Shangri-La' No Paradise for Buyers. Or Brokers.
Seems like two brokerages weren’t enough to get buyers interested in a newly constructed, but aesthetically challenged, Greenwood Heights condo building. Our pals at StreetEasy passed along a tip that there’s been a changing of the marketing guard for the colorfully named Shangri-La at 710 Sixth Avenue. Prudential Douglas Elliman is now handling sales for…
Seems like two brokerages weren’t enough to get buyers interested in a newly constructed, but aesthetically challenged, Greenwood Heights condo building. Our pals at StreetEasy passed along a tip that there’s been a changing of the marketing guard for the colorfully named Shangri-La at 710 Sixth Avenue. Prudential Douglas Elliman is now handling sales for the development, replacing Brooklyn Properties and Brown Harris Stevens. Elliman has apparently shed the building’s name—it’s now more somberly listed as simply 710 Sixth Avenue—though there’s been no price chopping along with the other changes. (Surprising, given that none of the 15 units found a buyer over the last couple of months.) The apartments are still averaging around $600 a square foot, with the lower floor condos going for about $400 a foot and the upper-floor apartments asking in the $750-a-square-foot range. What’s going on here? Could it be that people just don’t want to pay up to live in an ugly, generic building?
710 Sixth Avenue [Street Easy] GMAP
Listings: 710 Sixth Avenue [Prudential Douglas Elliman]
New Development: Greenwood’s Shangri-La (Not) [Brownstoner]
Crap building on a ugly block. The cemetery is a welcome spot of greenery and quiet, but Shangri-La is also less than a block away from an electrical substation. And the last time I walked past, there was a burned-out building across the street.
On a positive note, the BarBQ place at 20th Street is awesome.
August 23, 2007 6:47 PM
Neighborhood is not quite as bleak as you paint it. Kitty-corner to GREEN-WOOD CEMETERY (not any old bone yard) and yes, the rest of the block is so-so, bit not a reason to trash the area, especially with the rehab of the vibrant side blocks.
The building on the other hand, well, it trashes itself.
Hell, I live on the first floor of a walk up and have my own back yard and I still occasionally climb the stairs to chill on the roof — and we don’t even have a deck!
This development has numerous problems which can all be summed up by location; looking out over graveyard, looking at an empty parking lot, looking at a few fire burnt buildings, looking at an electrical transformer. There is only so much one can hide from their surroundings and these ones are god-awful. Plus, you are many blocks from transportation and shopping and prety much anything. Too much money for too little stuff. I saw what the developer paid for it compared with now, the profit hoped for and that too is the problem. A simple double your money might be good enough for some, but leave it to the super greedy to greed themselves out of even that. Now this property is overexposed, overpriced and not likely to capture any buyers.
I *was* speaking for myself, guest 5:06. I find roof decks useless–both buildings I’ve lived in that had them were always empty, windswept, and full of huge pots with dead evergreen shrubs–because having to take an elevator up to your outdoor space renders it too much of a pain to be very valuable. More to the point, I think it’s pretty sad that the broker can’t think of anything more important to say about the property. Like, say, what features the APARTMENTS have?
All these crappy new buildings better start planning to rent.
i go on my common roofdeck almost every day.
speak for yourself.
Maybe part of the problem is that the building’s primary selling points, according to the written listing, is that it has a common roof deck (which you will use exactly once) and garbage chutes on every floor. (EVERY floor? Really?) Not that I don’t wish *I* had a garbage chute. But still. Fugly fugly fugly–that’s what you get, fugly-building builders!
“Maybe developers need to realize that they can’t sell anything at any price just because it’s in Brooklyn.”
Here-Here!