166 Montague Street 33% Sold
When we checked in on 166 Montague Street, the former Franklin Mint Trust (whoops!) building in Brooklyn Heights that’s being converted into high-end condos, a year ago, four out of 24 units were spoken for. Like most condos, last year was something of a write-off but more recently things have started to heat up again….
When we checked in on 166 Montague Street, the former Franklin Mint Trust (whoops!) building in Brooklyn Heights that’s being converted into high-end condos, a year ago, four out of 24 units were spoken for. Like most condos, last year was something of a write-off but more recently things have started to heat up again. Just recently, units 7A and 7B, we hear, went into contract at the full asking prices of $1,615,000 and $1,620,000, respectively, bringing the total units in contract to eight.
166 Montague Street Listings [Douglas Elliman] GMAP
Checking In On 166 Montague Street [Brownstoner]
Checking In On 166 Montague Street [Brownstoner]
Update on the 166 Montague Street Conversion [Brownstoner]
Franklin Trust on Montague Going Residential [Brownstoner]
Ringo – what year and half –
This CONVERSION was started close to THREE years ago and they were ‘showing apartments’ well over 2yrs ago – now they have 6 or 8 units sold and the project appears to be pretty far from completion (based on a walk-by).
I looked at this thing 2+years ago and I felt then that it was a cluster*uck of a project and I am convinced now that I was correct.
Too bad because you cannot beat the location or the views from the upper floors.
By cjmorris1201 on May 4, 2010 12:15 PM
“boy, there seems to be no shortage of people that pay way over $1m for apts in this city.”
But only on credit…wait ’til financing disappears again later this year. Then the real pricing correction begins.
…
Speak for yourself, chumps. Me personally, I will be doing an all-cash deal on my million dollar apartment.
OK…we’re not actually buying a $1M apt in the city. It’s a little over half that and three-quarters of it will be a conforming loan. HOWEVER, if and when you do hear of us buying a million dollar pad, I assure you it will be all-cash.
Because the only way we could afford that is if one of us hits the MegaPowerLotto thingy. In which case we won’t care if we get a sched A interest deduction.
“boy, there seems to be no shortage of people that pay way over $1m for apts in this city.”
But only on credit…wait ’til financing disappears again later this year. Then the real pricing correction begins.
boy, there seems to be no shortage of people that pay way over $1m for apts in this city.
And at those prices, only a part-time doorman?
I’m having math problems.
OP says 33% sold, e.g., 8/24.
SE says 6 recorded sales:
#3B
#3D
#4A
#4B
#8A
#9A
…and 5 In Contract:
#5A
#6A
#6B
#7A
#7B
…and 8 Listings:
#2A
#2C
#3C
#4C
#5B
#5C
#8B
#9C
Mr. B means the 6 sold plus the 2 a little birdie told him about (FULL ASK!!!!!!). Anyway, my question is, have all 24 units been released? Or have they sold AND put into contract 11 out of 19 released units?
wow, here we go again, the 2 room special……
If I were looking to buy into a new condo bldg that had sold 6 units in a year and a half or more, the last thing I’d do is pay full asking. But that’s just me I guess!
Damn straight, BD!