HOTD: Fulton Street Newbie Asking Too Much
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since…
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since we’re sure they were done with an eye on the bottom line. That, however, doesn’t justify pricing them on a par with brownstones that are a hundred years older and on tree-lined streets closer to the park. The fact is that this particular house, while possessing a generous yard due to its corner location, is still on Fulton Street and still only three stories. As a result, we think that $1.5 million is way too much. (These houses sold for $225,000 new back in 1994 and, according to a reader, were up to about $395,000 in 1996.) Other commenters in our original post noted the small rooms, thin walls, low ceilings and lack of stoop as negatives. We’ll be surprised if it fetches any more than about $1.1-1.2 million. Do you agree?
730 Fulton Street [NYT Listings] GMAP
Decent Townhouse Reproductions? [Brownstoner]
Have you been in one of those buildings behind Key Food? I had a friend who lived there in the late 80s, when they were brand new. The walls were like cardboard, nothing felt solid at all.
If you’re saying that they’ll be worth that much so that they can be knocked down when 4th avenue is knocked down, maybe that’s true.
But as individual townhouses (like this one at Atlantic Houses), they are not worth as much as nearby brownstones. If the market proves me wrong, it just seems like a sign that the market is at the Pets.com level of bubble-ness.
Dear Sloper, Those ticky tack buildings behind keyfood might just be worth 2 million in the near future.With the re-zoning of 4th ave that whole enclave of homes will be worth alot maybe to a future developer.Don’t you wish you bought one of those homes for $75,000 when they were built in the mid 80’s.
Real estate has always been about location,location and locaction.This gentleman has this with this home.1.5 million seems fair.
Did this message board get taken over by the Atlantic Commons Homeowners Association?
The issue with the price isn’t the neighborhood; I don’t think anyone posting here has an issue with Fort Greene (in response to the “who needs Manhattan” comment).
The issue, as I see it, is that 100+ year old brownstones tend to have a lot more charm, attention to detail, etc, than this type of new construction. Yes, Magic Johnston is turning the Williamsburgh Savings Bank building into condos, but that building has enormous character and great views. (Though for me, too many memories of the orthodonist to live there).
Traditionally, the brownstones have been priced above the new townhouse-type construction, due to the quality of the old buildings. This was certainly the case back in the mid-90s when Atlantic Commons was built. So the idea that these buildings are now comparably priced to a brownstone seems shocking and downright strange.
But if some buyer wants to shell out $1.5m for a house built with income-controls and govt subsidies, so be it. Next thing, those shoddy ticky-tack houses between 5th and 4th Avenues in Park Slope, behind the Key Food near Baltic, will be $2 million.
Is it that far fetched that this home can get 1.5 million on the open market.Sure the guy that owns it has a bit of eclectic tastes with the stuff he has in the front yard.I feel this home is a steal in todays housing market.What’s a parking space worth in downtown Brooklyn today?You get one with this home.How about a huge yard? You also get it with this home.You also get great views of the Downtown Brooklyn skyline.The apartments all have a country house feel to them with the owners use of yellow pine plank flooring.You really need to see this home.I feel it is a blend of Vermont country and New York city living.
This is a capitalist society we live in right?So what’s wrong if this guy want’s more capital.10 years ago alot of the brownstones in the area were selling in the $200,000 to $300,000 range.And now there selling over for over 1 million plus.So what makes those buildings better than these.A 2 bedroom apartment is still a2 bedroom apartment right?So this guy want’s to sell his building for 1.5 million?The truth of the matter is somebody will end up buying it for what the seller is asking for.Didn’t Majic Johnson buy the old Williamsburg savings bank to convert into luxury rentals?.Aren’t they going to develope over the old Atlantic Ave. yards?.And you don’t think this guy can’t get what he wants?I beg to differ. Most of the so called civil servants are sitting on a pot of gold which anybody in their right minds would want a piece of.
your all just jealous. “He’s already turned down 1.3.” 1.5 is not crazy for this corner house.
As an owner of one of these homes I would love to see his home fetch 1.5 million dollars.Several of the homeowner in this complex have put alot work inside these buildings since they bought them 10 years ago.Why not 1.5 million?Would you rather pay 1.25million acrooss the street at the Greene Ave. Condos for 2 bedrooms.Everybody I knew 10 years ago told me they would not buy these homes ,but today they wish they had.Most of the people that posted their 2 cent comments wished they owned one of these homes.I’m tired of all of the jealous non- home owners.This man wants to sell his home at market rate what’s wrong with that.You all so get off street parking in the back of your home.If you buy a brownstowne up the block you have wake up in the morning and move your car side to side.You can walk to the mall.You can walk and take the 2,3,4,5,N,R,B,D,Q,M,C,G and LIRR.25,26,45,41,52,67 Buses all walking distance from your home.These homes are located smack dab in the middle all the public transportation in Brooklyn.Stop hating and start congratulating.
I love the buildings known as the village of Atlantic commons.They added much needed character to a once dilapitated neighborhood.I happen to own one of them and if I decided to sell mine now it would be in the 1.2 to 1.5 million dollar range.Several homeowners have already had their homes appraised in the 1 to 1.2 million dollar range.Are the buildings worth this money you ask? Why not over 3,000 sq ft of space a place to park your off the street and a decent sized back yard.You are walking distance from the 3rd largest mass transit hub in all of New York City the Pacific st./Atlantic ave.Train station.The first and second transit hub respectively are Grand Central station and then Times Square station.What is the real estate worth near these train stations.Alot more than 1.5 million.If I a Civil servant want to sell my home in the open market for top dollar why can’t I.Just because my house isn’t a 100 years old come on now.Isn’t real estate about location and location.So let me understand this you can sell an apartment in the Greene ave. Condos for 1,000$ a square foot or about 1.2 million dollars for 2 bedrooms but I can’t sell my house for 1.5 million dollars.Give me a break.Don’t hate the player just hate the game.If you don’t have the money that’s fine but don’t bash my neighborhood.You should just have to understand the dynamics in real estate you sell to the highest bidder.