Condos of the Day: Still No Action at 364 Myrtle Avenue
This is one developer who must be wishing he’d never crossed paths with architect Robert Scarano. After finding buyers for all three units at 364 Myrtle Avenue in early 2007, the developer had to let all of them out of their contracts when Scarano’s high-profile problems with DOB got in the way of a C…
This is one developer who must be wishing he’d never crossed paths with architect Robert Scarano. After finding buyers for all three units at 364 Myrtle Avenue in early 2007, the developer had to let all of them out of their contracts when Scarano’s high-profile problems with DOB got in the way of a C of O on the property. He then tried to rent the units last fall for very un-Myrtle-like prices before putting them back on the market in January. Then in May, with none of them sold, he actually hiked prices. Now he’s gone and cut prices to slightly below where they were in January. (The three apartments are now asking $885,000, $825,000 and $749,000.) Meanwhile, you gotta assume the two years of carrying costs are starting to hurt.
Kara Kasper’s Listings [Corcoran] GMAP
364 Myrtle Avenue [StreetEasy] P*Shark
Condos of the Day: Whiplash at 364 Myrtle Avenue [Brownstoner]
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo [Brownstoner]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What’s Up With The New Building on Myrtle? [Brownstoner]
Kara-yuch!
The units are also available to rent (still with Corco, but different broker) – also for very un-Myrtle-like prices. However, imho 10% off and they will sell.
it’s a safe corner to live on, I’ve been there 8 years with no problems.
Ok, not across the street… but kitty-cornered.
I love the description on the broker’s website:
“Located on a busy commercial stretch of Myrtle Avenue between Clermont and Adelphi. . . this new construction attempts to set itself apart from the others.”
It sounds like a review of a mediocre movie.
2:43 – they are not across from the projects but across from the new building. and walgreens. it will be interesting to see what happens when they both open. i’ve heard next week is their goal to open…
This place makes NO sense and needs to come down a few hundred thousand more before it can start making sense.
The C of O wasn’t the only issue that let the buyers out of the contract, the building had issues. It was poorly built, had problems (leaking roof, etc), and will continually have issues.
Also, don’t forget this place is across the street from the projects.
Take your down payment and invest it. Rent a higher quality unit from the chocolate factory, and be thankful you didn’t get trapped owning in this dump.
I have zero sympathy for the developer. I’m sure he, like most of Scarano’s clients, selected his architect on the basis of his “magical” ability to get more SF built than would appear to be allowable under zoning. Sane people don’t believe in magic. Magic is the extremely skilled presentation of a lie. The developer deserves his agony just as much as Wesley Snipes and the other clients of that crooked tax attorney.
outrageous. the ridiculous prices on the endless slew of subpar brooklyn condos is starting to make me feel nauseous. when will these developers get a clue.