Condos of the Day: Price Cuts at 402 Pacific Street
The first month on the market was not a good one for 402 Pacific Street, the four-unit townhouse conversion in Boerum Hill. As a result, all four apartments have just had their asking prices trimmed an average of about five percent. The biggest unit, for example, was reduced from $1,250,000 to $1,150,000, a function, perhaps,…
The first month on the market was not a good one for 402 Pacific Street, the four-unit townhouse conversion in Boerum Hill. As a result, all four apartments have just had their asking prices trimmed an average of about five percent. The biggest unit, for example, was reduced from $1,250,000 to $1,150,000, a function, perhaps, of about a third of its square footage being located on the ground floor. By comparison, the cheapest unit (the second floor) came down just $30,000 to $895,000. The overall reno doesn’t really move us, but the windowed extension is a nice touch. These condo conversions seem like an increasingly tough sell to us as prices in larger new buildings only get more competitive.
402 Pacific Street [Streeteasy] GMAP P*Shark
402 Pacific Street Gut Job [Brownstoner]
Good work here saved a Landmark Great. To those that think this is anything but good should move out of NYC
I am the other architect that worked on this project and i am also very proud of the design and the quality of the work.
keep in mind that the original building is 22′ x 50′. This makes a big difference in the actual room sizes. (the plans can be deceiving) go to an open house and see if the units are too small for a family.
as for the “modest” addition. Landmarks wanted it to be even smaller and denied the proposed penthouse addition. (another crap shoot in the development process that involves risk and affects cost / profits)
Remember, a year ago the neighbors, the papers and this blog were all convinced the owner was tearing down a landmark. let’s give him the credit he deserves for doing what he said he would…. that is save a landmark building AND do a high quality renovation.
hey 5:45 i like the work you did it just wont sell. I think it is so far off the mark but keep us posted
I don’t think people are dissing the work that was done, they are simply saying that it is overpriced. Time will tell.
Has any one of you commenting on the layouts or prices or quality of this project actually been to see it?
How many of you live in 22′ x50′ brownstones,
How many have any idea what it takes to bring a building back from imminent structural COLLAPSE. Let me see one of you put up $300,000 just to save a Landmark building SHELL. But for this developer, DOB would have ordered HPD to raze this building.
NYC would be a mess if it was depending on most of you to re-develop it. The reality of acquisition prices and construction costs prohibit $550 per square foot sellout prices in all but fringe areas. If any of you think this is a fringe area then we are all wasting our breath here.
And no I am not the developer I am just his architect, but i am proud of this project and would have been proud to be the developer also (I often am both).
Seems like they are hoping that people will pay a hefty premium for a place that looks old style brownstone from the outside, but clean modern loftville from the inside. I think they will have to make another cut of 10-20 percent for these to sell. Here is a link to the Corcoran pix (which seem to be used for all the apartment in the building.)
http://www.corcorangroup.com/property/photoTour.aspx?Region=NYC&Listingid=1220369
3:23 – i’m actually not making an argument for these apartments. I think they suck and would never in a gazillion years reccommend that someone buy one. I’m just saying what the cost of renting an apt with decent sq footage would be (don’t care about the finishes). Of course these apts would all be hell with two children, although know many who live in places this size. In 2003 a garden apt floor through of a brownstone cost around $415,000 – that sounds about right to me!
4:45 there are good projects and bad ones. Those are some dangerous PJ’s. If you had ever been to Brooklyn you would know.
4:21 you talk about the Pjs what nabe don’t have PJ’s ? tell me Park slope are you kidding me, the same Project people are walking thru the nabe all day, they go to school there. You are so dumb. Just because you can’t afford these condos you bash the area. Get real and move to New Jersey Or better Yet try South Carolina you Idiot Fool.