80 Met: FHA Ready; 50% In Contract/Sold
As Curbed noted yesterday, the team marketing 80 Met, the 114-unit Williamsburg condo, sent out a press release yesterday saying the building is FHA approved and half spoken for: “Steiner NYC, developer of Steiner Studios and 80 Metropolitan, Williamsburg’s new midrise, loft-inspired condominium, is pleased to announce that the building has received FHA approval, meaning…
As Curbed noted yesterday, the team marketing 80 Met, the 114-unit Williamsburg condo, sent out a press release yesterday saying the building is FHA approved and half spoken for: “Steiner NYC, developer of Steiner Studios and 80 Metropolitan, Williamsburg’s new midrise, loft-inspired condominium, is pleased to announce that the building has received FHA approval, meaning that borrowers can now get mortgage loans with low down payments as little as 3.5% – and easier credit qualification. Residents have already begun settling into the building and more closings are underway, with over 50% of the newly finished homes sold. Steiner NYC reports that 11 units were sold over the last 60 days.” StreetEasy is showing that there have been closings on 20 units and another 34 are in contract. (That’s not quite 50 percent, but it’s certainly close.) Listings are running from $419K for a 531-sf unit up to $1,635,000 for one of the development’s townhouses.
2 Williamsburg Developments Pass 50 Percent Mark [Curbed]
80 Met Now 45 Percent Sold [Brownstoner]
Dive In at 80 Met [Brownstoner] GMAP
80 Met Makes it Official [Brownstoner]
80 Met Receives TCO [Brownstoner]
Price Cuts at 80 Met [Brownstoner]
the layouts made me cry– typical, enormous bathrooms, small bedrooms, giant kitchen islands, barely room for a couch, etc.
I like the looks of this place.
I doubt these numbers are correct. This development has 123 units (114 apartments and 9 townhouses); there are 22 sales recorded, plus 1 parking space. One of the sales is tagged “multi” and looks like a block was sold to the developer, so you are looking at 21 arm’s length sales. The 34 units in contract date from 2007 and early 2008.
My guess: the developer is trying to get those 34 people to close, by tricking them that the development is halfway there. And then they can lower the prices on the rest of the units to sell them at current market condition, after they got the early suckers to double down on their bets.
“That is one hideous building. It’s one thing to live in a factory when you could rent a loft for $300 a month, but this? ”
Crap – where are they renting out lofts in factories for 300 a month? That’s a sweet deal. Sounds like I might need a time machine set to 1982 though.
This is one of the nicer buildings in the nabe, hence it’s selling. Curbed did a spot on it a few months ago with lots of pics of the inside, really cool stuff.
But wait, there’s no bay windows or cornices, so the quality probably sucks. 🙁
i like this building. anything but shiny glass shit that has been popping up everywhere.
This is on the site of the old Dutch Mustard building, right?
they coulda painted the windows black to make it even darker.
That is one hideous building. It’s one thing to live in a factory when you could rent a loft for $300 a month, but this?