Forte Reboot Priced to Sell
After going off the market at the end of the summer (presumably while the bank figured its plan of action), the Forte hit the market again at the end of last week under the auspices of Corcoran. The big news is that the units look priced to sell! Back in the old days, a 1,000-square-foot…
After going off the market at the end of the summer (presumably while the bank figured its plan of action), the Forte hit the market again at the end of last week under the auspices of Corcoran. The big news is that the units look priced to sell! Back in the old days, a 1,000-square-foot two-bedroom woulda cost you somewhere in the mid- to high- $700,000s. Now, for that price, you can pick a 1,435-square-foot three-bedroom. Crazy. From the looks of the first wave of listings, most apartments are priced at around $500 a foot. These could go fast at these prices. GMAP
Wait… this is the same broker who sold 357 4th Street leaking Condo which was posted on November 17, 2009?
http://bstoner.wpengine.com/brownstoner/archives/2009/11/footage_from_39.php
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=877070
The living/kitchen area on the C line looks like a disaster. The curved layout is pretty, but makes ordinary furniture somewhat impossible to place efficiently; and the overall living/dining space is too small to fit anything other than a breakfast table. There’s also very little space for any kind of shelving or media/book storage. Oh, and who knows what will block your southern exposure in a few years.
A line seems to have more usable space because you don’t have the giant hallway taking up space and making the apartment feel off center. A line also has a separate dining area. Beyond that it’s sort of a matter of your preference for north (Manhattan) views vs. southern light.
We looked at the units this week. We are interested in 2 lines: A and C.
Any advice?
For starters if the Cocorean group is involved there is nothing economical about it. They are only good for talking up and taking large commisions. I am so glad their e-waitress owner has shut up because of the housing bubble bust. I thought I was the only one that hated her “property values always go up nonsense. Who would want to buy something that is going down in value accompanied by high maintance costs? Buyers should have the posibility of opting out of maintance and do their own. Why do I have to pay close to 1000 dollars a month to was my hallway and stairs and change a lightbulb? Some of us know how to do that!
I actually think this is a great deal! after searching for a small apartment in fort greene for the last 18 months i had almost given up and had decided i was going to buy a place at the clinton hill coops. All the coops and condos in the magnificant brownstones (which i will always dream of one day having the money to live in) were super tiny and super expensive. I was ready to settle for the Clinton Hill Coops deciding it was the only affordable place but not anymore! These are cheaper and closer to the subway and don’t need renovation! woo hoo!
A 1156sf 2 bedroom on the A line on 15th floor goes for 532K (or so), add $5K per floor going up. Views get better past the 20th floor.
Actually, it might be closer to that $450 range. Looking through the revised listings, I saw that some of the real two bedrooms are going for $498,000. How can anyone argue with that being a good deal? We’re talking about modern apartments that have never been occupied before.
Regardless of what one thinks of the overall market or condos in general, the relative demise of Forte is a lesson for developers in not taking the details for granted. The bad layouts and lack of basement storage are two of those elements, as is the fact that there are only two elevators, or that the so-called gym is about the size of half a tennis court–for a building with about 120 units. I couldn’t care less whether the appliances are mid-range or of the fancy European ilk, but the cheap, intrusive HVAC units mean you can make even less of your small square footage (and lack of wall space). We’ve seen so many developers try to squeeze out every last square inch by cutting corners, so it’s nice to see someone get their comeuppance.
That being said, every unit has a price at which it’s worth selling. From what I understand (and this is coming from a Brooklyn-based architect friend who’s seen the properties), the construction quality itself is fine, and you can’t argue with the neighborhood and (in most cases) views. Personally, I’d be pretty happy to bite at $400 to $450 for the square foot.