Kodachrome Goes Rental
In another clear sign developers are having a tough time moving condos, word on the StreetEasy discussion board is the Piet Mondrian-inspired 192 Spencer Street in Bedford Stuyvesant, also affectionately dubbed the Kodachrome building, is going rental. Last November, we reported 10 percent price cuts, bringing one bedrooms down to $325,000 to $611,100 depending on…
In another clear sign developers are having a tough time moving condos, word on the StreetEasy discussion board is the Piet Mondrian-inspired 192 Spencer Street in Bedford Stuyvesant, also affectionately dubbed the Kodachrome building, is going rental. Last November, we reported 10 percent price cuts, bringing one bedrooms down to $325,000 to $611,100 depending on size (with tightened lending practices, the down-payment for those units would be $65,000 to $122,220). Calls to the developer and sales agent were not returned, but listings have been pulled from The Developers Group website. After the developer closed on the property in 2004, an 18-unit condo across the street sold out within six months for $300,000 to $445,000, according to Property Shark. Was Kodachrome priced too high for the area or was its timing just bad? Or is the area just not quite there yet?
Kodachrome Building Open For Business [Brownstoner] GMAP
‘Kodachrome’ Building Underpromises, Overdelivers [Brownstoner]
I’m not surprised. Who’d sink their hard-earned money (or borrowed money) into this POS. This building is an eyesore and an embarrassment. It should be razed, not rented.
if liquidity is still there, then it must be something else. maybe decreased expectations of appreciation and a glaringly wide rent/buy gap?
11:21…please set me straight…have you heard information to the contrary? what’s your source? my sources are three mortgage brokers from three different companies (manhattan mortgage, universal mortgage and new york mortgage)…also, the ‘tightened’ financing rules are changing daily…now it looks like wells fargo is willing to do 90% again…i think banks will realize the middle market in nyc is not the sector suffering a high foreclosure rate…national policies don’t necessarily apply here…
this development was one of the ads on brownstoner.
guess that wasn’t advertising money well spent.
Brownstoner weren’t you in love with this POS when it was first launched last year?
serves them right! sick and tired of these ugly glass buildings overlooking gas stations.
Or how about we concentrate on actually renovating and restoring the homes and communities we have, rather than speculating on the “worth” of specific properties and neighborhoods. More posts on the mechanics and challenges of doing the work, less invective-filled diatribes about who is an “idiot” and “when this war (sic) is going to end.”
this will be Hassidic projects!!!!!!!!!!!!!
this will be Hassidic projects!!!!!!!!!!!!!