500 Fourth Avenue 20% Sold; Opening in Fall?
Elliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is “over 20% sold in less than two months” (impossible to verify since closings haven’t been recorded yet) and is scheduled to be move-in ready…
Elliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is “over 20% sold in less than two months” (impossible to verify since closings haven’t been recorded yet) and is scheduled to be move-in ready in “late fall.” Also, the building will have a large lounge area called “Club 500” and a 24-hour lobby attendant. Prices are ranging from $342,000 to $1,077,000.
500 Fourth Avenue [Official Site] GMAP
maybe the people that bought there are planning on a lot of flat tires.
I have to say and I live 2 blocks away up on 6th this area is a bit of a deadzone. there is NOTHING on this stretch of 4th except laundry mats, flat-fix shops,STrauss Auto and a few bodegas. you would have to be OK walking a 5 block radius in the direction of 5th or 3rd to get anything interesting
I am not saying this is the case here. However it is a common practice for new developments to release units in increments. So let’s say they market 40 out of 100 to start with. 8 out of those 40 go into contract, and they start advertising 20% Sold.
Again not saying its being done here. But its fairly easy to check, if someone has the time.
That’s all well and good lechacal, but you do realize that not everyone has the same taste as you or I.
There are plenty of people who would find this luxury rich building attractive at the right price. I personally much prefer the areas you prefer also, but I also happen to like much of the more industrial areas also. It’s attractive to younger folks, especially as all the new clubs and music venues open up in Gowanus.
The building is on a particularly unattractive stretch of a particularly unattractive avenue. It is nowhere near the really good stuff on 5th Avenue (AlDiLa, Blue Ribbon, etc). And it’s a much shorter walk to the Gowanus Canal than to Prospect Park. In short, the location is awful. And frankly all the amenities in the world aren’t going to make up for it.
20% sold is actually good, especially considering the economy.
I don’t know the building so I have no opinion about it. The location is pretty good (1 block from 5th Ave and 2-3 blocks to trains).
I know everyone likes to hate on anything with 4th Avenue in the name, but 20% sold in 2 months is really quite good, is it not?
I know some of you will say it’s all lies and trickery, but I believe it. This is one of the better looking buildings along here and I’ve heard the amenities are excellent. Some people are suckers for amenities.
This place is worth – at the very most – $500 psf.
But’s that’s to buy. Who knows what they are going to charge when they go rental later this year.
Ah k, didn’t realise you were talking about neighborhoods but the actual PARK :). Hence, me suggesting you meant Prospect Park (the actual park) :).
I visited this building during the open house a couple weeks back. Pretty nice, kind of expensive. They kept emphasizing that they would have charged 1,000 per square foot but because of this recession its now 700ish a sf. Then they had their “early bird” special… “TAKE AN ADDITIONAL 10% off!” Any who, one of the finance guys there said they were able to get approval to close on the condos once its 25% sold…