February 5, 2010

380 Clinton Avenue Now $1 Million Cheaper

The Julius Liebman Mansion at 380 Clinton Avenue has now been on the market for about a year so we thought it was worth putting in a call to the broker to see if there was any news. Here's what we found out: No buyer yet, but the price has been cut from $5,500,000 to $4,500,000. The reduction brings the price per square foot for the 9,200-square-foot pad below the $500 mark.
Liebman Mansion Interior Revealed [Brownstoner] GMAP
Julius Liebman Mansion Hits the Market [Brownstoner]

January 15, 2010

Price Cut at Neglected Lefferts Beauty

1860 Bedford Avenue has been sitting vacant and derelict for several years now, after a boneheaded miscalculation by the current owner who had wanted to move his medical practice into the building only to find, after buying it, that commercial uses are prohibited in Lefferts Manor. That was his first mistake. His second was to be greedy on the resale back when the market was still strong: Back in the first half of 2008, when it was a House of the Day, the asking price was $900,000. As of the beginning of this year, the price tag has been reduced to $650,000. The potential is obviously amazing, but is the price still too high? Probably, but getting closer. At this point, the neighbors would probably be willing to kick in a few bucks just to get rid of this guy!
1860 Bedford Avenue [Fabrikant] GMAP P*Shark
House of the Day: 1860 Bedford Avenue [Brownstoner]
What's Up with 1860 Bedford Avenue [Brownstoner]

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

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]

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

Price Cuts at The Absolute

The Absolute may have started renting units back in July but that doesn't mean the developer doesn't still want to move some condo product. To that end, it appears from StreetEasy that prices were just cut again at eight units. The reductions, which were all in the 5 percent range, affected only apartments on the lower three floors.
The Absolute Condos Sales Listings [Corcoran] GMAP
Absolute Hedges Its Bets With Rentals [Brownstoner]
Price Cuts, Broker Switcheroo at The Absolute [Brownstoner]
Checking In On The Absolute Condos [Brownstoner]
The Absolute Hard Launches [Brownstoner]
The Absolute Launching on Myrtle [Brownstoner]
Development Watch: 111 Steuben/543 Myrtle [Brownstoner]
Development Watch: Myrtle and Steuben [Brownstoner]

August 18, 2009

Price Cuts at One Brooklyn Bridge Park

On the heels of the news that the developer of One Brooklyn Bridge Park has started renting out a small portion of the 300 or so units that remain vacant comes word of price reductions at 15 apartments in the fancy waterfront complex. The affected units range from a 589-square-foot one-bedroom that started out asking $500,000 last December before dropping to $415,000 in June and then $325,000 last week (35 percent off peak!) to a 2,295-square-foot four-bedroom that started out at $2,750,000 before going to $2,295,000 and now $1,995,000. Are these levels starting to get interesting yet?
Renting 1 BBP: 'We Would Like Things to be Different' [Brownstoner]
Rentals, Price Cuts and Loan Extension at 1BBP [Brownstoner] GMAP
Levine Talks One Brooklyn Bridge Park Closings [Brownstoner]

June 3, 2009

A Few Price Cuts at 80 Met

The folks behind Williamsburg's 80 Metropolitan have resisted across-the-board price cuts, but they continue to chip away at some of the lower-floor apartments. Back in March, when 42 units were in contract (according to StreetEasy), we reported that six units on the second floor were reduced; now, with 44 in contract, three listings have gotten trimmed: #2P was cut from $825,000 to $735,000, #2G from $735,000 to $689,000, and #3KI from $1,329,000 to $1,224,000.
Price Cuts at 80 Met [Brownstoner] GMAP

May 21, 2009

Lamm Lots Coming Down in Price

The Lamm Institute at 110 Amity Street, which hit the market in March for $4,500,000, is holding firm on its price but the surrounding lots have just been reduced. The four lots at 357, 359 and 361 Henry Street and 120 Amity Street are now offered at under $1 million each, down from their original level $1,400,000; they all already have approved plans for four-story houses. GMAP

May 12, 2009

Price Cut at 355 Degraw Street

This has flown under our radar 'til now...This two-family, four-story brick house at 355 Degraw Street in Carroll Gardens hit the market asking $1,950,000 in early April and was just reduced yesterday by a modest $75,000 to $1,875,000. It was recently renovated and has a nice modern feel without having lost its original charm. The new price should attract some interest, dontcha think? Has anyone been inside? Here's the listing. GMAP

