Checking in on the Elan
We haven’t taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting…
We haven’t taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting unspecified “incentive packages.” (Requests for elaboration from Apartments & Lofts on what those incentive packages involve have not been answered.) According to StreetEasy, there were additional, though very minor, price cuts on a couple units earlier this month: A one-bedroom went from $599,000 to $567,500, and a two-bed went from $670,000 to $649,000. Also, if StreetEasy’s rundown on the Elan is correct, the price cuts haven’t done much to sell units here: Of the three condos that are in contract, all were spoken for before last fall’s chops and the building’s rebranding. This one just seems like it’s heading for trouble.
Broker Switcheroo, Huge Price Cuts at The Elan [Brownstoner]
The Elan [StreetEasy]
Condos of the Day: 255 1st Street [Brownstoner] GMAP
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For the McDonald next to the building, it was close last week? So what would they use the land for?
youre thinking the mcdonalds that was featured in some thread last week in downtown brooklyn, not this one.
*rob*
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what’s strange to me is why haven’t more units sold?
because i live up the block hahah
*rob*
Antidope, not saying that’s what they would have offer, but rather “I” would only be interested to buy there vs. a house in the hood.
So does anyone know what DOES happen to someone (a renter or a buyer) if the developer is forced to foreclose?
Seahawk – the McDonalds is very much OPEN.
Marion, which apartments had chicken last tuesday : )
Good Comment MarionG.
I hope the fire sale will come soon!!
The only thing we don’t know is how many are in contracts right now?
How could verify if Apts and Lofts are giving the correct figure?
For the McDonald next to the building, it was close last week? So what would they use the land for?
3br are 1400-1500 sqft.
why would they sell for less than 500psf + include storage + include parking?
show me a comp that is under 600psf in ‘hood (that is new (or at least not in need of reno) and not partially basement.)
i dont think the bank would release the collateral on your offer!
I keep tabs on this building since I live around the corner on 2nd St. where I can view the place and see which lights are on at night. ACRIS indicates 4 of 32 units sold: 5B, 5C, 2B and 7A. Two were financed by a Smithtown bank on L.I., one by a Chinese bank and the fourth was an all cash deal. Lights on indicate renters on the 11th, 9th, 8th, 7th, 4th and 3rd floors, about another 10 to a dozen apartments. With less than 50% sold no traditional bank can touch this place. The $14.65 million construction loan has been only minimally reduced by the four sales. Recent sales are under $600/s.f. This place has the usual electric a.c./heat units built into the wall so save your pennies for utilities. Just a matter of time until the lender forecloses and therefore this is a very risky investment! Buyer beware and wait for the fire sale.
antidope, you know me. I’m a vulture. I want a better deal than what my buddy walked away from a while back – think he got offer mid or high 700k’s for a 3 bdrm + storage room + parking. 650k for that same package would get me into there.