Toren About Two-Thirds Sold
The Toren supermarket may not be happening, but that news last month apparently hasn’t done anything to diminish buyers’ hunger for apartments. (Last month’s price cuts could have had something to do with it as well.) According to a press release that went out yesterday, 13 apartments at the 38-story tower at 150 Myrtle Avenue…
The Toren supermarket may not be happening, but that news last month apparently hasn’t done anything to diminish buyers’ hunger for apartments. (Last month’s price cuts could have had something to do with it as well.) According to a press release that went out yesterday, 13 apartments at the 38-story tower at 150 Myrtle Avenue in Downtown Brooklyn went into contract in the last week alone, bringing the total number of units sold to 156 and the percentage sold to 65.
“All I can see is another Downtown success.”
Ditto. The fools arguing about prices don’t see the larger picture here. People are spending 700K for 2 bedrooms in Downtown Brooklyn. If you told that to people 10 years ago, they’d probably laugh in your face.
Downtown Brooklyn also now has the HIGHEST RATED Michelin starred restaurant outside Manhattan in Brooklyn Fare.
People on this board are negative which is fine. What’s not fine is being SO negative that you don’t even see the good in anything anymore and that is truly sad.
Downtown Brooklyn is becoming a more livable place with lots and lots of new residents. How can that be construed as a bad thing??
That’s good research, Maly.
Personally, I hope they sell them all, thereby reducing the pool of greater fool buyers competing for Brooklyn brownstones.
The Toren is nasty, anyway. Looks like a jagged thorn stuck into the ground.
All I can see is another Downtown success. Every building in the area, though derided by brownstoner readers, has met with success. The only thing lacking is a cohesive Willoughby Street that will link Flatbush to Metrotech to Brooklyn Heights. Some nice restaurants, delis, shops and a coffee place would help.
I think these tactics are at the edge of fraud and marketing.
Listing only a few units of each type, and then “listing” the units as they in contract, at the price agreed upon: fair marketing tactic.
Keeping ghost units “in contract”, even though the prospective buyer is long gone, to goose the number: over the line.
11217, the reason the units appear to be selling close to the listing price is that they only list after the contract is signed. If you compare to similar units, you can see the actual discount. Just to keep to the last 3 sold:
2203, closed at $730,000, last listed at $767,000, originally $902,000, but a similar unit like 2403 has been listed in contract at $840,000 for over 2 years.
1103, closed at $630,707, listed in contract at $660,000, but unit 1003 was listed at $790,000 when it was for sale.
2101, closed at $763,687, listed in contract at $777,000, unit 2401 is on the market at $808,000.
“Most of the units I’ve seen close have been at or above asking prices.”
Which asking prices, 11217? The original ones or the latest in the series?
***Bid half off peak comps***
@Maly,
I agree completely. This is par for the course in luxury real estate sales tactics. It’s simply not true that they are 2/3 sold. Same with many of those properties in that area.
Most of the units I’ve seen close have been at or above asking prices.
Despite the frownstoners.
Again.
Streeteasy doesn’t reflect those numbers. It shows 94 sold, 46 in contract, out of 240 units. Some of the 46 have been in contract for well over a year, so I doubt they’ll all close. I think they are playing with the “sold” numbers, cleaning up the failed contracts only as they sign new ones; they are basically treading water.
They’ll get a grocery store over in that hood eventually. They’ve got three hi-rise luxury buildings right next to each other.