Condo of the Day: 118 State Street
A prospective buyer has a post on the Forum about whether prices at 118 State Street, a 150-year-old carriage house that’s been converted into four condos, are too high, even for the Heights: The renovation work looks pretty nice, and it is a prime block, but does anyone on this forum other than Corcoran brokers…
A prospective buyer has a post on the Forum about whether prices at 118 State Street, a 150-year-old carriage house that’s been converted into four condos, are too high, even for the Heights:
The renovation work looks pretty nice, and it is a prime block, but does anyone on this forum other than Corcoran brokers think that over $1200/sq ft is going to sell in BROOKLYN? I think this is absolutely absurd since we’ve seen pretty nice 2 bedrooms for under $1 million in this neighborhood, but maybe I’m wrong.
As it turns out, one of the units has already gone into contract, according to Corcoran’s listings page, but at least one person who responded to the post agreed that 118 State’s prices may be a bit nosebleed: “I wouldn’t pay that… for 3 million you can buy a very nice brownstone in PS.” Then again, you don’t find many brownstones with 25-by-90-foot floorplates in this great a location either. (Disclaimer: This property was advertised on Brownstoner briefly last spring.)
118 State Street [Forum]
The Carriage House [Brennan Real Estate]
118 State Listings [Corcoran]
bought a 2000 sq ft apt for $950k in prime williamsburg last year and put in another 150K for a very similar apt to the duplex – live upstairs and sleep downstairs with 2 garden levels. our price per sq. foot was $550 incl. renovations vs. this at $1200, so there is the neighborhood discrepancy. also, with our changes/decorating/built ins, it seems like our place is far superior.
we’d take williamsburg any day anyway because we love the neighborhood, but from just a price perspective, that is a huge difference. mind you, much of the new stuff entering the market in williamsburg is now at $800 or $1000 per sq. ft too (especially waterfront), so think that’s the price range where all the gentried neighborhoods are going.
He bought it for 4 1/2 a 3-4 years ago. He offered it up for about 6MM a year or two ago. Probably cost him 1MM in reno costs (or less)+ architect fees and carrying costs for 4+ years. So he’ll clear 20-30%, but not 100%
the total asking price of all four units is nearly $10 million. even with a condo-ization premium, that’s completely batty.
I went to the open house this weekend and “The” Carriage House was amazing. Out of my price range. But, my boyfriend and I were impressed with the details like the windows in the living rooms are huge. If I had the money I’d buy one..
I am curious about the top floor, which looks like it is only a half floor with a wall of windows, a la the apartment in “Friends.” Can someone explain? I checked all the floorplans and didn’t see one that showed this.
I wouldn’t pay these simply for the smell. These are very close, if not right behind the Chip Shop on Atlantic. Some nights you can smell the Chip Shop right as you walk by this carriage house. Trust me, my husband comments on it everytime.
$1200/sf gets you stock aluminum replacement windows and panning for the arched masonry opening? Really?
project much 1:35??
I’m continually amazed at the posts on Brownstoner by people who say about new construction/flip renovation, “The design/construction is horrible given the price.” Don’t you realize the price reflects the developer’s/renovator’s profit margin, NOT the design or construction costs? If you want a higher level of design and construction, you have to manage it yourself and not pay someone to do it for you. The more you do yourself, the more you get for the same cost. You can take this argument right down the line – be your own GC and you can cut your construction costs by a fraction and spend even more on the design and materials. And it applies at all price points: those yahoos buying $10MM condos in Manhattan are still getting the same crappy construction (relatively speaking), just fancier addresses, views and neighbors. The truly mega-rich still need to hire their own architects and builders to do a really great job, and not rely on a developer to do it for them at a mark-up.