Park Slope


That didn’t take long! It was only three weeks ago that we were writing about the condo conversion at 486 3rd Street in Park Slope. After a little more than two months on the market, asking prices on two of the units have been trimmed by a little less than 5 percent. Will this be enough to generate some action? Our gut is that they’ll need another 5 percent cut before they start to get traction, but you never know.
486 3rd Street [Douglas Elliman] GMAP
Condos of the Day: 486 3rd Street [Brownstoner]


Are Manhattanites ready to pay Manhattan prices for an apartment in Brooklyn, albeit one designed by arguably the biggest brand name architect in town, Richard Meier? It’s too early to tell, but Mario Procida, the developer behind On Prospect Park is betting a lot of money that the answer is yes. As his brother puts it, “There are always 100 rich people who will pay for a piece of fine art…Mario’s got the only piece of fine art in Brooklyn.” Since opening for business in late October, somewhere north of 12 units (or about 10 percent of the inventory) have been sold. Asking prices are around $1,200 a foot, an untested milestone for the borough. Procida says his costs are well over $700 a foot and The Times estimates that he would have trouble breaking even at $850 a foot. Clearly sales haven’t been as fast as hoped, but, to be fair, the building is not complete yet and most people have a hard time with “the vision thing.” In his targeting of Manhattan buyers, the developer has gone so far as to locate the building’s sales office in Tribeca. Other developers question this strategy: “I think the Brooklyn buyer is a Brooklynite,” says a partner from the Clarett Group, which is building the Forte high-rise on Fulton Street in Fort Greene. Do you think OPP is going to sell out at or near the current asking prices? And to do so, will it have to be mostly Manhattanites doing the buying?
Betting on Star Power [NY Times]
Photo by Tracy Collins


Forgotten NY throws us a fastball down the middle this week with its look at Edwin Litchfield’s impact on Park Slope, with an emphasis on Third Street. Highlights include the former Brooklyn Improvement Company building (soon to be part of Whole Foods) at Third and Third, his Prospect Park mansion (above) and the extra-wide Third Street (to accommodate Litchfield’s carriage) that connects them. Yum.
Edwin Litchfield and Third Street [Forgotten NY]


This place jumped out at us for obvious reasons: There aren’t too many co-ops around that look like a Gothic church. The space is very open and light, though we can’t figure out how big it is. (We suspect it’s about 1,000 square feet, but could be wrong.) The only negative we can see is that it’s only a one-bedroom. The asking price of $779,000 doesn’t seem crazy though, especially when it last changed hands for $875,000 $739,000.
Grand Loft [Aguayo & Huebener] GMAP P*Shark


For a building that’s been in the planning process since 2003, the Andres Escobar-designed boutique hotel rising on the former site of a plumbing supply warehouse on Fourth Avenue certainly has flown up in record time. Back in November, the chatter was that the owner was shooting for a first quarter opening, an event that seems increasingly unlikely with each passing day of March. Has anyone heard anything recently about opening dates or rates? We’d settle for a name.
Gowanus Boutique Hotel Gets Its Glass On [Brownstoner] GMAP P*Shark DOB


When we checked in with The Vermeil almost two months ago, the sales effort had just gotten underway. We forgot to look last time we drove by, but one reader reported that the developer was in the process of putting a cornice on (as the rendering at right suggests). So what’s happenedon the sales front in the last seven weeks? Not a whole heck of a lot, as far as we can tell. Of the 22 apartments (which range from $985,000 to $2,300,000), there are two accepted offers and one signed contract. Interestingly, the first ones to go have been among the biggest and most expensive, a sign, perhaps, of the demand for family-sized accommodations in this part of town. Presumably, a few of you have been to check it out for yourselves by now. What’d you think?
About The Vermeil [The Vermeil] GMAP
Sandy Biano’s Listings [Brown Harris Stevens]


According to Street Easy, fifteen units at the Park Place Condominium just had their prices cut by more than five percent. Take, for example, this two bedroom; the 1,360-square-foot apartmentment was listed back in November 2005 for $1,199,928 and was reduced to $1,109,000 on Friday.We haven’t been inside, but one thing that strikes us about the photos is the low ceiling height. There were several open houses in the building yesterday. Did any of you go? What do you think is putting a damper on sales?
Park Place Condominium [Street Easy] GMAP
145 Park Place Listings [Corcoran]


We’re gonna keep working this converted Brownstone condo thing some more…The current owner paid $1,600,000 for this five-story, 4,400-square-foot brownstone on 3rd Street between 6th and 7th Avenues back in 2004. Now he’s looking to sell the four units for a combined $4,455,000. Even if he has to take 10 percent below asking price, he’s going to be doing pretty well. If he spent about $250 a foot on renovation and another three hundred grand on carrying costs, then his total cost would be around $3 million. As for the units, we think they look a tad nicer than yesterday’s 418 Henry but they’re also a tad more expensive. It’s also a little easier to find a condo in Park Slope than Cobble Hill.
486 3rd Street [Douglas Elliman] GMAP


Remember the Times article last week about the reinvigorated real estate market in New York? Well, there may have been something to it. We’ve caught wind of a couple of bidding wars currently underway that certainly show that the demand side of the equation is strong. First up: A 1,350-square-foot, top-floor co-op at 235 Lincoln Place. The first showing on Sunday generated eight bids, six of them over the asking price of $795,000. (Of course, another conclusion could be simply that it was just priced too low.) Meanwhile, over at 218 Greene Avenue (which we discussed last week), the price was jacked almost 30 percent over the weekend. After it was listed at $650,000 on Wednesday, we hear that offers of up to $825,000 rolled in, prompting a swift price increase of the asking price to $850,000. How psyched is the owner. Guess the POS at 220 Greene was not much a deterrent after all.
235 Lincoln Place (#5761) [Warren Lewis] GMAP
218 Greene Avenue [Corcoran] GMAP