April 30, 2009

The Ripple Effect of Northside Piers' Price Cuts

When Toll Brothers slashed prices at Northside Piers' Tower 1 back in February, the effects rippled through the oversaturated Williamsburg condo market, reports The New York Post. The cuts took prices from a pre-market-slide average of $900 a foot down to about $700. "When they dropped those prices, they made anyone inland have to look at their prices," explains David Maundrell, head of Aptsandlofts.com. "We had to be realistic and do what Toll Brothers is doing because it's only a matter of time before buyers realize they can buy for $650 [per square foot] near the water." For, example, at the Evry, a new 14-unit development AptsandLofts is marketing at 273 Manhattan Avenue, prices are under $600 a foot.
Will of the People [NY Post]

April 29, 2009

Price Cut at 273 Berry Street

The three-story townhouse at 273 Berry Street at South 1st Street on Williamsburg's South Side hit the market last February with a price tag of $1,129,000, which is where it was when it was an Open House Pick in March. On Monday, the asking price was reduced by 7 percent to $1,049,000. The interior has about as much detail as you can expect to find in this part of town. The owner's also willing to provide financing. Further to fall or about right now? GMAP

Targeted Price Cuts at Belltel Lofts

Following the lead of Forte and On Prospect Park, the Belltel Lofts in Downtown Brooklyn are getting some pinpoint price-cuts. This, presumably, has the benefit of generating buzz and people through the door without having to give away too much profit margin. The three units getting trimmed are 14G (from $1,062,000 to $999,000), 3A (from $850,000 to $799,000) and 11A (from $940,000 to $855,000). The only one that really looks cheap post-cut is 3A, which comes out to $469 a foot. Interested?
The Belltel Lofts [Douglas Elliman] GMAP
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]

April 28, 2009

Price Cuts at 475 Sterling Place

A bunch of units (well, seven to be exact) at 475 Sterling Place in ~~Prospect~~ Crown Heights had their asking pricing reduced, according to StreetEasy. Back in February we reported that 18 units had closed to date and that another four were in contract; it's hard to tell from StreetEasy if there's been any action since then. Regardless, we're surprised at the timidity of the price cuts. They're all around 5 percent. In this market, why not step it up a little? This place is relatively nice and all but, as a developer, time is your enemy right now. Cut 'em and move 'em!
475 Sterling Place Listings [StreetEasy] GMAP
Checking Back In On 475 Sterling Place [Brownstoner]
Checking In On 475 Sterling [Brownstoner] P*Shark
475 Sterling Ready for Prime-Time [Brownstoner]
Time Lapse: 475 Sterling Place [Brownstoner]
Development Watch: 467 Sterling Place [Brownstoner]

April 14, 2009

Price Cut at 465 13th Street

When 465 13th Street in the South Slope was a House of the Day last month, its price had recently been trimmed from $1,775,000 to $1,650,000. Guess that wasn't enough to get the job done because the price was just reduced another $65,000 to $1,585,000. How low can it go? The appraisal widget wasn't up and running back in March when this was posted so let's see what the wisdom of the crowd is on this one now. GMAP

April 6, 2009

A Couple of Houses Reduced on Dean Street

Two houses on Dean Street had their asking prices reduced in the last few days. The two-family house with a storefront at 190 Dean Street hit the market in February (when it was a House of the Day) with a price tag of $1,600,000 and was reduced to $1,495,000 this week. Meanwhile, the two-family at 425 Dean Street, that was an Open House Pick in October at $1,425,000 before getting pulled off the market, has been re-listed at $1,275,000 ~~and is having an open house on Sunday from 2:30 to 4~~. Thoughts?
190 Dean Street [Corcoran] GMAP P*Shark
425 Dean Street [Brown Harris Stevens] GMAP P*Shark

February 17, 2009

Another Price Cut for 43 Love Lane

Things are really getting rough for 43 Love Lane, the new-construction carriage house that came on the market for $3,500,000 in February 2007 and has been reduced several times over the last year and a half. In January we reported it was being offered for rent. Now the price has been cut again, this time to $2,175,000. Where does it end? (Also here.) GMAP

December 19, 2008

Brooklyn Bargains? This Week's Condo Price Cuts

935 Pacific #401
1230-sf, 3-bed, 3-bath
Original listing: $900,000, 5/2/07
Price as of 12/12/08: $779,000
Listed by Aguayo & Huebener

