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
I thought they rent out a few units of this building.
g10/m4l- it is a great location and the building is actually better quality than some of the other fourth ave tower crap put up. that’s why my guess is that it is a combo of below the threshold sales level and bank action that has effectively put the bldg on ice. fha will help as would a resolution btwn the developer and lender. i’ve seen the units and while there may be quibbles, there is no doubt they’d rent/sale quickly at a market rates. i mean only two units in contract on top of the three sold. and condo ask prices are below local comps. there is more to the story…
M4L – prob not
what’s strange to me is why haven’t more units sold?
it’s a great location, great school district, close to subway, has an individual storage room for each unit, plus parking
it might be the layouts maybe or that when someone does try to buy in, they can’t get a mortgage because it’s not even 15% sold
yes
Antidope, is this the bldg you & I nearly had a bet on the parking?
g10, would you be interested if they charge 500k for a 2 bdrm unit?
Antidope – agreed – I like 5th avenue better myself! except I love 7th avenue up past 9th street going south
Landlord – yes I think Shay still there – eeks what happens if a bank does take posession?
So is shay realty still running the show? Or did they loose the building to the bank.
Antidope- I agree with your 5th vs 7th statment
great location. not just for munchies. subway, 5th ave, prospect park, and not far to CG. personally i like it better for lifestyle than park blocks, which are beautiful but far from subway and 7th is less interesting than 5th, imo.
B.O.D
nooooooooooooooooo actually it doesn’t – EVER!
the only drawback from the Mcdonald’s is they have garbage trucks come at around midnight twice a week to haul the garbage away and our bedroom window is a few floors above so you hear all the clanging – but they are done in 5 mins so it’s no biggie
Antidope: hmmm – no, the bank hasn’t offered us a discount, would they even know we were living there? As of now the developer is still collecting our rent checks…I think! The people we deal with on the day to day type stuff are nice and helpful. But, the funny thing is – we ARE looking to buy a condo or a house, but we aren’t buying there…
it’s actually not spooky. I see my immediate neighbors every few days whom are actually cool folks too that are looking to buy a place(just not in there either)
I will say the access to the subway is AMAZING! and I love living so close to 5th avenue. The apt is nice inside too