Condos
February 9, 2010
Vermeil Inching Towards The Finish Line
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the get-go, hit the market in early '07 and started closing in February of last year. There have been fairly substantial discounts on some of the more recent sales, like a unit initially listed for $1,700,000 that sold for $1.15 million with two parking spots thrown in.
Checking In On The Vermeil [Brownstoner]
More Price Cuts at The Vermeil [Brownstoner] GMAP
Checking in on The Vermeil [Brownstoner]
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]
February 5, 2010
Checking in on 500 4th Avenue
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]
Move-ins at 120 Lexington Avenue
120 Lexington Avenue is a bit of a mystery to us. The six-unit, Scarano-designed project was started during the boom but then sat empty and almost done for a couple of years before the developer tried to unload it at the end of 2008 for $2,300,000. That price proved to be to rich, and a bottom-feeder picked it up for $1,487,500 in July of last year. There's no current information about the property's status on StreetEasy, but last weekend we saw people starting to move in. We're assuming it's a rental now, even though there's still a sign for condos in the window. Anyone know any details? GMAP
February 4, 2010
Sales Start at Small 13th Street Condo
It looks like listings for the 7-unit condo at 185 13th Street, between 3rd and 4th avenues, hit the market within the past several weeks. According to StreetEasy, prices are running from $406,000 for 1-bedrooms to $643,000 for a 2-bedroom duplex. Here's part of the pitch: "Just off hip 4th Avenue in Gowanus neighborhood / Park Slope vicinity. All spacious apartments have outdoor space and are accented with high-end finishes. Design: Super stylish & sleek. Offering an abundance of space, terraces, gardens & roof decks. Flexible floor plans, generous light, floor to ceiling over-sized windows & 4 inch wide Brazilian cherry wood floors..."
185 13th Street Listings [StreetEasy] GMAP
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]
February 2, 2010
Checking in on the Elan
We haven't taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting unspecified "incentive packages." (Requests for elaboration from Apartments & Lofts on what those incentive packages involve have not been answered.) According to StreetEasy, there were additional, though very minor, price cuts on a couple units earlier this month: A one-bedroom went from $599,000 to $567,500, and a two-bed went from $670,000 to $649,000. Also, if StreetEasy's rundown on the Elan is correct, the price cuts haven't done much to sell units here: Of the three condos that are in contract, all were spoken for before last fall's chops and the building's rebranding. This one just seems like it's heading for trouble.
Broker Switcheroo, Huge Price Cuts at The Elan [Brownstoner]
The Elan [StreetEasy]
Condos of the Day: 255 1st Street [Brownstoner] GMAP
The Verdi Inches Along
It's hardly time to break out the champagne over at The Verdi, but when you're talking about one of the more hideous buildings to hit the market in Fort Greene in recent memory, you gotta take your victories, however small, when you can: According to StreetEasy (via Curbed), three units at the beleaguered building closed at the end of last year, more than likely the ones that went into contract back in September 2008. StreetEasy also shows that another two units went into contract in December; both had most recently had their asking prices reduced to about 20 percent of initial 2007 levels. Still, it's a safe bet that these deals were done at around $500 a foot, still not cheap given the location and design. A request for further detail from the broker on the listing was ignored.
The Verdi Listings [Corcoran] GMAP
Sales with Small Discounts at Verdi [Curbed]
Prices Slashed at Verdi on Adelphi [Brownstoner]
Verdi's Sales Like Its Architecture: Ugly [Brownstoner]
At Verdi, All That Glitters Ain't Gold [Brownstoner]
New Development: Verdi on Adelphi [Brownstoner]
February 1, 2010
Warehouse 11 Sales: Do or Die For Condo's Developer
Turns out that fire sale at Williamsburg's Warehouse 11—which reportedly involved a whole mess of units going into contract for less than $600 a foot—was primarily stoked by lender pressure, according to an article in the Real Deal. The magazine reports that while "a spokesperson for Aptsandlofts.com said the price slashing is due to market conditions, but a source with knowledge of the situation said the fire sale marks an effort to ratchet up cash before a lender-imposed March 31 cut off date. Developer McCaren Park Mews LLC initially faced a Dec. 21, 2009 deadline to buy back the debt, according to bankruptcy filings. But, the developer had been 'able to renegotiate terms with the bank,' the spokesperson said, and extend the closing deadline to March." The story says the building's developer needs to come up with around $30 million to buy back the debt, which was originally around $50 million.
