The Argyle: Using 5th Avenue to Sell 4th
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the…
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the next few days, and that it would include a model bathroom and kitchen (see photo on jump). Corcoran is handling sales for the Argyle, an L-shaped building designed by Meltzer/Mandl. And how much sense does it make to market a 4th Avenue condo on 5th? A lot, according to one of the crewmembers sprucing up the sales center. So many people have come in here and asked what we’re doing, he said, that I think these apartments are going to sell in a flash.
Is it a pattern? [Bklynking] GMAP
Development Watch: 410 Fourth Avenue [Brownstoner]
and so 1:40 and 1:47 – they will either have to lower their prices, sit on empty units until incomes rise(expensive) or rent units at prices that enough people can afford – in all senarios the addition of housing units is good for this demand:supply mismatch
Crikey, didn’t want to start a war over the status of Something Else’s lease, and my apologies over using the word “booted”. I did not want to suggest that there was any duress involved, because I have no idea of the circumstances of their exit. What is perfectly clear is that they were priced out of the area by, as I noted in the second sentence of my comment, the influx of “moneyed scumbags like me”.
Or, to put it another way “my piecemeal purchases of second-hand Drive Like Jehu records in no way compensated for what the appearance of people like myself did to commercial rents in the area.”
Exactly 1:40, thank you.
Argyle’s website says “Coming this fall.” Uh. Yeah.
yes, population is outstripping new housing, but asking prices are outstripping pay (not to mention the massive wall st. layoffs happening this year)
So, Something Else got kicked out because they couldn’t afford the market rate rent. I don’t see the problem with that. Though I suppose if you have a problem with it, you could have offered to pay the difference to the landlord to keep their rent artificially low.
It’s no more the landlord’s responsibility to keep the store’s rent low than it is yours.
when the landlord starts blabbering how they can triple the lease, I say it’s being kicked out. You can use whatever euphemism you want. Plus, when the bldg sold they and Puppets were told to get out or face legal action. No lease offered. Let’s get that straight.
Something Else didnt get “booted” for this – they left b/c they couldnt afford to pay the market rate rent for this location – which makes sense since cd’s and records are essentially obsolete (at least as a bricks and mortar purchase).
As for the workers logic – I dont think it holds up – people are asking what is going in b/c they are hoping for a good retail store not b/c they are looking for a condo – that being said it makes sense to sell 4th on 5th b/c right now there is nothing to sell about 4th Ave.
Two articles for you, 1:14.
And the answer to your question is, no.
http://www.gothamgazette.com/article/communitydevelopment/20071003/20/2306
http://www.nydailynews.com/boroughs/brooklyn/2007/10/02/2007-10-02_park_slope_named_one_of_the_10_best_neig.html
New residents are outpacing supply of homes. It’s quite simple.