Development Watch: 170 North 5th Street
The facade for 170 North 5th Street in Williamsburg has been up for a while now. The 18-unit, 21,000-square-foot building, from RKT&B Architecture and Urban Design, has gone up along with a swath of new developments on North 5th. The facade seems to have been RKT&B’s ace-in-the-hole, since their original renderings looked like a large-scale…
The facade for 170 North 5th Street in Williamsburg has been up for a while now. The 18-unit, 21,000-square-foot building, from RKT&B Architecture and Urban Design, has gone up along with a swath of new developments on North 5th. The facade seems to have been RKT&B’s ace-in-the-hole, since their original renderings looked like a large-scale foam core model. It’s definitely a break from some of the more sterile steel-and-glass developments in the area (or the large green cylinder development), but what do you think, Brownstoners? Yea or nay? GMAP P*Shark DOB
brokers may also be engaging in some expectations management re their developer clients.
absent some mega developments (like dominos) that will account for 3-5000 units, those numbers just don’t add up.
5000, 8000, 10,000, 3,000….
The point is NO NEED to buy NOW at these prices in Williamsburg.
They will be coming down.
Significantly. No matter how you want to slice it.
you can download the entire sales for brooklyn in 2006. there are only 1100 rows total in the document for 11211, the zip code of basically all of williamsburg. that’s condos, coops, single and multifamily homes and dozens if not hundreds of phantom transactions.
if you’re east of this zip code, you’re in bushwick. north is greenpoint, and south is technically williamsburg, but it’s hasid country.
gerrymandering zip codes may be one way these estimates are being goosed, say by including bushwick and greenpoint. even still, these numbers are highly suspect.
Ok, then 8346 is the total including units currently on the market, units coming online for the rest of 2009 and 2010 and shadow inventory.
Basically, exactly what I said earlier…”I believe he (VP of a major Williamsburg brokerage) said that with the projects which may not now come to fruition, the number may drop to as low as 8,000.”
“Ok, so when we factor in the 2766 for 2010, we are up to 8346.
Still not including shadow inventory.”
You do realize that all those numbers you’re counting for 09 and 10 ARE shadow inventory, right? Right?
> So Apts and Lofts (a real estate company) would like to inflate the number of apartments for sale to what advantage exactly…?
that’s a good question. I would say to scare developers into using a broker and into lowering prices in order to increase sales volumes, if I were to speculate.
So Apts and Lofts (a real estate company) would like to inflate the number of apartments for sale to what advantage exactly…?
I’m saying that those estimates must be including what you’re referring to as shadow inventory, and I’d still like to look at their methodology for estimating that. also, for estimating the volume of new units that are going to come on line.
“9300 in from UrbanDigs.com”
So doesn’t include shadow inventory or anything. Not really apples-to-apples, huh? If you want a comparable number for Williamsburg (using the same methodology as Urbandigs), the inventory is 585. 585! As in 5.85% of what you’re telling us.
“I know it’s crazy, but all you have to do is walk around the neighborhood.”
I live in the neighborhood and I’ve done a pretty rigorous tally of what’s out there and what’s to come. That’s why I can only shake my head at the number you’re using. Even the Metropolitan theater condos you referenced have what, 6 units?
“Let’s not fight about this…none of us have actual numbers to back up either of our assertions here unfortunately. You seem to be saying the Williamsburg real estate market is strong (along with Wine lover) and I’m saying I don’t think that is accurate.”
I do have actual numbers and I’ve posted them before. But yes, I definitely agree that the real estate market is not strong and that wine lover is a bit overexuberant, to put it mildly, though I don’t have a problem with him/her.
“but I live in williamsburg and have for 12+ years and walk around a ton. if you add up the total number of units in all the little developments that have been built or are being built, including everything that’s sold over the last few years, you might get 3500 units.”
Bingo – totally agree.
“Why are there so many idiots on brownstoner?”
There are some, but 11217 is not one of them – he gets a little trigger happy with the inventory numbers sometimes and likes to bag on Williamsburg a bit, but he’s cool by me.