53 Lincoln Condos Hit the Market
A new glassy addition to the brownstone block of Lincoln Place between 5th and 6th Avenues in Park Slope just hit the market this week. The modern building has four apartments—three floor-throughs and one duplex—ranging in price from $995,000 to $1,950,000. (It looks like Aguayo & Huebener is sharing the broker duties with Sotheby’s.) It’ll…
A new glassy addition to the brownstone block of Lincoln Place between 5th and 6th Avenues in Park Slope just hit the market this week. The modern building has four apartments—three floor-throughs and one duplex—ranging in price from $995,000 to $1,950,000. (It looks like Aguayo & Huebener is sharing the broker duties with Sotheby’s.) It’ll be interesting to see what the appetite is for spaces in this area that are priced at almost $1,000 between $800 and $900 a foot. What do you think?
53 Lincoln Place [StreetEasy] GMAP
Yes, I think prices there will come down less than most places, but think there are more declines to come in the market as a whole. I am another potential buyer that is going slow. Happy renting for now as I am still making my mind up about what I want. Better to hold back and see where things settle than to rush and make a costly mistake.
On this building – like the building, like the location, prices seem insane.
Prices have come down slightly on the block – I live there. But bear in mind what happened 25 years ago. My neighbors bought before me for $165,000. I bought for $265,000. 5 years later next door sold for something astronomical (I’m not good w/ numbers but at least $375,000) & a year after that went for about 100 grand less. The market can change radically very quickly.
Do you guys (What include, with hesitation) think brownstones between 6-7 on Lincoln will fall much more than what they trade for now? I will be in the market for one of these babies in the next 2-3 years, but would rather just rent if I don’t think it makes sense to buy and then just get a really nice place upstate with tons of land. Thoughts, probably not the thread for this but whatever, you’ll all forgive me.
benson: I would also repeat my view that your neighbors who have pulled their listings may regret not selling at whatever price they could get during this spring selling season. I am pretty familiar with these listings and consider them to be in the circa $850k to $900k value range on a forward looking basis.
benson: duly noted, thanks for the clarification.
I just can’t see these places selling for anything close to ask. Just ain’t gonna happen. As is, empty, in this market, in a mediocre location…. nfw. If I’m wrong about this one I guess it will be time to hang up my spurs and start looking at another market, because I just won’t buy into a market that I don’t understand. I am pretty damn familiar with the PS condo market at this point and this developer either didn’t get the memo or refused to believe it. Buying one of these places is a good way to flush all of your savings down the toilet.
here is the old building
http://www.designtechconstructionny.com/gallery-showimagelarge-aspsmart-nodb.asp?id=71.jpg
To put things in perspective, I paid $320 psf for a fully renovated building on Stuyvesant Ave.
I did more work but not work that was “necessary” bringing the cost up to about $375 psf…new gigantic master bath and higher end second bath, deck, yard & the facade restoration.
“I heard that banks were not lending as freely as for condo/coops that were small (such as under five units). One would need buckets of cash to purchase these.”
30% Down and six months of PITI in the bank (Must be seasoned).
300k down 700,000 financed.
Result:
Monthly payment: 30 Years
Interest rate: 5.750%
Loan amount: 700,000.00
$ 4,085.01 a month plus maintenance and you are looking at 4600 per month!
64,000 question! What would it rent for????????!!!!!!!!!! 2500.00 per month??? And please not with the mortgage deduction BS!!!!
The What (Case closed)
Someday this insanity is gonna end…
im pretty sure this was built by the “under construction” TV SHOW guys, designtech of brooklyn.
53 Lincoln is listed
http://www.designtechconstructionny.com/gallery.asp
DIY Network
http://www.diynetwork.com/diy/shows_dunc/