Warehouse 11 races against clock [The Real Deal]
Price Cuts Lead to Feeding Frenzy at Warehouse 11 [Brownstoner] GMAP
January 29, 2010
Toren Gets FHA Status, Tenants and a New Pool!
Big news in Downtown Brooklyn! Toren, the 240-unit, SOM-designed tower at Flatbush and Myrtle Avenues, just received approvals from both FHA and Fannie Mae, which means that it'll be much easier for first-time buyers to step up to the plate. As for folks who've already bought in the 38-story building (it's currently 50% sold), the TCO was recently issued, making it possible for the first wave of buyers to start moving in. Most exciting of all, these early inhabitants will be able to take a dip in the just-completed pool. We've got the first photo of the never-before-seen pool below.
Toren Holds First Closing, Wants in on FHA Program [Brownstoner]
Crunch Time at The Toren [Brownstoner] GMAP
January 28, 2010
Condo of the Day: 70 Washington Street, #12G
This 12th-floor corner loft at 70 Washington Street was originally purchased from the sponsor back in 2006 for $1,629,200 and has just come up for resale with a price tag of $2,100,000. We love the looks of this place (and the size—it's a very comfortable 1,737 square feet), but $1,200 a foot seems like a reach to us when there are 17 other listings in the building at an average price per square foot of about $900. To be they're not all on high floors with these views, but still...If this goes for more than $1,900,000 we'll be surprised.
70 Washington Street, #12G [Brown Harris Stevens] GMAP P*Shark
January 27, 2010
Looks Like Condos at 134 St. Marks are Finally Selling
134 St. Marks Place, the Scarano-designed North Slope condo near 5th Avenue, appears to have finally found its legs. The development hit the market back in 2007 but, after a couple years and a chilly reception from buyers, listings were yanked. The development made another go of it starting last September, with prices running from $430,000 for a 683-square-foot one-bedroom to $849,000 for a 1,352-square-foot two-bedroom. StreetEasy is now showing six units in contract, and three others left to sell. It took awhile, but this one may yet sell out.
134 St. Marks Place Takes a Mulligan [Brownstoner]
134 St. Marks Place [StreetEasy] GMAP P*Shark
Condos of the Day: 134 St. Marks Place [Brownstoner]
On Sale Soon: 134-136 St. Marks Place [Brownstoner]
Development Watch: 136 St. Marks Place [Brownstoner]
January 25, 2010
892 Bergen Street Relaunches
892 Bergen Street, the new 38-unit development in Crown Heights, was on the market for a while last year, but, according to the broker, was taken off for a while recently while some construction was finished up. The new listings (with new prices) just hit the market. The new prices are in the $500-a-square-foot range, a bit--but not that much--lower than before. For example, Apartment 9C, a 1,095-square-foot two-bedroom, was listed last at $575,000 last fall; now it's asking $540,000. Similarly, Apartment 5A was $470,000 and is now $440,000. Think it'll be enough? As an extra incentive, we were told, the next three buyers who sign contracts will get a free parking space.
Development Watch: 892 Bergen Street [Brownstoner]
Development Watch: 892 Bergen Street [Brownstoner] GMAP P*Shark
Development Watch: 892 Bergen Street [Brownstoner] DOB
January 21, 2010
Price Cuts Lead to Feeding Frenzy at Warehouse 11
Evidently if you price condos at $550 a foot in prime Williamsburg they will sell. That's the lesson from last week's open house at Warehouse 11, the 120-unit, Karl Fischer-designed condo that's staging a remarkable turnaround. Earlier this month, aptsandlofts.com relaunched the building's sales process by slashing average asking prices from over $700 a foot to the mid-$500s (with some as low as $450). Last night was the first time buyers could step up, and step up they did. According to a NY Post article today, 34 offers at full asking price were accepted last night (while another 20 or so below asking price were rejected); thirty people were lined up ahead of time to get in the door first. Don't get too excited though—at some unknown milestone, prices are going to be raised again.
