Condos of the Day: Price Cuts at Forte
The same forces that have led to recent price cuts and rental reversions in the Downtown area are also bleeding over into the BAM Cultural District, where the Clarett Group (a long-time advertiser on Brownstoner) just started cutting prices on some of the Forte’s 110 units. Two bedrooms that used to be in the $750,000…
The same forces that have led to recent price cuts and rental reversions in the Downtown area are also bleeding over into the BAM Cultural District, where the Clarett Group (a long-time advertiser on Brownstoner) just started cutting prices on some of the Forte‘s 110 units. Two bedrooms that used to be in the $750,000 range just got about $100,000 cheaper. The 1,059-square-foot Apartment 8D, for example, is now $650,000. Think that’ll be enough to get fence-sitters to pull out their checkbooks?
Forte Studios on the Market [Brownstoner] GMAP
Forte’s Law: Doubling Height Every Month [Brownstoner]
From Cheesecake to Condos on Fulton [Brownstoner]
“I for one wouldn’t live in any building – high or low – where other buildings blocked all my sun…) ”
So I take it you wouldn’t live in Manhattan, then??
The problem is that the entire area surrounding this building (fort green exempt) is like a warzone of construction and dilapidated buildings…now.
The building offers 421a tax abatement which has taxes at like $40 as opposed to $400. but the rush to get the tax break leaves it as the “cheese stands alone”.
Within 3 years Citypoint and BAM will be built and booming. with or without AY, see how many people will be trying to get in @ these “undersold” condos.
I really don’t understand why the new breed of residential buildings don’t advertise what will be, more. Hasn’t everyone by now seen the Sir Ian Mclellan voiced over CG video of Brooklyn?
If not check for yourself.
http://www.citypointnyc.com/
have the 3brs been discounted??????????
In that case, good for the groups that opposed Atlantic Yards. Maybe we’ll get something lower there eventually that won’t block off access between the 4 brownstone neighborhoods that border it. I mean, I don’t love these high-rises, but they are far less disruptive than the massive AY would be…
Miami?
…and this is why Ratner’s people are shaking!!!! the bottom is falling and he didn’t get to play… boohoo!!!
Next we’ll see the building going rental…because they can’t sell those properties that won’t have sun. (I for one wouldn’t live in any building – high or low – where other buildings blocked all my sun…) Being able to see sky, and sunshine in my apartment, are one of the reasons I prefer Brooklyn to Manhattan. I guess living in the high-rise congested parts of Brookyn will be more like living in Manhattan.
Prices will fall. There is a lot of newly constructed luxury housing, but there is also a lot of substandard housing.
Harlem was built on spec as a luxury neighborhood for which wealthy buyers came in insufficient numbers, thus allowing poor and middle class blacks the opportunity to move into high quality buildings that have survived now for over a century.
Such is the way of real estate development.
Zoning laws restrict supply such that another Harlem debacle is almost impossible in the near future. If wealthy buyers don’t appear, prices will simply decline to the point lower income segments will be able to afford them.
Also, I wouldn’t get too worked up over the economic problems. Virtually all of the Grand Concourse in the Bronx was developed during the depression, and that housing has had moderate to low vacancy rates (with variable income demographics) ever since then.
There may be relatively low housing inventory in the city in general, but look around Brooklyn and there’s actually a glut of newly built and renovated condos. Some are listed with the larger agents, some for sale by owner. Almost all of what’s offered seems overpriced, even the newly lowered Forte units, which, even at a more affordable price point, have pretty high common charges. My guess is these places are going to sit until the developers decide to get with reality and really cut prices or to rent their inventory. Note today’s news new housing sales dropped 26% in the last year. Granted, that reflects sales across the country — but we can’t stay insulated from this sort of fall off or the financial markets’ gyrations forever. Not to sound like THE WHAT, but it’s just a matter of time.