Big on 4th: Rental or Condo?
Work’s progressing on Issac Katan’s building on 4th Ave. between 12th and 13th, a big baby that’ll have 135 units when all’s said and done. Aside from a rumor that this place was going to host an Olive Garden, there’s precious little info out there about 500 4th. So we wonder: Condo or rental? On…
Work’s progressing on Issac Katan’s building on 4th Ave. between 12th and 13th, a big baby that’ll have 135 units when all’s said and done. Aside from a rumor that this place was going to host an Olive Garden, there’s precious little info out there about 500 4th. So we wonder: Condo or rental? On the pro-condo side, Katan had a hand in another 4th Ave. condo, the Novo, and sales at the most recent non-rental on the strip, the Argyle, are none too shabby. On the pro-rental side, though, we’ve got today’s market, the fact that Novo sales have been fairly lackluster, and a lack of marketing for the building so far. Seems to us like this one could go either way. Your $.02, please:
How about —wannabe condo…can’t sell ’em…turn rental
If the quality is as lousy as the NOVO condo, this building will suffer from slow sales in an inferior location. No worry however, like the NOVO, this baby won’t be finished until two or more years elapse. The NOVO took that long and only now has received its first “temporary” C of O. Rental seems the way to go but who knows how good or bad the market will be in 2010?
the timing truly couldn’t be worse for new condos unless they price them way under market average.
looks like a rental all the way…
As that side of 4th avenue gets more built up, that block will get better and better. There are some nice houses on that block. Hopefully they don’t all get turned into superblock condos.
I think they should forget Olive Garden and put the beer distributor back in as the retail tenant.
12:01 – That will never fly.
the project is a hybrid. the top four floors are condo. the rest is rental.
Does it matter if condo or rental? Is 1 better? Is there more demand for 1 over the other?
I don’t care if its rental or condo. All I care about is the Olive Garden’s unlimited pasta special. It’s just what the neighborhood needs.