324-22ndSt-03.jpg 352-21stSt-02.jpg
gwoodhill1.jpgIs the building boom in Greenwood Heights resulting in too much supply or is the quality of the projects turning buyers off? That’s the question in the wake of price cuts at three new condo projects in the area. Prices have recently been reduced by about 10 percent at the Green Hill Condos (top left) at 324 22nd Street where all seven units are still available. With only one out of eight units in contract, prices at The Minerva (top right) at 352 21st Street were recently trimmed by 3 to 5 percent. Likewise, at the Greenwood Hill Condos (bottom right) at 313 23rd Street, where about half of the 32 units have been spoken for since hitting the market over six months ago, four units were reduced by more than 10 percent last week.
Here are the reductions listed on Streeteasy:
324 22nd Street
352 21st Street
313 23rd Street

New Development: Greenwood Hill Condos [Brownstoner]


What's Your Take? Leave a Comment

  1. The body of the house is in the cemetery. The tombstones are maybe 5 ft from the left side of the bldg. This is not alongside the cemetery, this is in it. I pass it twice every day.
    The ironic thing is there are certain cultures that won’t even walk in a cemetery or on the same sidewalk unless they are visiting the grave of a loved one, and some of those cultures are represented in traditional Sunset Park. This is going to be very interesting.
    btw, their neighbors are going to be Sunset Park people, regardless of the developer’s propaganda.

  2. I have asked this before. Where are all the people going to come from to live in all these new buildings? Are they attracting first time buyers like the “you have to start somewhere” poster above? If many people are moving from renting, what will happen to the rental market? At what rate does the Brooklyn population grow? What are the projections for the next 5-10 years. BTW has anyone been watching the market the last few days? The end is near.

  3. T at GHC,

    You misunderstood my comment. I was stating that buildings NOW are going for $600K and up (actually, I know nothing at $600K).

    When we bought back in 2004, it was in the $350K range, high even for that time. When we originally bid on the place, comps were in the mid $200K area.

    So, now you can see what all the overdevelopment has done to real estate prices, not only to condos, but to the existing frame as well.

    Welcome to the ‘nabe. Remember, the building ain’t over yet. 614 7th Ave, next to you, will hopefully soon be active again, contextual and legal this time around as well as 338-342 22nd St in your back yard area, unless you overlook the cemetery. Rumored other developments on 23rd St. as well.

    In all seriousness, WELCOME!