices ranged from $559,000 to $900,000 and three of the four buyers took advantage of FHA loans. The building is now over 55 percent sold.
Belltel Joins the FHA Club [Brownstoner]
Targeted Price Cuts at Belltel Lofts [Brownstoner]
Checking In On The BellTel Lofts [Brownstoner]
Belltel Parking On Tap [Brownstoner]
Belltel Lofts: 50% Percent Sold [Brownstoner]
The Belltel Lofts: 40 Percent Sold [Brownstoner]

November 17, 2009

Footage from 357 4th Street Condo Lawsuit

Holy crap! We were just sent the link to a video the plaintiffs in the Corcoran lawsuit made a couple of years ago to document the flooding problems in their newly purchased condo at 357 4th Street.
Corcoran Found Negligent in Park Slope Condo Sale [Brownstoner]
State Supreme Court Rules Corcoran "Negligent" [TRD]
E-mail Shows Couple's Suit vs. Corcoran Group Holds Water [NYDN]

NV Now 85% Sold

Remember the upbeat news back in May that the NV had sold 17 out of its 40 units in the first four months of the year? Well, now the glassy new development at 101 North 5th Street has sold another 17 (according to the sales agent), bringing the percentage sold up to 85 percent. Ah, to be a condo development and be at least 50-percent sold.
Signs of Life for Williamsburg Condos? [Brownstoner] GMAP

Corcoran Found Negligent in Park Slope Condo Sale

What do you do if you're trying to sell an apartment with water leaks but don't want potential buyers to know? Just make sure not to show it on rainy days! That's the tactic some Corcoran agents were accused of in a suit involving the sale of a condo unit at 357 4th Street in Park Slope, and now the firm itself has been found "grossly negligent" and fined $35,000 by the judge in the case for failing to preserve and hand over emails that would allegedly confirm that Corcoran agents cancelled appointments on rainy days. Meanwhile, the case itself, which involves almost a million dollars in potential construction fixes and total damages of $5 million, continues on.
State Supreme Court Rules Corcoran "Negligent" [TRD]
E-mail Shows Couple's Suit vs. Corcoran Group Holds Water [NYDN]

November 12, 2009

Standing Room Only at The Locale Condo Auction

Curbed has the results of yesterday's auction of The Locale in Greenpoint. The 16-unit condo auction was held by Sheldon Goode at the New York Marriott and by the sound of it was quite effective. Only five units ended up being sold via live bidding; after that, the developer had interested parties submit private offers. A fourth floor one-bedroom with 726 square feet went for $312,500 and a ground-floor studio with 908 square feet sold for $272,000. More details on the link.
On the Block RESULTS: Five Greenpoint Condos Sell [Curbed]
The Locale: Greenpoint Condo Auction [Brownstoner] GMAP

Second Life For Be@Schermerhorn

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Last we heard from be@schermerhorn (a couple of months ago), the 246-unit condo building in Downtown Brooklyn was forced to let its existing buyers out of contract, having failed to sell enough of the building; earlier in the year, the development finally cut prices but it was too little too late. Well, now those same buyers will be able to buy back in, presumably at much lower prices. It was reported yesterday that an Atlanta-based company called Jamestown Properties has purchased the mortgage on the property and plans to relaunch the sales effort under the management of the original developer, SDS Procida. Great news for the Downtown area if they can pull it off. If it's priced to sell, we don't see any reason why they can't.
Brooklyn Condo Scooped Up by German Investors [WSJ]
Jamestown Invests in Troubled be@Schermerhorn [TRD]
Vultures Pick Off Downtown Brooklyn Condo [Curbed]
Be@Schermerhorn Hits Another Snag [Brownstoner]
Welcome to Downtown Brooklyn's Hottest Pocket [NY Post]
The Be@Schermerhorn Price Cuts We've Been Waiting For [Brownstoner]
What's Going On at Be@Schermerhorn? [Brownstoner]
Checking In On Be@Schermerhorn [Brownstoner] GMAP
Price Cuts at Be@Schermerhorn [Brownstoner]
Inside Be@Schermerhorn [Brownstoner]

November 11, 2009

Condo of the Day: 110 Livingston Street, #8O

A couple of years after the owner bought Apartment 8O from the developer, this corner two-bedroom at 110 Livingston Street just came up for resale with a price tag of $775,000. We light the combo of modern-but-prewar that the Two Trees conversions typically have, and this place is no exception. Given the size of almost 1,100 square feet, the impressive light and views and the modest common charges of $725, we can see this fetching close to ask. Agree?
110 Livingston Street, #8O [City Connections] GMAP P*Shark

November 9, 2009

Condo of the Day: 689 Myrtle Avenue, #1G

This two-bedroom condo at 689 Myrtle Avenue is slightly unorthodox but, at 1,644 square feet, it's also pretty darn big for the asking price of $575,000. Still, it's kinda in the middle of nowhere and the finishes are pretty blah so it's hard to say. When the building went condo in 2003 this unit went for $396,000, so the seller has a little breathing room to work with. What do you think it's worth?
689 Myrtle Avenue, #1G [Douglas Elliman] GMAP P*Shark

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