Optimism on State Street
New York Magazine has a feature in its real estate section this week called “Hey, This Might Work,” in which the mag asks six optimistic developers for their strategies for coping in this market. One of the six properties featured: The planned six-townhouse development at 345 State Street. Says developer Hesky Brahimy, “We’re not worried….
New York Magazine has a feature in its real estate section this week called “Hey, This Might Work,” in which the mag asks six optimistic developers for their strategies for coping in this market. One of the six properties featured: The planned six-townhouse development at 345 State Street. Says developer Hesky Brahimy, “We’re not worried. It’s six, not 600.” As far as we’re aware, no one’s given him a deposit yet for any of the new homes, which are priced at over $3.5 million a pop.
Hey, This Might Work [New York Mag] GMAP
Six More New Brownstones for State Street? [Brownstoner]
One thing I missed: yet another reason New York magazine sucks, if they think “Hey, This Might Work.”
Not optimism, but foolishness. However, for a brand new townhouse, with supposedly zero problems, how much is a fair price?
Posted by: infinitejester at October 5, 2009 1:12 PM
One of my favorite rants (among many) on here is that you can never be sure of the quality of new construction. Not sure about this guy’s reputatation. If he has a longstanding reputation of constructing quality devlopments then so be it.
“for a brand new townhouse, with supposedly zero problems, how much is a fair price?”
Land plus construction plus 10% mark-up. Way south of 3.5.
Won’t be built.
***Bid half off peak comps***
Not optimism, but foolishness. However, for a brand new townhouse, with supposedly zero problems, how much is a fair price?
not only is 3.5M is a huge hurdle but to pay that much for a modern TH in brownstone BK seems whacky
It’s a beautiful block, and I don’t think it gets any more auto traffic than Pacific or Dean. (Not saying that the traffic is light on those blocks, just that it’s probably comparable.) There is a lot more auto traffic on Hoyt leading into Atlantic than the other side, but I think the traffic on Bond is pretty bad on both sides of Atlantic.
OTOH, $3.5M is big big stretch for this location. More than “just out of reach”, I’d say. While I’d not disagre with the quote in the article that there is a $2M and over market for townhouses in Boerum Hill, there is a huge difference (both mathematically and psychologically) between $2.1 million and “$3.5 million to 4 million apiece.”
I think it is a great block. there is a row of houses across the street that are all individual landmarks.
But the prices for the new houses are just out of reach.
I’m actually in that neighborhood a lot and do know State St and yes, there are nice blocks. For $3.5 MM it has to be location, location, location and those blocks, thought they may get 1 or 2 do not get a 3 for location, location, location. State St also has more traffic than the residential blocks south of Atlantic. But it is close to the subway ( a big plus) and that new market that just opened.
dave in bedstuy – I really dont think its the wrong side of Atlantic. State has some great spots. You should venture dow nthose parts before you make a comment. And its closer to subway.