Vermeil Inching Towards The Finish Line
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the…
Slowly but surely the Vermeil condo on 7th Avenue and Sterling Place is getting closer to selling out. There have been 17 closings in the 22-unit building, and StreetEasy is only showing two units on the market: A 1,602-sf 3-bedroom ($1.1 mil) and a 1,564-sf 2-bed ($1.075 mil). The building, which was pricey from the get-go, hit the market in early ’07 and started closing in February of last year. There have been fairly substantial discounts on some of the more recent sales, like a unit initially listed for $1,700,000 that sold for $1.15 million with two parking spots thrown in.
Checking In On The Vermeil [Brownstoner]
More Price Cuts at The Vermeil [Brownstoner] GMAP
Checking in on The Vermeil [Brownstoner]
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]
I’m totally confused by this thread.
Only on brownstoner would the announcement of a nice looking contexual development almost selling out warrant so many negative posts.
DIBS;
To each his own regarding taste. I do stand by my banal comment, and the fact that a number of posters could not determine if this is new construction or not proves my point. It is banal for that context: just aping the nearby buildings. For a prime location such as this, I think they could have done something more original, while still respecting the context. Just my opinion.
I am asking what makes this condo development special that it wont decline (its listing or its assessed value) in DIBS opinion – cause as it stands the only diferentiation that DIBS cited is that HE likes it.
Posted by: fsrg at February 9, 2010 12:01 PM
More importantly, the buyers liked it.
Are you arguing that it’s not a really nice, contextual building?? I don’t really understand what your point is especially in your inability to comprehend my statement that you cut and pasted.
ask yourself this. if the dvper had made its way through most of the sales process w/o interference from the bank, then what would be more likely:
a) the loan is substantially paid off and the equity holder would likely be under no pressure to sell. last few units would be the pure profit.
b) the bank has gotten fed up with its borrower and decided it wants to liquidate the underlying assets and avoid further market risk.
this is a scenario akin to the forte that would lead to aggressive price chops and a quicker close-out of the building.
DIBS;
You really think it is a good-looking development? I think it is rather banal. .
Posted by: benson at February 9, 2010 11:37 AM
Banal???? As in “commonplace” according to Merriam-Webster. Really????
This is a building that is totally contextual to a neighborhood which, I believe, is landmarked. Do you think a glass structure is better just because it’s different???
DIBS;
I didn’t say that it wasn’t a nice development. Seems to be a quality project, from what I have seen. I was reacting to your question about its exterior aesthetics (why can’t more developments look like this?).
11217 – what does that have to do with it??? 1st of all it is NOT sold out, 2nd obviously when people talk about properties declining in value 50% (or whatever) they are obviously talking about listings or COMPS – DIBS said that Brownstones, and “properties like this” wont decline anything like “some condo developments” – so since this IS a condo development, I am asking what makes this condo development special that it wont decline (its listing or its assessed value) in DIBS opinion – cause as it stands the only diferentiation that DIBS cited is that HE likes it.
fsrq…I said “Some condo developments, yes. Brooklyn brownstones and properties like this, you wish!!!!”
That means “some condos.” In fact, I believe MOST CONDOS.
It was the second sentence that excluded this one. It read: “Brooklyn brownstones and properties like this, you wish!!!!”
That means NOT this one. Like, 11217 said, it’s mostly sold and it’s a real nice development (despite what benson thinks.)
How hard is it to understand that????
“Christ what – I reread the sentence and it makes no sense – why would this CONDO not fall the same as others – because you like it???”
Um, maybe cause this is almost sold out?