Broker Switcheroo, Huge Price Cuts at The Elan
After almost a year and a half of sales mode, the developers of the Elan at 255 1st Street in Park Slope are getting a broker make-over and instituting one of the more sweeping and aggressive batch of price cuts that we’ve seen to date. On the broker front, A.D. Shaye is out, Apartments &…
After almost a year and a half of sales mode, the developers of the Elan at 255 1st Street in Park Slope are getting a broker make-over and instituting one of the more sweeping and aggressive batch of price cuts that we’ve seen to date. On the broker front, A.D. Shaye is out, Apartments & Lofts is in. The new website is here. As for pricing, all remaining 17 units got whacked an average of 26 percent. Apartment 12B, which has 1,169 square feet of interior space and 167 square feet of outdoor space, was reduced from $1,025,000 to $725,000. Holy cow! This is obviously what most developers need to be doing now. This’ll be interesting to watch.
Condos of the Day: 255 1st Street [Brownstoner] GMAP
Well if the bank is willing to get a buzz cut, then it may not be so hair brained at all.
you’d have to pay for the debt, at least 2.4 bucks, plus gd knows how much more to finish…prob the bank would happily take a haircut. it is such an odd business proposition. always was, but now in this market it just looks hairbrained.
antidope – thanks – btw – actually I’d buy all three – assuming the price reflects the condition of the building and the distressed nature of the development as a whole – that block will hold up and rebound better then most – I predict
http://therealdeal.com/newyork/articles/slope-slowdown-on-fourth-avenue
fsrg – your correct. A.D. Shaye was one of the owners (there are 2). It certainly looks like there is some bank action as you stated.
gemini — yes, we ended up in the area we wanted, but the new place is not quite as convenient as the old. In fact, I will no longer be a North Slope Renter after the move. New place is in Center Slope. Guess I’ll need a new login here…
black beast is also 60-75′ wide. (10 units; almost done)
i was talking about the yellow elephant. (3 units; just taking it’s sweet time)
there’s also a nice lot in between blackbeast and elan begging to be a community garden.
NSR:
ok great – is it in the part of the Slope you wanted at least? sorry about the storage hassle! – totally annoying!
I agree Elan has small living/dining areas, we still have many unpacked boxes which will remain unpacked as we will leave in a few months anyway…
Is the “black” condos 60′ frontage? or is the whole Scarano building (meaning the black condos and the shell) 60′ frontage