Checking in on The Elan
Has the Elan, a 32-unit condo on 1st Street between 4th and 5th avenues, been the victim of bad timing, unrealistic expectations, or both? When we last took a look at the development in March, a round of price cuts had just been implemented, and five of the units were in contract. Three months later,…
Has the Elan, a 32-unit condo on 1st Street between 4th and 5th avenues, been the victim of bad timing, unrealistic expectations, or both? When we last took a look at the development in March, a round of price cuts had just been implemented, and five of the units were in contract. Three months later, although StreetEasy now shows no in-contract units, one of the condo’s brokers says that seven units are, in fact, in contract—though not all of those are sure-fire closings, since the TCO took longer to materialize than the offering plan stipulated. However, the TCO finally did come through a couple weeks ago, and the first closing is scheduled to happen this weekend. Prices for units at the building range from $949,000 for a 3-bedroom to $599,000 for a 1-bed.
Price Cuts at The Elan [Brownstoner]
255 1st Street [StreetEasy] GMAP
bad timing? unrealistic expectations?
How bout just plain ugly!!!
^^^ To clarify, not at this location. ^^^
I don’t know about the McD’s, but you can definitely smell the KFC from the other side of 4th Ave when the wind is blowing the right direction.
man, that has to be the ugliest building in the boro.
Been in the building. Layouts are crazy. One unit had a bathroom where you had to walk around a column to get to the fixtures. Wall facing west can’t have windows because it’s built on the lot line and clearly air rights were not purchased. Broker indicated they were taking bids in the $650/s.f. range. I personally don’t like buildings with through the wall a.c./heating units; the annual electric charges can run 4k! Since there are only 3 units per floor (2 on the top floors) you would think the architect could have come up with better layouts. Some bedrooms are ridiculous in their proportions. Balconies are narrow. Am wondering which bank will provide financing since most require 50% or more of units to be in contract before closing. This developer has whopping $14,650,000 construction loan per ACRIS which comes to over 450k per d.u. When you figure monthly interest charges and other soft costs the profits are dribbling away. Buyers beware: most of your neighbors will be renting!
denton your right about the Warehouse being a good spot for future development BUT Katan,Fatato and Boylemgreen have been in litigation over that spot for years with the people who built the Heritage (Bergen Paint) so I’m not so sure that it is exactly going to be the 1st development during the next boom (whenever that comes)
that’s right Joe, that’s a lot line, so, no windows. Not only that, the red whse across the street is a prime development candidate when things turn around, in fact Katan already has something going on there. So those views go also.
Perhpas they could hand out some horse blinkers
ditto, same as gowanus: “brown stone” brooklyn