Brokerage Switches Ain't Helping at 245 16th Street
It’s been a year and a half since we last checked in on the small condo at 245 16th Street in the South Slope. Back then, the development was going by the name “The Athena,” but three brokerages later it appears that the moniker has been dropped in favor of “The 16th Street Condominiums.” What…
It’s been a year and a half since we last checked in on the small condo at 245 16th Street in the South Slope. Back then, the development was going by the name “The Athena,” but three brokerages later it appears that the moniker has been dropped in favor of “The 16th Street Condominiums.” What hasn’t dropped, at least not appreciably, are the condo’s prices: Unit 1 in the building (1,105-sf studio loft), for example, started out its life on the market at $495,000. While Elliman, which first had the listing, brought it down by $10K last summer, the asking has stayed at the same level through Corcoran and Brown Harris Stevens’ runs representing the building and is still listed for $485,000 with its new handlers, Brooklyn Heights RE. Prices on two other units have also been pretty static, with one (Unit 3) staying at the same price it was initially listed for in January ’08, $695,000, and the other (Unit 2) now at $585,000 after first coming to market for $695,000—a decent cut, but it was made last December, and it doesn’t seem to have had much effect. It doesn’t look like the other three units in the building have active listings, but there definitely haven’t been any closings thus far, even though the development’s final C of O came through almost a year ago. Has anyone checked these out?
245 16th Street Listings [StreetEasy]
Athena Prices a Big Fat Myth? [Brownstoner] GMAP
As IMBY pointed out, BK is all over the South Slope, shilling POSs and making ZERO $$ on the buildings.
It is a shame so many blemishes have made the South Slope look like a cheap hooker with a herpes attack!
Ah, that cheap facade gotta love it.
This is what happens for the few developers who don’t have bank loans – they sit tight on the prices as they have investors promised payoffs at x, but those promises were made in a different market and so alas, developer waits them out…
362 12th st are prob one of the worst ones out there as well. we went and the kitchen cabinets would not open more than an inch. stove was in its way!
In addition to the drainage and floor issues raised by quikazoid, the units also are lacking in closet space. The duplex has only two, a coat closet on the first floor and a cubby hole kind of thing in the basement.
The duplex seems to be the only unit still being listed; the 2 bedroom was removed last week.
Tear it down!
Ive stopped by these condos a couple of times. The only decent one is actually the studio (apt 1). The rest are slacking. The balconys have drainage issues. I went to step outside and my whole foot was in water. The basement floors are also weak. The floors coming apart due to “moisture”. There is something about the studio that actually attracted me but for the most part the entire development has been a turn off. The prices too are kind of ridiculous!
These are ABSOLUTELY the most hideous of the South Slope new condos.
I’m glad they aren’t selling…serves the developer right.
A lot of wasted time. A lot of foregone “lowballs” that are now highballs.
***Bid half off peak comps***