Checking In On Mark 324
Mark 324 launched in October 2009 with some ambitious pricing: the eight units ranged from $631,000 for a 852-square-foot two-bedroom to $932,400 for a 1,228-square-foot three-bedroom. StreetEasy shows no price cuts and no recorded sales but the Mark 324 website shows seven units under contract. Amazingly, the project is still under construction, though, and over…
Mark 324 launched in October 2009 with some ambitious pricing: the eight units ranged from $631,000 for a 852-square-foot two-bedroom to $932,400 for a 1,228-square-foot three-bedroom. StreetEasy shows no price cuts and no recorded sales but the Mark 324 website shows seven units under contract. Amazingly, the project is still under construction, though, and over the last few days we’ve have noticed a steady stream of activity. Maybe this is the final push!
324 St. Marks Launches [Brownstoner] GMAP
Ugly, it looks messy. I hate non symetrical facades.
Fjorder: I should have said “relative to other parts of PH” in terms of its distance to the spots on Eastern Parkway. We’ll have to agree to disagree on whether that block is ‘industrial’ but it’s not an attractive stretch.
That’s the 1 time out of 10, lincolnlimestone. And besides, cash buyers demand premium in the form of a lower offer. The highest cash offer, I’m talking 100%, will almost always be lower than the highest financially contingent offer. Right, Adam Dahill?
The “highest bidder” is predominantly the lender. At least pre-Countrywide and post-Lehman.
***Bid half off peak comps***
Novanglus— I take umbrage with essentially your entire post:
1. It is 5 minutes to Brooklyn Museum, 7-10 minutes to Grand Army Plaza/Prospect Park; that’s close.
2. An industrial/warehouse area? Sure, there’s a few on the street, but your categorization is way off.
3. “It’s also close enough to Atlantic Yards to be cause for concern.” Dean Street/Washingotn is kinda close, Pacific is even closer; both are not a cause for concern, or don’t really appear to be…this is 4+ blocks away from that location, across from a (former) monthly parking lot, on a quiet street. Atlantic Yards is hardly a concern.
BHO – that’s not right. The appraiser will tell the bank how much they can lend. . . . . If someone wants to pay cash an appraiser will have nothing to say about it. . . .
“real estate is worth what the highest bidder says it is”
Um, no. It’s what the appraiser says it’s worth. 9 times out of 10, the “highest bidder” only makes up 3.5 to 20 percent of the valuation.
***Bid half off peak comps***
I live near this site and the building has been under construction for more than 5 years. It seems like the same workers have been on the job for a few years now. At any rate, I’m just glad I have the sidewalk back.
$750/sf in this part of PH seems a bit high–while it’s close to the hotspots on Vanderbilt, it’s also far from the Museum/Park etc and in an industrial warehouse area as opposed to the brownstones further south. It’s also close enough to Atlantic Yards to be cause for concern.
But, real estate is worth what the highest bidder says it is, and this certainly does appear to be a nice building.
I’m disappointed with the facade. I thought, from looking at the renderings, that it would look great when it was done. But it is too transparent, and somehow looks weird to me. Plus, you can see all the bolts underneath it, and a bunch of them are crooked, and the edges of the various pieces of the facade don’t line up right. Too bad.
The units were done very well inside. Notable lack of dining space, especially for the two bedrooms, though. Massive outdoor space.
Rumor has it the developer fired the GC and took over himself a couple weeks ago. Thank god. It finally looks like it is getting done. Scaffolding is down…
It’s actually a great street. Weird and mixed-use, but with a couple other very cool buildings on the block.