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]
Antidope:
The psf average of the sold units is $747.
It’s just the 2 for sale which are now listed at 650 psf.
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???
it’s impossible to know the full story, but i’d venture a guess that $650psf + 2 parking spots did not cover acq costs, lux reno costs and loan carry costs unless the developer held the ppty for some time prior to construction. if s/he bought in 2006, it’s a toss-up if they came out with their skin attached to their body. $1000psf would’ve been high, but i bet you can find comps at/near that in the nabe.
I know, fsrq. Reread the sentence that you cut and pasted.
Christ.
Brownstonerlogin,
That corner area was built from scratch, yes.
The brownstone next to it I believe was a shell, which was transformed into part of the Vermeil.
“Some condo developments, yes. Brooklyn brownstones and properties like this, you wish!!!!”
DIBS – this IS an condo development – 100% brand new modern construction.
Btw, they have raised the price 100K on the two remaining units for sale.
I’m showing that it’s 21 units total. Not 22.
And I’m seeing 18 of those sold. Not 17.
The one in limbo is unit 1A which has been “delisted temporarily”
21 units, 18 sold, 2 for sale, 1 unknown.
Is this really a brand-new building built from scratch? Every time my husband and I walk by it we debate it, because it looks so nice. Not sure a million for a 2-bedroom is that outrageous given that ginormous roof deck, plus it looks like a pretty luxury building/apt. and is in a great location. Anyone know how much parking spots are selling for, and if there are spots still available??
DIBS;
You really think it is a good-looking development? I think it is rather banal. Have we run out of idioms, such that all we can do in 2010 is “ape” buildings from the the late 19th century? Despite the zoing violation issues, I happen to think that most of Scarano’s buildings look quite nice on the outside. At least the guy tried something daring.
I am starting to prefer the lower part of Park Slope (4th to 6th Ave) because it has a nice mixture of old and new.