4th Avenue's Argyle 60% Sold
The Argyle condo is shaping up to be a sales success story. Sixty percent of units in the under-construction building on 4th Avenue and 7th Street are in contract, according to Dan August Cordeiro, a senior managing director with Corcoran Sunshine, which is marketing the condo. Sales for the building began in October, and the…
The Argyle condo is shaping up to be a sales success story. Sixty percent of units in the under-construction building on 4th Avenue and 7th Street are in contract, according to Dan August Cordeiro, a senior managing director with Corcoran Sunshine, which is marketing the condo. Sales for the building began in October, and the sales office is located an avenue and a few blocks away from the development, on 5th Avenue in Park Slope proper. Cordeiro says having the off-site sales office has been helpful, and that the prices on units have been raised three times. He thinks the main selling points are the “quite lovely” floor plans and “spot-on” pricing. Prices are now averaging around $700 to $750 a square foot, which “is still a relatively good value” for the area, according to Cordeiro. “Most of the buyers are from Park Slope,” he says. “People who really get the Slope understand that 4th Avenue is now part of the neighborhood.” Although the building is very much still under construction, it’s scheduled to be ready for move-ins by the end of this year.
The Argyle [Official Site]
The Argyle Follows 4th Avenue Pricing Pattern [Brownstoner]
The Argyle: Using 5th Avenue to Sell 4th [Brownstoner] GMAP
I’ve noticed small, 300sf or 400sf studios that certainly sell for more than 300K and 400K so yes, I do think that sometimes smaller apts (both co-op and condo) do command a price premium per square foot.
1:46PM
Total square feet will only give you an idea. Look at the floor plan to get an idea of USABLE square feet. A 650 sqf might be more spacious than a 700 sqf. Remember total square feet is derived from the OUTER walls.
Usually in the same condo building the bigger the place is the price per square feet goes down (assuming certain amenities are the same). This is true for Manhattan, Queens and Brooklyn lux condos. This is basically because construction cost ratio goes down as the place gets bigger. Bathroom ratio, outdoor space, better appliances, higher floors, views, etc, are the factors that will usually make the price per square feet.
but generally as I mentioned, bigger units are lower priced per square feet assuming the same amenities.
Ronman,
Judging by this post from you in January, it sure would sound as though you live in Carroll Gardens. Every other post you’ve made has referred to the neighborhood (most of the time saying how it’s better than somewhere else) and not once a mention of Sunset Park till today. I don’t want to start anything with you, but please quit it with the neighborhood bashing. It’s extremely immature. All of these neighborhoods are beautiful and have different things to offer.
***
“I Think Mr. Brownstoner needs to go to carroll Gardens a little more often. Ummmm Hello this is the safest nabe besides Brooklyn heights in Brooklyn. UMMM no there is no inventory glut, there is nothing for sale. I can not believe you people don’t get it how close to manhattan Carroll Gardens is 3 stops. 24 min to midtown what more do you want? and yes the school is a top notch ps58. If you guys think you can find better than go buy in Clinton Hill.”
I think all the 3BR folks have never had kids.
If you have kids, you have to teach them to cross the street and get around the ‘hood. No parent is gonna want their kids to cross 4th Ave until they are like 14, at least. And there’s nothing in the other direction. So, the Argyle is not gonna attract any parents.
I’m amazed that people buy from a rendering that may or may not be true, in a development that has been two stories for months and months.
Jerri: I don’t live in Carroll Gardens or Cobble hill , I live in Sunset park and hope to one day get enough money to move to CG or CH. I will say this all 3 are nice areas.
Jerri: I don’t live in Carroll Gardens or Cobble hill , I live in Sunset park and hope to one day get enough money to move to CG or CH. I will say this all 3 are nice areas.
1:46 – in most brooklyn condos, it appears that you pay a higher price per sq. foot for smaller apts. however, really special buildings or Penthouses or waterfront property with manhattan views, will also usually show higher psf prices too.
I am looking at buying a condo at the Argyle or one in Boerum Hill – Cobble Hill… If the apt is 500 square feet can you really figure out the price per sq foot?
For instance one apt is about 500 sq feet and is about 390K its roughly $800 psf…
What I am asking is can you really use the price per square foot for smaller apts???
Thanks
12:47 – you may have a point today – but when all these buildings were being planned sales were not a problem at all.
Also remember the land is sold as $ per buildable foot – and construction costs are based on buildable foot – so while you may think you wouldn’t care about (total) sale price per buildable foot – anything that brings down the average can seriously cut into your (and your investors) margin (and believe it or not, if you bought the land recently the margins weren’t all that great)