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
They might not be for sale Mt. Molehill, but they are sitting there not yet sold.
Just because they aren’t on the market yet doesn’t mean they don’t exist.
If developers put all those units on the market right now, you’d see prices in Williamsburg CRASHING right now.
They are putting them out in small groups hoping to prop up the market.
except that there aren’t anywhere near 2,820 units for sale at the moment.
“According to brokerage Apts & Lofts, an estimated 2,818 new apartments will enter the Williamsburg market by the end of the year, and 2,766 apartments are slated to pop up in 2010.”
Ok, so when we factor in the 2766 for 2010, we are up to 8346.
Still not including shadow inventory.
Per Crains New York:
“In Williamsburg, where there are 2,820 condo units currently for sale, 2,760 more will come online next year.”
So that’s 5500 and includes NO shadow inventory yet. Plus the fact that some of the buildings from that original 10K number may have turned rental in the last couple months. Other projects have just stalled completely and run out of funding.
But we are starting with a minimum 5500 units per the Crains article.
oh, and as for trees, that there awning might get in the way, don’t you think? most of the new developments cap off with some sad looking saplings in front.
Billyboomer:
There are hundreds for sale right now just from Northside Piers and The Edge.
Edge alone is 575 units.
And Developers have inventory on the back burner even in those buildings along McCarren Park that never sold out.
the only successful aesthetic williamsburg could ever aspire to is some kind of urban electic, so I welcome all the different buildings, even the ones that (unlike this one) are pretty ugly on their own. anything that isn’t gray brick, that is.
It already has the nickname of “The Woody”
So 11217..9000 units in williamsburg? That is lets say about 40 buildings with 200 units each. Or if we take this building with an average if 20 units it would be 400 buildings. Wow 400 buildings in williamsburg like the one above. Why are there so many idiots on brownstoner? Is there a stupid test to post here?