Sales Begin at The Steelworks Loft
The Steelworks Loft, at 76 North 4th Street in Williamsburg, released five units for sale last week, ranging from a $575,000 studio to an $895,000 one-bedroom. It’s a 1930s industrial building (well, that much you know from the name), with 88 units. Big bonus seems to be the roof, where they’ve got an open fire…
The Steelworks Loft, at 76 North 4th Street in Williamsburg, released five units for sale last week, ranging from a $575,000 studio to an $895,000 one-bedroom. It’s a 1930s industrial building (well, that much you know from the name), with 88 units. Big bonus seems to be the roof, where they’ve got an open fire pit and a movie screen. Rough time to be releasing units; how do you think they’ll do?
Steelwork Lofts Coming Down the Pipe [Brownstoner]
wburghipstersaredirty – I’m bearish about the current market, as anyone who follows my posts knows, but to predict prices will hit 1998 levels seems unrealistic to me. People still need a place to live, and inventory is relatively low (well, maybe it’s higher on smaller apartments in which case they will suffer more). NYC will surely suffer, and prices will surely go down, but there will still be many people who do have jobs, that are decently paid, and they will still buy real estate. Prices falling to 1998 levels would constitute quite a crash, and I think what’s more likely is a significant softening but the demographics of the city will probably help us avoid an all-out crash. As for the desirability of this particular condo building, hard for me to say as it’s very different than what we’ve been looking for (small townhouse or larger family sized apt in hood with great schools).
wow these would be great for those young wallstreet execs. Oh wait. They’re all unemployed or soon will be. These would be great for young unemployed hipsters who have the 5% down and can pay the interest only for a couple years. Oh wait. Those loans can’t be found anymore. These would be great for the average new yorker working blue collar jobs. 20% down plus closing costs would be easy for them to get. Oh wait, that’s over $120k and they’ve spent their savings on food and utilities and the mta. These would make great rentals. Lots of new unsold properties will soon be on the foreclosure block. Reckoning time is here. What would these have sold for in 1998? That’s about what they will be worth this time next year. Any suckers want to jump into real estate now?
They’ve adapted to recent market trends by offering mostly 1 bed and studios. The building itself looks great but there’s something not quite right about the tacked on luxury design. The cinema on the roof feels like a gimmick. This doesn’t look as good as the Smith Grey, Gretsch or Esquire Building. The authenticity seems to have been lost. Will probably sell however. Though the building appears a long way from even starting construction.
You have to factor in the construction and carrying costs.
I’m assuming they built these to make a profit no?
Well according to your previous post they bought the building for 26,000,000 and with 96 units the average cost was 276,042 a unit. A studio starting at 575,000 means this is way overpriced…
To each their own. This looks awful to me. trendy design that will be out in two years. I suppose Williamsburg is hot for the under 35 crowd. I’m not the demographic they are aiming for.
Looks nice. I’d guess only slight reductions.
I know it’s just semantics, but a “Classic Loft” is not 13′-6″ X 42′-8″. That’s a classic bowling alley. Some of the other verbiage is also bizarre. “Made by Williamsburg’s Finest.” Do they mean the good men and women of the nine-oh? I do, however, like it when the finishes in loft conversions actually look like a loft.
Kind of like arriving at the bar after last call, no?