Condo Buyers Not Biting in Greenwood Heights
Is 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)…
Is 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 do people think about the frame houses in greenwood heights? bhs has one for 900k which is pretty and needs nothing. Is PS.285 a poor school (rated 5/10 by greatschools). I like it but perhaps 900k is better spent in windsor terrace?
Acquisition costs aside, what’s the average for new development, $180 per sq. ft to build?
Assuming my estimate is somewhat correct (please correct me!), a 600 sq ft. 1 bedroom would cost $108,000.00
Amenities, what, $10-15K or under, depending on the quality of the finishes?
Now I realize we’re building entire buildings, not single condos, but if the property was acquired for say $600-700K 2 years ago (that’s what they were paying, sill, yes?), I’d say you are looking at $150-200K profit MINIMUM per 600 sq. ft 1 bedroom unit selling at $400-500K.
How’s my math?
Seems like a nice profit to me, but I’m not a developer.
Hey Action Jackson,
12:48 here…Feel free to call it Greenwood Heights; Whenever I use that moniker around anyone who’s lived here more than ten years, they all laugh, so I’ve been reverting to calling it Sunset Park. (what this area was actually called up until probably the late 1990’s/early 2000’s)
I’ve stated this before in previous threads – calling streets south of the Prospect expy down through the twenties/low thirties “Greenwood Heights” seems pretty reasonable to me as the actual “park” in Sunset Park doesn’t begin until 40th street.
But old school brooklyn still says this nabe is called Sunset Park. So lately I’ve been runnin’ with it. When I meet other new yorkers and they ask where I live, Sunset Park is clear. Greenwood Heights always gets a “where is that?”
By the way, thanks for the additional info 1:02; I have not toured any of the above mentioned condos and had no idea some of these condos are that small. (600 sf? Damn that is small for a condo.)
I think that’s probably why they aren’t selling like hotcakes.
Then there is the Greenwalk on 36th off 4th Ave. which is showing 11 out of 12 in contract and only started showing in June.
Does anyone know what are the margins in this kind of development. Does reducing the price by 15% give up all th profit on these units?
the fact is that in another 100 years, the brownstones will still be here and the glass houses will have been long torn down and built anew.
in my mind, that’s where some of the value of these places comes into play as well.
i like living in a building where the walls are so thick i can’t hear my neighbors and the molding is so beautiful i could look at it for hours.
it enhances my quality of life.
who the hell would live in a new building when there are tons of great older buildings with much better construction.
people complain about all the glass towers going up everywhere.
then people complain about brownstone brooklyn being so expensive because people obviously like historic buildings.
which one is worse
make up yr mind
I agree, I always wondered why they are building so many 1-bedroom units in a great family neighborhood. I think a lot of people are buying their “starter condo” when they already have a kid, or have one on the way.
Not to start this debate again, but “Anonymous at July 25, 2007 12:48 PM” since when is 5th Avenue and 18th Street in Sunset Park? South Slope, perhaps. Greenwood Heights is more like it.