Open Fire [NY Post] GMAP
34 Accepted Offers in One Night [Curbed]
20% Off at Warehouse 11 [Brownstoner]
Warehouse 11 Seeking a Savior [Brownstoner]
Celebrity Interest in Dumbo Clocktower
The Post is reporting that there's been some interest in the 7,000-square-foot quadriplex at One Main Street in Dumbo. Not surprisingly given the $25 million price tag and the bling factor, the list of interested parties has included a couple of bold-faced names, most notably Jay-Z and Ralph Lauren.
Clock Watch [NY Post] GMAP
January 14, 2010
Condo of the Day: 44 Cheever Place, #502
This one-bedroom condo at 44 Cheever Place just hit the market with an asking price of $549,000. The 960-square-foot pad looks feels like it hasn't had any TLC since the mid-Eighties, but it has nice bones, good light and a deeded parking space. In addition, the combined monthly charge of $691 is quite reasonable. You liking it?
44 Cheever Place, #502 [Brooklyn Heights RE] GMAP P*Shark
January 13, 2010
Checking in on 187 13th Street
Somehow, we've never covered the condo at 187 13th Street, which hit the market a few months ago, according to StreetEasy. The building, which is between 3rd and 4th avenues, has 7 units, according to DOB permits. The ad lingo says the following: "A loft-like condo building, with studio lofts, 1 and 2 bedrooms, located in a section of Park Slope that is the next place to be." The listings also note FHA status is pending. StreetEasy says one of the units is in contract and there are two other active listings, a 624-sf 1-bedroom priced at $408,000 and a 1,178-sf duplex asking $689,000.
187 13th Street Listings [StreetEasy] GMAP
Only One Left at Northpoint Towers
It was a long slow grind, but the Northpoint Towers at 76-84 Engert Avenue in Greenpoint is just about all spoken for. Granted the two-building, 32-unit project ended up renting out more than a third of the units, but they also managed to sell nineteen units since 2007. And now all that's left for sale is one of the penthouses. Regardless how you feel about Greenpoint or new condos, it's hard not to get excited about these views—and the three private terraces. The interior finishes also look pretty nice as far as these things go. The 1,248-square-foot (interior) space comes with a price tag of $949,000. Any takers? GMAP
January 7, 2010
20% Off at Warehouse 11
This one slipped through the cracks earlier this week... Curbed reported that Warehouse 11, a 120-unit Karl Fischer special that looked headed for the junk heap last spring, has staged a remarkable come-back in the form of some serious price cuts. In May, the average price per square foot in the building was $721. There are now 18 listings up on StreetEasy that come in "below even perhaps the most dire Williamsburg predictions" at an average of just $557. Aptsandlofts.com has the listings. GMAP
January 6, 2010
Condo of the Day: 383 Carlton Avenue, #3S
This two-bedroom condo at The Greene House at 383 Carlton Avenue in Fort Greene has had a rough ride. It started out back in 2005 with an asking price of $846,000. After stops at $775,000 in 2007 and $719,000 in 2008, the 837-square-foot pad stayed on the sidelines for all of 2009, only to emerge yesterday with a price tag of $599,000. Set Speed, which noticed the relisting, calls the new price of $599,000 "unbelievable" and asks "Won't someone buy this unit?" Given that it comes with an 800-square-foot terrace, we have to admit that the price is starting to look tempting.
383 Carlton Avenue, #3S [Corcoran] GMAP P*Shark
January 4, 2010
EXCLUSIVE: Toll Brothers Planning Large Dumbo Project
Huge news for Dumbo: Toll Brothers just purchased the vacant lot at 205 Water Street in Dumbo and the firm intends to build a condo on the site. The project will be the first new condo in the recently rezoned section of the neighborhood. Toll bought the land for $8.6 million a couple days before Christmas; the deal was recorded in public records last week. David Von Spreckelsen, a senior vice president at Toll, says the company is looking to build a condo with around 70 units, but the plans are still very much in their infancy. Although the Dumbo rezoning allows for as-of-right residential development, the area is also landmarked, so the developer is going to present plans to the LPC and various community groups before moving forward. Von Spreckelsen says that he hopes to start building by the end of the year. The property at 205 Water Street was purchased by the HK Organization in late 2005 for $5.45 million. HK demolished the warehouse that was on the site—angering some in the community along the way—and intended to build a residential project on the land, but obviously that never happened.
