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
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.
Lechacal;
Our units are about 1300 sf, and fetched $1.05M in the fall of 2007. That was the peak price. The last unit that sold was in January 2009, and it sold for $1.03M. This is what I have reported. The condo I live in is City View Gardens, and these sales are a matter of public record.
What I have also written is the following:
-one of my neighbors recently listed their unit at the delusional price of $1.2M. She has now returned back to earth, and the unit is listed for $1.05M (you can see it on BHS’ website). Traffic has hence increased at her open houses.
-it is true that the market is slow, and a couple of folks have pulled their units off the market. However, this lack of inventory seems to have firmed the pricing, as I report above.
Here is a good exercise: zoom in on the gmap at the top of the thread and compare the tree cover on this block to the tree cover on Lincoln b/w 6th and 7th. Huge difference, and one that isn’t going to change any time soon. This is just a mediocre block in an otherwise great area.
benson: I thought people in your building were pulling their listings because they couldn’t get these prices. I would be surprised if that changed in the past two weeks. I have been watching the PS condo market closely and strongly disagree with your assessment of the market. There is significant downward pressure on prices and inventory for the most part is stagnant. Brokers are practically begging for offers. In fact, I think brownstone conversions in particular are having a difficult time selling because small condos are so difficult to finance and no one wants to be the “first mover” who takes the risk of the developer going belly up (buying first in this market is a terrible financial move imho).
By the time we bottom I think $700 psf will represent the top of the market for good properties on good blocks. This property is in a pretty mediocre location.
“It’s not the sneaker facotry – that’s the brick building up from this one & it’s been occupied for years. ”
Right right! Now I remember.
The What
Someday this war is gonna end…
I have to agree about the whorehouse front. That school would be the dealbreaker for me. I also watched it being build and they did put care into the building. I think the top floor would be nice and you would have a great view of the Slope and the Park, but its SOOOOO pricey. For that you can have a doorman building nearer to the park and the 2/3.
No indication as to what the taxes are. Beware.
It’s not the sneaker facotry – that’s the brick building up from this one & it’s been occupied for years. This used to be a cute little frame house. My neighbor said the finish details are very good – unlike, for instance, the Lincoln Pl. whore house reno.
I own a condo in Park Slope, and folks are still getting $800/sf. These Lincoln condos have a higher grade finish than mine,and have nice features like radiant heating and web-based home controls.
I see them easily obtaining $800/sf.
One aspect of the condo market that Mr. B has not really touched much is brownstone conversions in Park Slope. On Carroll St. between 5th and 6th two brownstones were converted to floor-through condos similiar in price and quality to these Lincoln condos. They have sold out. More recently, another brownstone directly across the street from St. Francis Xavier church on 6th Ave was converted to high-end condos, and they also sold out.