Closings Begin at the Heritage
The Heritage, that new condo building in the Slope that sells itself as old school Brooklyn, is seeing its first set of closings. According to Halstead Properties, the building is 70% sold, with six one- and two-bedroom units left in the 21-unit Karl Fisher-designed building, ranging from 940 square feet to 1,330 square feet and…
The Heritage, that new condo building in the Slope that sells itself as old school Brooklyn, is seeing its first set of closings. According to Halstead Properties, the building is 70% sold, with six one- and two-bedroom units left in the 21-unit Karl Fisher-designed building, ranging from 940 square feet to 1,330 square feet and $775,000 to $975,000. For that price, you also get a private balcony, garden, or rooftop cabana. Have any readers closed yet?
Heritage at Park Slope Listings [Halstead] GMAP
Development Watch: The Heritage at Park Slope [Brownstoner]
Congrats Marion. Looks like a great place and the neighborhood is fantastic (your section, only getting better), which you already probably know! You are right near the best part of 5th Avenue!
Enjoy it.
I am closing on a 2 b.r. at the Heritage later this month and was at the building today making sure the punch list was completed. The overall footage of my apt. measured out correctly but the stated room dimensions on the floor plan were off. Even with transfer taxes figured in I get almost 1,000 s.f. with 2 bedrooms, 2 baths plus a 95 s.f. balcony with a Manhattan skyline. Price for me came in at about $850 per s.f., but I bought early before the price increases (did an exhaustive review of the plans, cuts, elevations, etc.)
My common charges (no garage) are $523, very reasonable and taxes for the current year ending next June 30th are under $450 or about another $40 per month. This gives the expediter plenty of time to get the 421a approved when reassessment kicks in. We get a part time super to care for a 21 unit property and I can do without the doorman, concierge, and heavy staff which drive up common charges.
I have looked at virtually all the new projects north of 9th St. in the Slope and found the room sizes and amenities here well worth the price. There were a number of design errors but central air with separate base board hot water heat (part of common charges) is less costly than through the wall electric heat and a.c. units most developers use.
If anyone has a question, drop me a line at:
marion11217@aol.com
Consider me a happy camper!!
fsrg
Just a quick observation on your unit…
1. No common area to speak of – this SIGNIFICANTLY reduces CC because less labor, less maintenance, less monthly building utility bill, etc, etc.
2. The mechanical room is in the unit. So a portion of your mortgage is that room. Other condos have it in the basement (thus part of your CC). It also means the upkeep falls on to you (like having a detached house). If in a basement it is part of your CC.
That place you listed fsrg is also 1.465 million, about 500-700K more than any of the available units at the Heritage.
Can we at least compare similarly priced properties, if we must compare?
I actually agree it is far from Prospect Park – 3/4 mile uphill; but it is 5 blocks from the train, close to the bus, and 1 stop to Atlantic – which has virtually every train and is in 321 – and is 1 block from JJ Byrne (which is getting pretty nice) so really except for the distance to PP it is a perfect location. Although for my $ I like this unit across the street (you can see the Heritage in the window) MUCH better (albeit no parking):
http://www.warrenlewis.com/cgi-bin/re/re_show.pl?re_command=show&ID=6412
sweet roof deck!
To add…
Some of the spaces have large outdoor spaces. Those are usually not counted in the quoted square area feet. But having outdoor space does increase your CC.
lechacal – your premise only has validity to a point….as with everything it will depend on the overall market (no man is an island) – in 3-5 years major construction may be 1. largely completed 2. stalled or 3 continuing on 4th Ave (and lower slope).
If it is #1 or even #2 and you have a rising market again – then in some senses these apartments may actually do very well in resale – since the area will be very different (maybe not to your taste but still….) and resale will be the only way in. You cite the units across the street as an example – so I will too – many of those units sold 7yrs ago for less than $500 a sq ft – now despite continuing massive construction – the asking is close to $1000 a sq ft. Largely because the lower slope is far nicer now then it was in 2000.
The same may continue to happen (although obviously the current market is not looking good and much more inventory is coming on-line) and if the 4th Ave build-out is complete in 5yrs then new supply will be limited.
I don’t have a crystal ball and frankly I think if you buy a single apartment for anything other than ‘living’ (and hopefully not losing your down-payment) you are being dumb. BUT the ‘market’ is complicated by many factors that impact on both sides of the supply/demand equation.
Stop making comparisons. Posting a link about a real estate across the street or across town means very little. You need to “open the books” – the Offering Plan is a good start – to make a sensible comparison. Amenities like a gym or doorman is a small portion of your monthly CC. Things like infrastructure, labor, utilities, etc are other things to consider. Two buildings made of red bricks with the same square feet can have drastically different CCs for varying reasons. One can be made of more expensive bricks. It may have larger common areas thus higher cost of repair and upkeep. It may have expensive plants in the garden. It may hire a professional grounds keeper for that Zen garden instead of just using the super.The super might be a live in super. Guess how they pay for the super’s unit? That is right – through CC. Although some condos will often change that to one time upfront cost as part of your closing cost. You may have a heated/cooled indoor garage. You get the picture.
So stop comparing. Get a hold of the offering plan at least if you want to make a fair comparison. If not you are just contributing nothing. I too can search the Corcoran website. If the CC cost does not fit your budget – that is fine. It may well be the Heritage has a higher CC but without we don’t know why exactly.
Brooklynitetobe at 1:25 PM: “The place is nice, but it’s not THAT nice, and it’s still far from the subway…”
Far from the subway?! 4 blocks to Union Street subway is far? And Union is one stop from Atlantic where you can get almost every train.
Also, 4th – 5th Ave is not far from the park, 10 minute walk, tops.