Set Speed Condo Report: One Montgomery Place
A few months ago, Brownstoner readers raised the issue of what was going on at 1 Montgomery Place in Park Slope, a block from Prospect Park. A few commenters noted that the building would be renovated into triplex condos marketed by Corcoran. A browse of Corcoran’s new listings today showed that there are 4 units…
A few months ago, Brownstoner readers raised the issue of what was going on at 1 Montgomery Place in Park Slope, a block from Prospect Park. A few commenters noted that the building would be renovated into triplex condos marketed by Corcoran. A browse of Corcoran’s new listings today showed that there are 4 units on sale for substantial asking prices, ranging from $1.165 million for a 1,454-square-foot two-bedroom to $2.1 million for a 2,624-square-foot three-bedroom. The carrying costs on these units are also quite large, with 3 of the units having at least $1400 a month in maintenance and real estate taxes.
These units are being sold at about $800 per square foot (psf), which is a sweet-spot for this prime Park Slope project. There have been plenty of condo projects in the South Slope and Center Slope which have been asking in the $700s psf, so this project seems to be fairly-priced for today. One close comparable to these Montgomery Place units is the Park Place Condos on Flatbush and Park Place being marketed by Corcoran. Those units are asking also in the $700’s psf. The better location and better appliances in the Montgomery Pl units warrant the higher prices.
All the units come with a Bosch range, microwave and dishwasher and a Subzero fridge with Maytag washer/dryer to boot. Some units boast 11 foot ceilings with crown moldings, mahogany doors and woodwoork and herringbone parquet floors. Judging from the amenities, these units seem geared to an older demographic. Note the tan and chocolate marble floors and polished brass fixtures. The location of these condos–one block from Prospect Park–is undeniable. The architects are BKSK Architects who have been involved in quite a few luxury projects in Tribeca.
Montgomery Place [Corcoran] GMAP
Homepage [BKSK Architects]
The Fate of One Montgomery [Brownstoner]
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.
Do you know what Ray Zagami is investigated about?
Anybody knows the latest info about this project?
I think these will find themselves the same fate as the overpriced 145 Park Place Condos, the St Marks Condos, and a few other new devs in the area – unsold. Similarly sized 1,500 sf coops in prime condition go for 1/2 in the immediate vicinity. From looking at the floorplans, not quite sure where the 2200sf comes from…
1 MONTGOMERY PLACE ASSOCIATES, LLC is run by Ray Zagami who is currently under investigation by the Attoney General’s office for previous developments.
I think this development might be done by a rather infamous local developer. I would really do some research on these before buying.
The building looks nice but I’d prefer to see the inside pics of the units – where I will actually be living in! I agree with some of the earlier post. People are hoodwinked by blatant window dressing, i.e., fancy appliances and the like. As a result, the margins on luxury appliances are extraordinary. Give me a low price and a blank slate anyday. I’ll go to Drimmers and haggle down prices on my own!
These are all fair points.
What do you think about the outside of the place? I think it looks like a great plan, front and back. Blends in well. I guess the Landmarks restrictions guided that, which is good, and the desire to give people what they expect in terms of a facade on this block, especially at such premium prices.
Good point linus but (and I’m more au fait with the Manhattan new construction market so this may not apply to BK) psf in general tend to be the same for a given area. Tribeca lofts for example were all going for $1000 psf in Q2 and Q3 of 04 even though the miller samuel and corcoran reports were showing a lower $ psf number. Didn’t matter what kind of beams you had, appliances etc as long as you got the location and the sqfootage. The $1500-$2000psf prices that were reached in the certain areas downtown were because of the starchitect draw.
My point is that, in certain areas, you are going to be paying the same $psf amount regardless of appliances so you may as well look for the ones that have the subzero/viking/gaggenau/etc rather than the whirlpool/frigidaire/GE stuff.
Am I just a cynic? The less polite but more accurate way of putting ltb’s answer would be: “Because people are suckers.” And I can’t argue with that.
I agree with you, ltb, that the appliances *appear* to indicate that it’s an all-round high quality job. But that’s not the same as showing that it actually *is* a high-quality job. Given the small percentage that appliances make up of the total cost, it’s much easier to spend money on them. This may be a fine development, but the brand of refrigerator doesn’t prove that one way or another.
If good appliances = good construction, I would understand, but I actually would appreciate hearing the list of 12″ instead of 9″ concrete beams. I suspect though, that what really happens is 2″ beams and a bosch dishwasher to hide them.