Steiner Gives 80 Metropolitan Update
At last week’s Real Estate Roundtable held at the Brooklyn Historical Society, developer and film industry entrepreneur Doug Steiner gave an update on his 80 Metropolitan project that jibed pretty closely with what we gleaned last month. According to Steiner, “about 25%” of the 114 units have sold, with studios and one bedrooms proving the…
At last week’s Real Estate Roundtable held at the Brooklyn Historical Society, developer and film industry entrepreneur Doug Steiner gave an update on his 80 Metropolitan project that jibed pretty closely with what we gleaned last month. According to Steiner, “about 25%” of the 114 units have sold, with studios and one bedrooms proving the most popular so far. (“Same old story,” he said.) Other than March, which was “awful,” sales have been pretty steady. Based on the signed contracts, studios, one bedrooms and two bedrooms are selling for about $800 a foot; penthouses for about $1,000 a foot. The typical buyer, says Steiner, is in his or her early 40’s and moving from Manhattan. Apartments aren’t the only thing being sold either: Cabanas are now going for $150,000 a pop; parking spaces have had four price increases, from the original $40,000 to the current price of $50,000.
Development Watch: 80 Metropolitan [Brownstoner] GMAP P*Shark
80 Metropolitan Listings [Halstead]
80 Met Townhouses Hit the Market [Brownstoner]
Development Watch: 80 Metropolitan Avenue [Brownstoner]
80 Metropolitan Taking Expressions of Interest [Brownstoner]
Live, Hot Demo at Old Dutch Mustard [Brownstoner]
I knew that one day the real estate boom would come to an end. I knew that on that day the emerging neighborhoods ala Williamsburg/Greenpoint (dirty and overbuilt with a dearth of amenities and poor transit service) would be the first to fall and fall the hardest. Neither family-friendly nor convenient for the SATC singles, Williamsburg/Greenpoint’s death bed has been carefully made. And 80 Metropolitan’s overpriced ass needs to lay in it.
That building is the biggest, most overpriced joke in all of NYC. I feel sorry for those who buy in. It is like sending your money down a black hole.
80 Met disturbs me. What is it supposed to be? I will take Richard Meier on Prospect Park over this thing any day.
I looked at 80 Metropolitan one I thought Williamsburg might be an option for me, but I felt that comparatively 80 Metropolitan is extremely overpriced for what it is. They are far better amenitized developments in Manhattan with access to much better schools. Why would anyone with children purchase here?
I’m moving here and I think it will be a great building. I like the location as well – in a fairly quiet part of the neighborhood yet close enough to all the amenities. I signed my contract in January. It hasn’t taken two years. They only started releasing units last quarter of 2007. “Worst development in the nabe” – far from the truth. Warehouse 11 with its oil spill. 55 Berry with a wrecked reputation. Anything around McCarren Park with glaring spotlights. Kaufman and Fischer buildings being most unpopular amongst bloggers. 80 Met is the most understated and best suited building for the area. This is Steiner’s only residential development – he’s doing it right.
It is clear that Steiner is kicking its PR into high gear since the market in the ‘Burg has gone from hot to burned out just when they decided to start selling “vinyasa in su casa” condo crap over at 80 Metropolitan.
I just don’t understand why it took them two years to get this far with the building. Do you think it’s because they’ve taken extra special care or had financing issues?
Re: the schools — I think undercrowded is usually a good thing. Williamsbug has some dynamic, involved parents — and that was true fifteen years ago as well as today. If they all learn to work together, the schools should be fine. The schools are one reason I want to move back someday — if they ever finish all of the construction. Let me just say (again), it’s no fun pushing your stroller past one ill-built fence after another, while wondering if those workers on the roof of that warehouse over there are supposed to be throwing up those large clouds of dust and what’s in them…
Of course these condos are right down the street from the low-level radioactive storage facility, or has it closed?
clearly someone has an angle against it 😉
i like that the place isn’t 10+ stories (the tall buildings don’t fit the neihborhood imo) and the location is good.
don’t know anything else about it except it seems to be being built up every day while other luxury condos around here are unfinished with no work going on for months (years?).
Their townhouses look like soviet compounds vomited out by some hack architect bordering on senility. The location, even within Williamsburg, does little to excite even the greenest of buyers. And with the Williamsburg real estate market taking on water, the investment potential of such properties is about to get a space next to the Titanic. 80 Met couldn’t be any less desirable.