Nondescript East W'burg Condos Defying the Market
We can’t see the appeal in this new condo offering at 15 Judge Street but the one-bedroom residences in Bushwick East Williamsburg are flying off the shelf at around $550 per foot: Five units have already sold since the project hit the market a month ago, if you can believe it. Given that the development…
We can’t see the appeal in this new condo offering at 15 Judge Street but the one-bedroom residences in Bushwick East Williamsburg are flying off the shelf at around $550 per foot: Five units have already sold since the project hit the market a month ago, if you can believe it. Given that the development has neither architecture nor location going for it, the sales effort must be getting a big boost from the fact that you can buy a place with just 3.5 percent down courtesy of the FHA. GMAP
Okay, but I just checked out the offering, and yes, whoever designed it is genius. I can see why they’re selling… I wouldn’t buy one, but I can understand it.
Orient Ave, Dirty Hipster, not Catherine. But Catherine is cute too. Or was. I used to love this area, but development has not been kind to it. Quite a lot of the little farmhouses that had somehow managed to survive up there have been torn down. (See Maspeth, the ugliest street in the burg…) And, since most of the mafia has moved out, crime is way up.
Nah – Judge can’t be the shortest street – there’s tons of little streets in the west village that have to be shorter. Gay Street comes to mind – as does Jersey Street in Soho.
Still – I think many are considered alleys – that’s a good trivia question!
Mopar – very true nowadays but the oldtimers on my block stick to their guns that once you cross bushwick, you’re in bushwick. i agree that the area of the condos above has a williamsburg feel, the industrial park (morgan L) is kinda its own separate nabe, and once you cross flushing ave things seem to feel like bushwick.
Sidebar: Judge St, is it in fact the shortest street in all of NYC?
A friend lived on this block and i always thought it weird that it was just a block long.
Oh and this building has been under construction for how many years?! 3 maybe?
DH, if it were on the other side of Grand, it would be Bushwick.
There’s actually some really interesting blocks in that little enclave east of Bushwick Ave. The movie “Eternal Sunshine of the Spotless Mind” – was shot in a grand old house on Catherine Street (I think is inhabited by squatters now)
That being said – I always thought anything east of Bushwick Avenue was technically considered Bushwick. Although if brokers are calling Ridgewood, Queens East Willamsburg – then this is WIlliamsburg too I suppose.
I actually went to one of these open houses a couple of months ago. The aptsandlofts guys seemed friendly enough and at the place I saw, the developer was covering the closing costs up to 5% of the total sale.
They fully disclosed PMI, but PMI is only another $100-200/month on a place like that, and ccs are under $300. So you drop $12k on a 1br and you’re still paying under $2k/month all in. Not bad for a young couple I suppose. They’re not any more or less strapped than the 4 family brownstone owners who rent out three floors to stay afloat. The only problem is that the places aren’t as likely to hold their value.
Here’s the sales pitch:
You put $11,515 down on a 593-sf one bedroom. Your monthly cost is $1412.53. That’s significantly cheaper than renting a similar but much more decrepit one bedroom railroad in the same area.
Ding, ding, ding, as the What would say.
The fine print: This does NOT include private mortgage insurance.
Pretty damn interesting.
im not a cheese and wine kind of guy, sorry.
*rob*