DUMBO Rezoning Passed (Without Much Fanfare) [Brownstoner] GMAP
Praying for the Variance Gods at 205 Water Street [Brownstoner] P*Shark
December 30, 2009
Price Cuts at 125 North 10th Street
The new condo building at 125 North 10th Street in Williamsburg got some nice ink in The Times last month when The Hunt column featured a couple opting for a two-bedroom in the building. The press couldn't have hurt, but it wasn't enough to remove the need for a little pre-Christmas price-cutting. According to StreetEasy, two units had their asking prices reduced by more than 10 percent last week. A 1,048-square-foot two-bedroom went from $754,500 to $649,000 and a 1,054-square-foot penthouse went from $1,100,000 to $945,000. The broker's website shows that 24 apartments are still available. Out of 86 total, that's still not too bad a batting average in this market. GMAP
December 29, 2009
Checking in on Another First Place Conversion
The sales success of 90 First Place made us curious about how nearby conversion 126 First Place is faring. The five-unit condo went on sale this summer, and there haven't been any sales recorded for the property yet. Listings—three of which have been taken off the market, with another in contract, and the last one still active—start at $925,000 and run up to $1,395,000 for 2-bedroom units. These prices are higher than 90 First's, but not by an order of magnitude, so maybe the finishes are holding it back. Anyone seen these units in the flesh?
126 First Place Listings [StreetEasy] GMAP
December 22, 2009
Less Money, Mo Problems for 20 Bayard Developer
According to a story in the Real Deal, the developer of 20 Bayard—who filed for Chapter 11 last month—is engaged in legal haggling with his lender over the use of rental income. Developer Isaac Hager's lender W Financial Fund is asking a judge to reject Hager's motion to use rental income from the building to cover maintenance expenses until a credit reorganization plan is hammered out. The condo is half sold and half rental. The story also puts the bankruptcy of 20 Bayard into perspective: "The 20 Bayard collapse is one of the few bankruptcy filings of a completed condo project in New York since the September 2008 collapse of Lehman Brothers. Lenders very often include a so-called "bad boy" clause that holds developers personally liable if they file their projects into bankruptcy to avoid a default." Two other examples are an Upper West Side building and Greenpoint's Viridian.
W Financial Fights 20 Bayard Plan [The Real Deal] GMAP
20 Bayard Goes Belly Up [Brownstoner]
Photo by digitalfront.
December 21, 2009
Checking In On The Rialto
When we checked in back in May, The Rialto was off to a good start, with 10 out of 31 units in the hopper. How's the 31-unit condo at 150 North 5th Street doing now? Well, StreetEasy says that there are seven units left, but the broker we talked to said that three of those are already spoken for, so they're down to four. The location and the FHA financing can't have hurt.
Signs of Life for Williamsburg Condos? [Brownstoner] GMAP
New Burg Condos Come to Market [Brownstoner]
December 18, 2009
All of 90 First Place Spoken For
All five units in the conversion at 90 First Place have either sold or gone into contract, according to a press release beamed out yesterday. Two closings happened this week, according to the release, though none had hit public records as of last night. The condo went on sale in April, with prices ranging from $925,000 to $1.15 million.
90 First Place Knocking Cover Off Ball [Brownstoner] GMAP
Latest Restaurant Additions
-
Bridgeview Diner
added February 9, 2010 12:00 PM in Bay Ridge -
222 Franklin Street
added February 8, 2010 12:00 PM in Greenpoint -
La Petite Provence
added February 5, 2010 12:00 PM in Carroll Gardens -
Purple Yam
added February 4, 2010 12:00 PM in Ditmas Park -
Kasia's Restaurant
added February 3, 2010 12:00 PM in Williamsburg -
myThai
added February 2, 2010 12:00 PM in Bay Ridge -
Vinnie's Pizzeria
added February 1, 2010 12:00 PM in Greenpoint, Williamsburg -
Vesuvio
added January 29, 2010 12:00 PM in Bay Ridge -
Sue Perette
added January 28, 2010 12:00 PM in Carroll Gardens -
Radegast Hall & Biergarten
added January 27, 2010 12:00 PM in Williamsburg