Condos of the Day: 122 Fort Greene Place
The brick townhouse at 122 Fort Greene Place was purchased for $2,400,000 in May 2006 and has now been reborn as a four-unit condo ranging in price from $999,000 for a 1,420-square-foot two bedroom to $1,450,000 for a 1,403-square-foot two bedroom. The conversion’s kinda strange: Some of it looks quite beautiful, while others parts look…
The brick townhouse at 122 Fort Greene Place was purchased for $2,400,000 in May 2006 and has now been reborn as a four-unit condo ranging in price from $999,000 for a 1,420-square-foot two bedroom to $1,450,000 for a 1,403-square-foot two bedroom. The conversion’s kinda strange: Some of it looks quite beautiful, while others parts look plain ugly. Go figure. Regardless, some of these prices seem mighty high for a floor-through apartment on only an okay block in Fort Greene.
Teri Cavanaugh’s Listings [Corcoran] GMAP P*Shark
WoW. I think we have looked at every apartment in Brooklyn-including 1 Hansen and Forte [which both feel a bit like hotel living]. My mouth hit the keyboard when I looked at the pictures/layouts above. I am really looking forward to seeing these in person-I got so excited I called the realtor and she confirmed that the building is twice as long as any building on the block- [which no other house on the block will ever be approved to do]. There are windows on all four sides of the condos. With some of the postings above I wonder who of the negative responses have actually looked at whats available?? Do you know what condos that have been done by a “flipper” look like? Not this. These are stunning condos, and at least from what I see from the pics so far, these should be priced higher than the norm-cause the norm aint so pretty.
bklynNY4sale, I never claimed to be a Real Estate expert and furthermore, my use of the word “flip” wasn’t meant in a derogatory way. If there’s a more appropriate word for buying an old building, fixing it up and selling the units, then I suppose I should have used it. I agree the developer did a good job. I just don’t think the units will sell for close to what they’re being priced at. And if you don’t think Corcoran is known for overpricing, you shouldn’t be going around questioning the opinions of others! You really think the 2-bedroom is going to go for $1,450,000? Seems you’re the only one here who believes it.
Seems pretty high – and extremely large! 1,400+ sq ft per floor? What, is the house 20′ x 70′? Or are those square footages exaggerated?
Anyway, the ppsf seems high. Once you’re in the range of a million bucks wouldn’t you be better off looking at One Hanson or the Forte? Isn’t the Forte selling for like $700-800psf?
I’m looking at selling my Fort Greene apartment soon, and was figuring on pricing it at about $600psf. Granted, it’s a co-op, but is the difference really that big? Am I lowballing myself?
I’d love to find out where the Real Estate experts that post and comment get their credentials. How could anybody classify this property as a flip, as the first commenter did? In my opinion, it is nice to see that this developer really put some thought into these condominiums. If you, as a buyer, are so driven by market sq/ft prices then go buy one of the market level condominiums at those prices, they are all the same. I think this property has more to offer than the other 1-4 family conversions in the area. It would be nice to see more developers be a stray from the same old crap.
Zinka’s right, that’s a nice block and a convenient location. I think the prices are quite high, but no other house on the block has the 35 foot extension off the back with the additional fireplaces/mantles. it allows for unique layouts and more windows on lot lines etc. I doubt that would be allowed again (this lot is probably R6B). Pretty unique layouts and lots of room. Real 2BRs. Price is high, but, imo, looks much better than most anyting else this size.
I wonder if the developer’s using the lot’s proximity to the Atlantic Yards project as a reason for the pricing?
Really crazy pricing. That $1.45 million 2 bedroom top floor walkup wouldn’t rent for more than $3,500. So, based on the “cost of ownership” calculator on Corcoran (which assumes you’ll get a tax deduction at the top income bracket), the monthly ownership cost is nearly twice the rental cost. If you expect prices to increase steeply over the next few years, paying such a premium could (in theory) be worth it…but given what we are about to face in NYC, one really would have to be crazy.
I used to live on this block. It’s not bad at all, and incredibly convenient to transit. I think there’s only one SRO left.
It’s not to be confused with the block of Fort Greene Place between Fulton and DeKalb, which is totally sketchy.
And by the way, I believe the Streeteasy square foot figures represent the initial asking prices, not the actual sales prices per sf. If I’m wrong, please let me know.