Set Speed Condo Report: The Firehouse Condos
On the market since September, the Firehouse Condos, located at 31 St. Felix Street between Dekalb and Fulton in Fort Greene, are worth revisiting given the recent price reductions. All three residential loft units are about 1,100 square feet and are configured into two bedroom, two bath units. The penthouse unit has a huge rooftop…
On the market since September, the Firehouse Condos, located at 31 St. Felix Street between Dekalb and Fulton in Fort Greene, are worth revisiting given the recent price reductions. All three residential loft units are about 1,100 square feet and are configured into two bedroom, two bath units. The penthouse unit has a huge rooftop deck while the middle unit has a back deck. Each unit also has a wall of windows facing Saint Felix St. The units seem to be co-brokered between Elliman and Harbor View Realty. These units, when first put on the market, were priced at $1.3MM, $1.1095MM and $995K, if memory serves correctly. They sat on the market and now the prices are at a more affordable $995K, $895K and $795K.
What sets these units apart from many other new conversions are the high-quality furnishings, such as Poggenpohl kitchen, Toto toilets, Franke sinks, Bosch washer/dryer and jacuzzi tubs with round windows facing the green backyard. It’s hard to say why these have sat around for so long, especially since the nearby Greene Scene Condos have sold 2 of their 4 units at prices of $845K and $1.175K. It could be due to something in the offering plan which we’re not privy to or the fact that the block these condos are located on is pretty grim and lacks the character of nearby South Portland or South Oxford.
31 St. Felix Street [Prudential Douglas Elliman] GMAP
Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.
As a long-time St. Felix Street homeowner, I would like to agree with the earlier comment that, for the price of one of these condos, one could buy an entire building on the block (I’m not aware of any that are, but I bow to the superior knowledge of other posters who contend that is the case).
The block is a mixed bag of people of varying ages, ethnicities and incomes. It’s not as pretty as nearby landmarked blocks, but it’s mostly a quiet block and “grim” seems a harsh description.
I have to concur that even at 25% lower the prices are crazy. As a comparison, I live in a pre-war, nicely renovated building on E 95, half a block off of Central Park, in a space @ 1100 sq. feet. Yet I doubt my pad would even fetch 1 million. A similar apt in the building sold for $750k. There’s more price chopping to be done here.
I have to concur that even at 25% lower the prices are crazy. As a comparison, I live in a pre-war, nicely renovated building on E 95, half a block off of Central Park, in a space @ 1100 sq. feet. Yet I doubt my pad would even fetch 1 million. A similar apt in the building sold for $750k. There’s more price chopping to be done here.
Some random thoughts on St. Felix St:
St. Felix has improved slowly over the last couple of years, but still can’t compare with the streets west of it. One of the great things about the block is also one of its problems: much of the block is occupied by owners who have lived in the neighborhood for decades, and they have little incentive to improve their properties. There is also Section 8 housing on the block which provides for low and middle income residents. That said, a few of the few brownstones on the block have recently undergone renovation or are undergoing renovations and there seems to be a noticable improvement over the last year, and I think with the proximity to Dekalb transportation, it is an excellent block to invest in long term.
How does the Green Scene (What a horrible brand for a building) product or pricing have anything to do with the St. Felix project? How is it obvious someone will buy these apartments eventually? I’m sure someone was telling Jerry Minsky that about the green house condos, now that those jave been on the market for like a year and a half and still hasn’t sold out.
funny, i’m not the broker representing the st. felix condos. in the post at 9:31pm. just have some info. about the other condos.
I smell broker spy! Anon 11:57 PM, you should be ashamed of yourself!
Green Scene was part of brownstoner’s original post. What does any of this conversation have to do with anything? Obviously somebody will buy these apartments eventually and they won’t be people on this forum. Who cares?
What the hell does that have to do with anything??