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.
Make that, the expressway & atlantic.
Though this is only about the bldgs betw the expressway & 4th Ave…
gemini10 you’re right there’s more in addition to stalled projects with empty lots.
Wait…
What about the building on 19th street and 4th avenue
and the new bldg that is going up on 17th and 4th avenue
and I think there’s another one down on 4th avenue at 22nd street. Oh, and the other one that is on Warren and 4th and what about Baltic and 4th? Wait, one more – the bldg that I think we all joke about at 1st and 4th
seems to be many more 4th avenue bldgs than the above mentioned……
Future Low-Income housing..
The What (Pass me a 40)
Someday this war is gonna end..
“it’s not a Williamsburg-esque condopocalypse situation”
Not yet. What percentage of alleged “sales” have actually closed? Never seem to be able to get this question answered.
***Bid half off peak comps***
It is a city of rentals, but mixed buildings are undesirable for buyers…and developers admitting they can’t sell and are forced to go to rental when it wasn’t their first choice does not help the area. Granted, it is a bit of a chicken and egg that feeds off of each other, but either way, the area is clearly less desirable than the developers assumed
The rentals will sit on the market for months as well – since I’m sure the developer will think 3K for a 1 bedroom on 4th Avenue is fair.
I don’t really agree, dcorreale. New York is a city of renters. You do realize that only about 32% of New Yorkers own property, right?
The rest rent.