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
just what would be included in shadow industry in williamsburg? buildings yet to be completed? buildings seized or in the process of being seized by the lenders?
I mean, I know pretty much every block and have eyeballed every single development, from empty lots to the nearly completed and already sold ones. unless you’re counting the elusive third tower in NS piers (that will not get built) or the dominos development (that will also not get built), I don’t see how you arrive at even half that figure.
considering a number of small to medium projects that have gone rental lately, and that number seems even more fanciful.
and 11217, it doesn’t help your argument any that you’re comparing (in your own words) williamsburg’s “shadow inventory” to park slope’s corcoran listings for effect.
Meanwhile, there are 16 “brownstone” listings on Corcoran for ALL of “Park Slope,” one of which is actually a commercial property on Flatbush and 4 of which are located at 7th Avenue and 23rd Street (clearly not Park Slope).
That leaves 10 brownstones for sale in PS with one of the, if not the largest real estate brokerage in the neighborhood.
11217, you’re making a mess! Seriously, 10,000 condos coming to the market in Williamsburg? That is quite the tale. I’ll be surprised if we get 2,500 in the next year or so. And the inventory for Manhattan is 9,300? Is that including shadow inventory there? Where are you getting these numbers?
Nope, I’m pretty sure it’s 10,000.
I know someone who works high up in real estate in one of the larger real estate offices and he has confirmed that number, much of which is shadow inventory. I believe he said that with the projects which may not now come to fruition, the number may drop to as low as 8,000.
Either way, the inventory for ALL of Manhattan is 9300 today. If Williamsburg is indeed 5,000 and has what…100K people (? that might even be way high?) vs. Manhattan’s 1.6 million, that’s NOT GOOD.
Unless you are a buyer.
I’ve been looking out for a 1BR for a sibling, and I think I’m going to advise her to make an offer on a particular condo resale. the developers may be slow to lower prices, at least list prices. however there are people here and there reselling condos they’ve purchases in the last 4-5 years, and they don’t all have the luxury of being that patient. this place is right around $500 psf, but it’s on the east side of the BQE.
“10,000 condos on or to hit the market was last we heard. These places aren’t lowering prices as much as they should because they will lose their shirt and have to hand over to the bank if they do. Just sit and wait if you want to live in Williamsburg.”
Oh come one 11217, we’ve had this discussion before, except last time it was 5,000 condos (which includes stuff that was build and sold in the last few years as well). Hyperbole is not your friend! I do agree with being patient though – no reason ever to rush with the purchase of a home.
There probably won’t be any Ipe left in 10 years at the current rate of deoforestation, and then this thing will be worth a fortune.
Mt. Molehill:
They might be paying that now, but I don’t believe they will be for long. From everything I’ve heard, sales in Williamsburg have all but stalled and developers aren’t dropping prices enough to get the sales done.
That will have to happen, eventually. When it does, you will see a drop in psf prices.
Just hold on tight and wait.
There will be deals to be had all over Williamsburg. Great for buyers! Bad for those looking to recoup the cost of their investment in the near term.
type “aged ipe” into GIS if you want to see what it will look like in a few years. better than teak.