Is 4th Avenue Losing Its Lustre?
Is the condo building frenzy on 4th Avenue grinding to a halt? A couple of weeks ago we found out that a would-be developer on 4th Avenue between 8th and 9th streets had decided to sell off his property along with the approved plans for a glassy condo he planned to build. And now we’ve…
Is the condo building frenzy on 4th Avenue grinding to a halt? A couple of weeks ago we found out that a would-be developer on 4th Avenue between 8th and 9th streets had decided to sell off his property along with the approved plans for a glassy condo he planned to build. And now we’ve learned that another development site just a block away is also on the market. Massey Knakal has a listing for 426 4th Avenue that includes plans for the building shown above. The 50-by-60-foot lot (see photo on jump) is going for $3.75 million; according to Property Shark, it sold for $500,000 a few years ago. So what gives? Why are these guys bailing on their projects? Is 4th Avenue looking like a shakier bet than it did a couple of years ago?
4th Avenue Glassy Condo Site Asking Almost $10 Million GMAP P*Shark
4th Avenue Condos: The Next Generation? [Brownstoner]
Aw c’mon 8:42, ain’t that ginormous a/c unit perched on top of Crest a veritable objet d’art?
From where I type I see two unfinished Boymelgreen monstrosities sullying my view. Hideous. I wouldn’t be the head of their co-op boards for all the money in Bloomberg’s offshore accounts. And such views THEY have from the lower floors … auto repair shops, Staples, a red-and-yellow taxi garage … and traffic. Much traffic.
And not a healthy tree in sight.
4th ave is going to continue to be a frogger run for people getting off the subway who live in the real park slope (not gowanus or the park slope “border”). when i can buy a co-op in a brownstone for about the same price as these “amenity-laden” monstrosities, i know where my money’s going.
Why do you assume 4th Avenue south of 25th Street will be re-zoned to replicate what has been done to the north?
Tall buildings to be peddled to the top 3 per cent income earners are a mistake. Sunset Park proper is an affordable community and that should be appreciated by the CPC.
Bay Ridge to the south was re-zoned by CPC to exclude these tall out-of-context buildings and the CPC should do so for Sunset Park. Introducing high-priced high-rise condominiums would spoil the affordability of the area as owners and developers get greedy.
Tom Murphy
Another funny thing about Brownstoner is how many people wrongly believe the quality of construction is determined by the way a building “looks”.
Virtually every like-sized building on 4th Ave (and in the US) uses the same basic construction techniques regardless of the architectural skin. The quality is mainly determined by the execution of the builder – which is more or less invisible to anyone posting here.
Are you serious 3:53? you think the building shown above looks better than Novo or Crest? Argyle looks a bit more promising, but we’ll see how the final product measures up to the renderings. Somewhere around 2010 or so.
SIX LAWYERS GOT LAID OFF – THE END IS NEAR!!
Look I was one of the 1st to say that the price increases in NYC generally and PS were unsustainable and I am still sticking with my prediction that Boylemgreen will end up bust; but these- sky is falling predictions, the other way are just as overblown.
The premise of these 4th Ave entries posts are just plain wrong (and I suspect fueled on the general Brownstoner/gabby belief that anything new is bad).
This is a listing that is offering a building site at $210 a sq (buildable) ft – this is in line with other recent sales of vacant lots in the area – to anyone with a brain they would see this listing as indicative of a steady market.
Now if the thing doesnt sell and no building takes place for years or if it sells for half the asking price THEN you have EVIDENCE of a slowdown.
As for 4th Ave in general, sure it would be great for the strip if every single condo coming online was already spoken for BUT no matter how you slice it, every new building (including Con Eds almost finished office bldg) on this heretofore desolate ugly strip actually ADDS Lustre to the block. Not everyone wants to be the 1st to live in a “new” area and as each building comes in adds people and vitality to the street which is bound to make 4th Ave a more attractive place for residential – doesnt mean that prices will appreciate – but what do a bunch of nostalgic nimby Brownstone owners care about price appreciation when we are discussing quality of life and community???
the second generation of 4th ave buildings seem a lot better than whats there now. this building looks ok and argyle looks decent as well. nothing to write home about but not bad
all i know is if i could make 3mil without doing any construction, i would sell it too. dont think that means anything either way to the market. i find it a little ridiculous for all these posters (including me) to be so obsessed about ranting about every move these multi-millionare developers make. If you think they care what you have to say, I have a bridge to sell you…….either way Im not crying for any of them