Condo of the Day: Penthouse at 176 South 4th Street
Are we the only ones who think that paying over $800 a foot for an apartment in a building like this on South 4th Street is insane? Granted there’s a total of about 750 square feet of outdoor space, but come on! Our first Brooklyn apartment was on South 4th Street and the area certainly…
Are we the only ones who think that paying over $800 a foot for an apartment in a building like this on South 4th Street is insane? Granted there’s a total of about 750 square feet of outdoor space, but come on! Our first Brooklyn apartment was on South 4th Street and the area certainly has its merits but there’s no way apartments here should be priced higher than the grander buildings on Broadway like this that are also closer to Diner and Marlow. In our opinion, this is the kind of place that will be most vulnerable to value erosion if the market goes down seriously. Are we missing something here? Or this just a price-and-pray listing that’ll be chopped 20 percent in the next month or two?
176 South 4th Street [The Developers Group] GMAP P*Shark
Photo by Gregg Snodgrass for Property Shark
No, because the materials and labor are far too cost prohibitive to build buildings the same way they were built 100 years ago. Kind of hard to find stone cutters these days.
Besides, if you were asking me the same question about an ultra-modern building I’d say “yes” this would be considered an historic building 100 years from now. Why? Because it’s a reflection of our times NOW, which would be far more interesting to people in the future. However they would not be fascinated with some failed imitation of a building from the 1800’s.
in a hundred years, will this be touted as a “historic” building? Will it even be standing in a hundred years, like the one next to it?
sorry i meant conversions not conversations.
Its illegal to include outdoor square footage in total square footage. I seriously doubt that it’s a 1000 square foot 3 bedroom. As far as the poster who asked “when J421 expires” it’s either a j-51 tax abatement or a 421-A. This is a new construction building so it has to have a 421-1. J-51’s are for conversations and gut rehabs.
i like the apartment. do think that for a penthouse, that the pricing is in line with what is being charged per square foot in the area although not sure that they will get it. The parking spot is worth at least $150/mo and would be very convenient. Storage and a gym worth at least another $100/mo.
if you liked it, it would probably be a nice place to live.
personally, i like north williamsburg alot better – L train, G train, park, easier access to entire area.
To 10.16 there are some very pretty houses in Queens, mansions. You can’t find
houses that are comparable in any part of
Brooklyn. Check out Douglaston and Forest
Hills. Some lovely tudors at a fraction
of the price of Brooklyn, and you get
windows on all sides. Imagine, four exposures. There are buses and many subway lines,including the LIRR. Cheap food with no hype as well.
Limited budget, doorman coops in FH
Forest hell HS is one of the best high
schools in the country, let alone the city state. I don’t sell residential propety anywhere. I sell investment properties in the tri=state area.
I am a New Yorker, a rare thing these days, especially in Brooklyn, I see things differently than a kid from
OshKosh.
I agree about Queens. It’s not very appealing aesthetically. We have a friend with a lovely apartment she bought there, spacious, great layout, beautifully decorated. But anytime we visit I could never never picture living there. It still feels like you’re nowhere in particular, just in some kind of sprawl that’s not all that special. Also I’d really feel like I’d need a car in Queens but there is NO parking, none, nada. These are factors that boosters of Astoria could work on though. Like maybe improving curb appeal by planting trees and planters filled with flowers.
To anon at 9:51am, about why Queens is underpriced…
My husband and I currently rent in Clinton Hill and are starting to begin the process of buying our first home. We were is Astoria over the weekend, pondering the same question. The N train would take us quickly to Manhattan, the prices are VASTLY lower and Astoria has all or more of the amenities, bar, restaurants, everything we would want. But there is just something about the vibe there, something we couldn’t quite put a finger on, that just wasn’t the same. I think a lot of it is asthetics… it just isn’t as pretty there! The crowd that lives there is also decidedly different. But I’m in the same boat as you… I wish I could better articulate why I don’t like Astoria as much as brownstone Brooklyn. So does my pocketbook.
I believe you have it right: price and
pray indeed. I keep wondering what all
those units are going to do to the
market. I don’t get the market, and I
am a real estate professional. My friends in the business and I shake our heads at the prices. I’ve sold some properties twice in the last three years
and well, I don’t get it. The first, and
second wave of buyers we knew they were
on target. Now, I think only the depraved will spend more in a so so
nabe, versus a great nabe in Manhattan.
I don’t understand why Queens is so underpriced. Better trains, stores, restaurants. I know some kid will explain it all to us in the next email.
The developers are paying less per sq. ft buildable than they did two years ago.They are talking about a decline in prices, If you own two units you are saying prices are going up, if you own
thousand, or two thousand units, you say
prices are at a stasis. Just some thoughts