Checking In on 5One5 Condos
Last we looked, 515 5th Avenue was a hot, green property, with a green roof and bamboo flooring (pretty standard for green, but enough to use the term as a marketing tool). The six-story building with 15 residential units includes ground-floor retail that’s still not rented out, but all but two of the units have…
Last we looked, 515 5th Avenue was a hot, green property, with a green roof and bamboo flooring (pretty standard for green, but enough to use the term as a marketing tool). The six-story building with 15 residential units includes ground-floor retail that’s still not rented out, but all but two of the units have been sold. What’s left? A 1,110-square-foot three bedroom for $875,000, that went on the market in April for $995,000, and a similar unit, one floor down, that listed in April for $994,000 and is now $865,000; both were reduced nine weeks ago. Three units are in contract, including one that took a $100,000 price cut five months ago. Think prices have further to fall here? And whatever will become of the ground floor retail space?
5one5 Condo [Official site]
Condo of the Day: 515 5th Avenue [Brownstoner]
515 Fifth Avenue: The Slope Goes Green [Brownstoner]
“Also the population is very segregated…there are the under 25 year olds (with their hangouts), the families (with their spots) and then the old guard (who have their own hangouts).”
This is spot on South Slope. Take a walk around and you will see the exact same lack of mixing. South Slope is not inclusive. At all. It exhibits the same pattern of gentrification seen everywhere else.
So, the address is 515 Fifth Avenue. That’s pretty clear – and reinforced by the name of the building “5 One 5 Condominiums.”
Why then does the website say, “Located on 13th Street between 5th and 6th Avenues in Brooklyn’s Park Slope…”
It’s on the CORNER. I honestly don’t get it. It’s simply baffling to me that someone wrote that sentence on the website. The fancy photos show the building on the corner. The address is clearly on the corner. The address has nothing to do with 13th street… and, it’s on the corner.
What is the marketing benefit here? It’s north of 15th street, so the “Park Slop” nomenclature is fine… What does presenting a 5th Avenue corner lot as a mid-block, side street do? Other than just provide more evidence that real estate agents don’t know how to simply tell the truth… even if the truth is fine.
I really want to know the honest motivation of Corcoran here!
There are very few grocery stores in Williamsburg. Or pharmacies or dry cleaners, etc.
Also the population is very segregated…there are the under 25 year olds (with their hangouts), the families (with their spots) and then the old guard (who have their own hangouts).
This, of course exists in other neighborhoods, but I see Williamsburg as being very segregated like that and South Slope seems much more inclusive to me.
Maybe I’m wrong, but it seems to me the newcomers to Williamsburg don’t really care about the neighborhood’s past so much or the people who have lived there for generations, and I don’t see that as much in Park Slope.
I hope this new world we are about to enter makes everyone a little more appreciative of those around them. Maybe that will be one of the good things that comes out of all of this.
“South Slope … is a community, has grocery stores, is diverse and has been a relatively stable, working class neighborhood for decades.”
OK, perhaps I am missing something, but that sounds pretty much just like Williamsburg to me. What is used to be anyways.
How much are they asking for the retail space?
I don’t agree SnarkSlope about your Williamsburg, South Slope analogy. I think the two are just different, not less or more of anything.
I’d MUCH rather live in South Slope over Williamsburg (I actually wouldn’t live in Williamsburg if you paid me).
South Slope is MORE established in the sense that is is a community, has grocery stores, is diverse and has been a relatively stable, working class neighborhood for decades. I think in an economic downturn, South Slope has a better chance of holding on that Williamsburg does, in fact. I think people will bolt Williamsburg if things there take a nose dive. Just my opinion, though.
The three units currently in contract all took $100k cuts before they sold. The remaining two units have also taken similar cuts, but the prices remain at $779/SF and $788/SF.
Those prices for this area still seem rather optimistic now. South Slope is like a less established Williamsburg with a longer commute, and should be priced accordingly.
Fjorder make an offer. I bet it won’t be completely rejected. Have you seen the apartments? They are small. And I think people are hesistant about this area. Personally, I think the area is great but I overheard several people at the open house asking ridiculous questions about the neighborhood. So maybe no 100k below ask but I bet you both of these apartments sell near the 800k mark. These apartments have been sitting for months, which only means one thing–they are priced too high still. The price reductions occured months ago.
ks800: 100K below ask? No way. If so, I am lining up. A brand-new 3BR in a green bldg in South Slope for $765K seems, and I hate that I am saying this, too good to be true.