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
PS -it doesn’t smell like Mcdonalds in the building or the apartment
and there is a parking lot in the back of the building accessed by a driveway on Garfield with about 15 spots
g10, you would be a genius not a toolbag. can I queue the jefferson’s “moving on up” tune for you?
m4l, you’re a creepy schmuk for trying to lure a wager where you knew the outcome.
note to self, keep away.
g10, is there really an alley into the rear from garfield?
hahahhaha
I am renting in this building Rob – am I toolbag?
I will not be buying
Antidope, I’m glad you admit you were wrong. can’t be right all the time. sometimes the other party just knows more about something.
I live on 2nd Street and see this building from my window. I’ve checked ACRIS and only see one sale at 5B. That purchaser used a Suffolk county bank for financing which is probably holding the paper. FNMA regulations require 50%+ in sales before they will take the mortgage so who is lending here? I suspect financing difficulty will tremendously inhibit sales.
Folks are now living on the 3rd, 4th, 7th, 8th, 9th, and 11th floors but I suspect these are all tenants. I’ll check ACRIS from time to time to see if sales have been recorded but “Street Easy” only shows 4A and 4B in contract and I see no deed yet for those two apts.
So, bottom line, if you buy figure most of your neighbors will be tenants for years to come. There is a $14 million construction loan on this building so question is: when will the foreclosure occur? I’ve been in the building and layouts are poor in many units. My recommendation: go elsewhere or wait for bank fire sale!
maybe u missed something on previous threads. it’s my policy not to gamble on-line. you can keep your gambling in your frat house, cowboy.
i am willing to grant that you appear to be correct on the elan. there is no access to the elan by car from 1st st. however, the offering dox do indicate a garage accessed from the rear of the building (that’d be garfield st), which seems strange bc the elan is not a through block building. and upon inspection of the old google map, there does appear to be an alley that i didn’t know existed.
upon further reflection, i also have a zoning question. how did the elan get approval to go 12 high when it’s not on 4th ave? anyone?
Antidope, need more time to think over the wager?
there are no views on that side of the building facing mcdonalds. there’s no windows! and if you think mcdonalds is going anywhere in 5 – 10, even 20 years, keep dreaming lol
*rob*