The Edge Loses Price-Cut Virginity
As Curbed noted on Friday, The Edge, one of the mega developments on the East River in Williamsburg, just announced they would be dropping prices on some units in its 30-story southern building. This is particularly noteworthy because throughout the downturn developer Jeff Levine has made a point of saying that he wasn’t going to…
As Curbed noted on Friday, The Edge, one of the mega developments on the East River in Williamsburg, just announced they would be dropping prices on some units in its 30-story southern building. This is particularly noteworthy because throughout the downturn developer Jeff Levine has made a point of saying that he wasn’t going to cut prices. Now, however, you can pick up an 827-square-foot one bedroom that used to list at $670,000 for the cool price of $580,000; other as-yet-undisclosed deals in the 360-unit building are also to be had. They’re also lowering monthly common charges and offer a 25-year tax abatement. The Edge hopes to pass the 50% mark in their first phase of selling this summer. A realistic goal? GMAP
Wine Lover is hitting the Kool Aid early today.
“this place will ultimately do better as the state park next door gets more done (new wooden playground is terrific)…” – years away, if you’re lucky. The State is putting zero money into the park (the playground, while nice, has four wooden fixtures, no shade and was privately funded). And I can’t wait until the Edge residents start complaining about the concerts 50 feet from their precious view.
“and down the road, when the Bushwick Inlet Park is completed.” Ten years, minimum. They City has acquired one block (about 2 out of 26 acres), and the rest are tied up in all sorts of negotiations, litigation and remediation. No money has been allocated for construction beyond the soccer field and field house on the existing block.
“Additionally, the Edge is very close to PS84 – a magnet school with space and a terrific dual language program which is growing.” – pretty sure the Edge is zoned for PS 17, not 84. Which doesn’t matter, because 84 is below 50% capacity. There’s a reason for that – it has been a horribly run school for years (it’s also been a magnet school for the arts for years and years), and has scared away just about every parent who has the means or motivation to find a better school for their kid (which is why so many kids zoned for 84 wind up at 132 or in the East Village). Yes, I know there is a new principal – this year. Everyone was really excited when the last new principal came on board four or five years ago, and she wound up being a total bust. WL pushes 84 in just about every post, and it is (right now) about the last reason you would want to move to the neighborhood. That may change, and I hope it does, but until then, put down the pom poms.
“This area of WB is just a way more tranquil area.” – Sure, more tranquil than BBP. But like I said, wait for the concerts!
But you’re right about the prices – the great views can sustain $1,000+ a foot, everything should be negotiable.
11217 – I don’t think either of these are particularly cheap. Both are union construction, which actually does mean something. And chances are both of these buildings AND One BBP will have the same new condo issues – but probably not as bad as the average new condo construction.
Hahah, antidope!
Wine lover ain’t no virgin….that dude is a Williamburg real estate WHORE!
when it comes to Williamsburg, he doesn’t care where it is, what it looks like, how nice it is…He just WANTS IT!!
😉
Does anyone know how the Williamsburg waterfront compares to the Long Island City Waterfront prices?
Both are arts oriented communities, both have a convenient train to Manhattan (L or 7).
Both have stunning views of Manhattan, although the edge has to go to LIC ( you cannot beat the views of the Chrysler and Empire State with the 59th st. Bridge).
I once looked into the Cesar Pelli designed building in front of Gantry Plaza there, you could have gotten a 2 bedroom co-op with the view and terrace for something like 40K,no joke.
Setback was maintenance which combined with a wraparound mortgage at 2k per month, but something like 60% was deductable. This was in the late 90’s.
11217 is going to take winelover’s virginity too
That was my point…the comparison is totally pointless.
These are “cheap” new construction and One BBP is a great building and a part of NYC history.
Let’s put it this way…I don’t think that in 100 years they’ll be gutting the Edge and turning it into much of anything unless we suddenly have a run on drywall and pvc piping.
Buying new construction quality of work and willingness of owner to fix problems is key. This owner is one of best.
11217 is back to old form – welcome back.
St. Pete sounds about right. Everything about the Edge is cheesy, right down to their ads.
Different set of buyers for One BBP; the comparison is weightless.
Wine Lover:
I can sum it up in much fewer words:
How many units have sold at the Edge?
How many units have sold at ONE BBP? (some units going for 2, 3, 4 million dollars)
Yeah, you can be quiet now.