440 Kent Avenue #PH2A/2B
3,540-sf 5-bed, 4.2-bath
Original listing: $5.2 million, 10/17/08
Price as of 12/12/08: $4.7 million
Listed by Sotheby's

12205 Flatlands Avenue
650-sf 1-bed, 1-bath
Original listing: $149,000, 11/12/08
Price as of 12/10/08: $139,000
Listed by Maxima

December 16, 2008

Yet Another Round of Price Cuts at Lofts on Lex

Though they had a fresh round of chops last month, it seems prices are going down again at 95 Lexington Avenue, the 20-unit development which had four units in contract a month ago. Per Streeteasy, the remaining 16 units are now all discounted. The 1,524-sf 5D got a $150,000 haircut three days ago, to $849,000. That same day, the 1,015-sf 4C took $100,000 off, making it $469,000 (most are studios or one-beds since they're supposed to be, well, lofts). Will this do the trick? GMAP

December 5, 2008

Brooklyn Bargains? This Week's Condo Price Cuts

30 Bayard Street #10B
1419-sf, 3-bed, 2-bath
Original listing: $1,280,000, 10/27/08
Price as of 12/02/08: $1,195,000
Listed by Elliman

66 North 1st Street #3B
1079-ft 1.5-bed, 2-bath
Original listing: $799,000, 11/28/08
Price as of 12/02/08: $775,000
Listed by Corcoran

360 Furman Street #511
683-sf studio, 1-bath
Original listing: $795,000, 6/26/08
Price as of 12/02/08: $695,000
Listed by Stribling

November 20, 2008

Price Cuts at the Satori

The Japanese-inspired Boerum Hill condo Satori, at 340 Bond, is hopping on the price chop bandwagon. According to The Developers Group, asking prices have dropped 10 to 20 percent throughout the building. The model apartment, C-2A, went from $585,000 to $499,000. C2-C, a studio, went from $470,000 to $385,000. Enough to pique your interest out there? Looks from their Web site that not a one has sold.

November 7, 2008

Rental Reductions at One Brooklyn Bridge Park

Earlier this week, we reported tough times at One Brooklyn Bridge Park, since the bulk of buyers there were Wall Street types. Well, even if you're not in the market to buy, a couple of units are for rent there, with fresh price cuts. A 588-square-foot, one-bath studio is now $2,600, down from the $2,900 it was listed on Streeteasy for last month; two similar units are listed at $2,500 and $2,400. Any takers?

November 3, 2008

Clinton Avenue Haunted Mansion Now 25% Cheaper

The most-watched house on the Clinton Hill market just got a huge, well-deserved price cut: 405 Clinton Avenue, which was a House of the Day, when it debuted in mid-September, has been reduced from its initial asking price of $3,995,000 to $2,995,000. Man are we jealous of the person who gets this place! The listing's here.

October 15, 2008

Price Cuts at the Oro

Looks like developers have taken the axe to the Oro, where a 1,092-square-foot, two-bedroom, two-bath unit got a $35,000 chop after 383 days on the market, according to StreetEasy. It's now $777,000. Okay, so it's a small axe. Another studio got a $30,000 discount, to $480,000. Unit 14F got an increase, however; the one-bed, one-bath is now $589,000, up from $577,000 three days ago. The building (which is a Brownstoner advertiser) has only reduced a few units over the past months; think this will be enough to get it moving?
Closings Begin at Oro [Brownstoner] GMAP
Oro Closings Becoming a Reality [Brownstoner]
Price Cut at the Oro [Brownstoner]

October 13, 2008

A Pair of ProHi Price Cuts

After last week's carnage, you'd think there would be price reductions left and right, but it appears that more of a wait-and-see bunker mentality set in in the short run. Corcoran did take out the axe, though, on two of its townhouse listings in Prospect Heights. The four-story house at 368 Park Place (left), which started out at $1,850,000 in April and had already been trimmed three times, got another $75,000 nudge down to $1,525,000. The professional-looking makeover at 210 Prospect Place (right) had its first cut since coming on the market in July at $2,495,000; it's now testing the waters at $2,250,000.
368 Park Place [Corcoran] GMAP P*Shark
210 Prospect Place [Corcoran] GMAP P*Shark
House of the Day: 210 Prospect Place [Brownstoner]

Price Cuts