Taking the Pulse of 4th Avenue's Inventory
Sure, sometimes it seems like there are countless new condos on 4th Avenue, but, in fact, between the expressway and Atlantic Avenue there are only five that currently have units for sale. Some of the recent-vintage builds ended up being rentals, and it’s unclear whether the next few that seem likely to actually finish construction,…
Sure, sometimes it seems like there are countless new condos on 4th Avenue, but, in fact, between the expressway and Atlantic Avenue there are only five that currently have units for sale. Some of the recent-vintage builds ended up being rentals, and it’s unclear whether the next few that seem likely to actually finish construction, such as 574 4th Avenue, will be rentals or condos. Herewith, the latest numbers available on Brooklyn’s Park Avenue condo inventory:
500 Fourth Avenue: Its marketers claimed last month that 20 percent of the 156 units are in contract. So: Around 125 available.
The Argyle: 8 out of 60 units remain, per Corcoran’s listings page.
The Novo: 1 unit left for sale, according to StreetEasy.
The Crest: 2 units left unspoken for, says StreetEasy.
The Elan: Broker said last month 7 units were in contract; since then, 18 of the 32 units have been listed as rentals. Thus: 25 available depending on how you look at it. (While this one’s about 20 yards from 4th Avenue proper, we’re considering it 4th Avenue in spirit.)
Final analysis: Give or take, there are about 160 new condos to sell on 4th Avenue right now. A decent amount, yes, and there are more coming eventually. But it’s not a Williamsburg-esque condopocalypse situation. And, at the end of the day, there’s really only one building, 500 Fourth, accounting for the overwhelming majority of inventory.
I would be very interested in a similar analysis for the Prospect Heights area, particularly with all the new condo bldgs that seem to be sprouting around Washington Ave. I’d be surprised if anyone is buying in those things.
The brokers continue to engage in the fictitious “in contract” game. The advice given here is that all parties ACTUALLY in contract should permit the brokers to reveal these so called signed contracts (with some form of confidentiality to the parties) to prospective buyers. It would help the parties already “in contract” attract additional buyers for the building and thus a quicker CofO and the formation of a board; and it also would also legitimize the developer and move the inventory with confidence. It is certainly not surprising that that the brokers are not engaging this method of proof to move innentory: THE PROOF SIMPLY DOES NOT EXIST (EMPHASIS ADDED. The idea that this “in contract” game is played by brokers, and permitted by office managers without having to legally prove the same to prospective buyers who actually enter into contract under such false information is very smelly.
My old landlord told me that Sept 1 was his usual start date on a lease. He catered to students and sometimes apartments would sit vacant for months in the “off” months. And recently on Brownstoner, there was an article stating that summer is the prime rental season. So maybe you will be better off waiting till fall, northsloperenter.
northslope there is going to be alot of competition for renters in Oct.
Yeah, I can wait until Oct. 1 to move, but for various reasons would rather move Sept. 1 or Sept. 15.
But I’m wondering if I’m just better off waiting as it seems the rental market is just hitting some stress right now and better deals could be had in Sept. than Aug.
How many rentals can the market take? The rental deals are going to only get better
True, it would be interesting to know how the new rental are doing.
Max R:
ah right – but still the bld on 4th and 17th is before the Expressway and the Baltic,Warren and the other one on first all fall in the area of discussion. I just think that the high rise buidlings they erected on those streets had decided to go rental before the others!
“and it’s unclear whether the next few that seem likely to actually finish construction,”
R.I.F.