Condo of the Day: 500 4th Avenue, #PHG
While the new condo development has been on the market since last spring, this penthouse pad was just released last week. The details: Two beds, two baths, 1,062 square feet, $818,000. For those already rolling their eyes, consider that Boymelgreen was able to sell out the Novo. Granted, he got more than a two-year head-start,…
While the new condo development has been on the market since last spring, this penthouse pad was just released last week. The details: Two beds, two baths, 1,062 square feet, $818,000. For those already rolling their eyes, consider that Boymelgreen was able to sell out the Novo. Granted, he got more than a two-year head-start, but this building looks a little nicer. Of course, it’s also quite a bit further south. Thoughts?
500 4th Avenue, #PHG [Douglas Elliman] GMAP P*Shark
Taking the Pulse of 4th Avenue’s Inventory [Brownstoner]
500 Fourth Avenue 20% Sold; Opening in Fall? [Brownstoner]
I dont know about “alot” more than 160K (taxes are abated) so you got to figure the monthly nut is about $4500 which is a bit more than the 30% gross income you’d like to see but hardly crazy.
“You have to have $160,000 to put down and make $160,000 a year to afford this place at the ask. I think those who fit this bill are not likely to choose 4th and 11th as their long term home.”
Not to revisit the debates from the other day, but everyone I talk to feels you would need to earn alot more than $160K a year to prudently afford this – you’re talking about a $3,750 mortagage, plus maintenance on top of that..
this may be the very last place I’d put my money
how much will this rent for? we all know this will be a rental building down the road.
Brokedeveloper – I agree that this is overpriced for 4th and llth (westside no less) BUT the issue is what do comparable apartments in/near PS cost….sure if you can get a nice elevatored Apartment in PS like nabe for $600 sq ft – then your right $400 a sq ft for this, but the price here is totally derivative of PS as a whole which is derivative of Manhattan….
11217,
When comparing condo maintenance to a brownstone co-op, you have to factor in proeprty taxes. Those are included in a brownstone co-op’s maintenance, but not condo ccs. (Very few brownstone condos, you’ll mostly find co-ops).
that building ain’t go no alibi, it’s u-g-l-y.
Posted by: CG_ups at September 16, 2009 1:46 PM
god bless you for the fishbone reference….
“I guess because to some people the size of the bathroom and the kitchen appliances are of primary importance. ugh”
Do you really need to ask a question answered yesterday (read the Novo thread).
Seriously, people as so caught up in curbed appeal when we know that is only a primary concern to a very small portion of the buying population. Location, price, amenities, size and etc are often THE primary concern.
Not saying 500th 4th addresses this but you answered your own question.
Most people didn’t even consider 4th Ave Park Slope 15 years ago.
Crap like $750 a sq ft to live on 4th Avenue is short lived at best. These type of places will end up falling much more than market as a whole. 2 years from now we are talking $400 a sq ft. tops for a place like this.
You have to have $160,000 to put down and make $160,000 a year to afford this place at the ask. I think those who fit this bill are not likely to choose 4th and 11th as their long term home.
By the way, the common charges almost always go up on new condos. I lived in one, and they were plus 40% within a year of closing. They always start out way underinsured and the amount of energy and salary required to run are always underestimated.