Different Prices for Similar Spaces at The Edge
New York magazine took a look at two three-bed, three-bath condos for sale in The Edge. They’re very similar, except in price: there’s a $265,000 difference between them. So what allows for such monetary discrepancy? It ain’t size. The cheaper one, the 1,785-square-foot 20G (on the left), goes for $1.75 million. 26KL, on the other…
New York magazine took a look at two three-bed, three-bath condos for sale in The Edge. They’re very similar, except in price: there’s a $265,000 difference between them. So what allows for such monetary discrepancy? It ain’t size. The cheaper one, the 1,785-square-foot 20G (on the left), goes for $1.75 million. 26KL, on the other hand, is 1,707 square feet and $2.01 million. The shift in price is due to layout, turns out. “Apartment 20GH’s layout is fairly straightforward, with a slim kitchen separating the living and dining rooms with views of Brooklyn. In 26KL, however, the combined living-dining spans 30 feet and is bookended by terraces, with views of Manhattan.” 26KL, they say, is for folks who want to entertain.
Same Space, Different Place [NY Magazine]
i agree that there’s going to be a supply problem in williamsburg, but probably with smaller apts rather than these big ones. there are too many smaller apts and not enough large ones. according to my neighbor who is a very successful broker, the average buyer for the expensive properties is someone who wants everything that these places have – size, new, amenities, etc… in manhattan, but for can’t get them at this price point. add to this the williamsburg “view” factor, and these apts sell. they said in fact that the more expensive places are in fact, easier to sell. also, i don’t think that the williamsburg buyer wants to live in brownstone brooklyn. they want city access and city type shops galleries, music, restaurants, etc… which williamsburg has. in our condo building all of the big and expensive apts went into contract first save one.
i agree that there’s going to be a supply problem in williamsburg, but probably with smaller apts rather than these big ones. there are too many smaller apts and not enough large ones. according to my neighbor who is a very successful broker, the average buyer for the expensive properties is someone who wants everything that these places have – size, new, amenities, etc… in manhattan, but for can’t get them at this price point. add to this the williamsburg “view” factor, and these apts sell. they said in fact that the more expensive places are in fact, easier to sell. also, i don’t think that the williamsburg buyer wants to live in brownstone brooklyn. they want city access and city type shops galleries, music, restaurants, etc… which williamsburg has. in our condo building all of the big and expensive apts went into contract first save one.
Looks like trouble is a brewing on the Williamsburg Waterfront:
Since Northside Piers went rent-to-own, only one buyer has taken the offer, according to Crain’s and “Like over a score of other builders that flocked to Williamsburg, Toll Bros. faces plummeting demand just as the number of units is soaring.” Crain’s totals up the originally planned waterfront units at 7,000.
Oh, and no major retail tenants anywhere yet, either. Like we said, there would seem to be a few challenges here and there.
I understand why people like these buildings, just as I understand why people like their suburban equivalents. They’re new and clean and have big bathrooms. Cool. But that doesn’t change what they are.
find nothing wrong with these types of buildings, and I’m not really liking the snobbish tone this thread is taking, so I’ll play devil’s advocate.
Don’t get me wrong, I love brownstones, but the lifestyle they provide doesn’t appeal to everyone. If you live in one, and like it, fantastic!! I’m glad you are happy with your home. But if you can’t see why someone might prefer to buy a brand spanking new apt with great amenities, in a good neighborhood with a view of the most recognizable skyline in the world – then you are delusional. Some people want more for their 2 million bucks then a fixer upper in Park Slope, or a nice house in a marginal neighborhood. Once again, if that is what you chose to do, and you are happy – great! But that might not be others’ cup of tea.
that said – I’ve walked past many of row of brownstones that looked very similar. Sure, the insides might be different, but newsflash, they are older!! They have had many different owners who have changed them how they see fit. I don’t see how it makes much sense for a modern developer to make each apt “unique”
That said, I find the Edge to be overpriced. I’m sure it will be a dandy place to live one day – but you won’t see me paying 1,000 psf for it.
A McMansion not about size at all. The average suburban McMansion is about the same size as the average Brownstone. Is a brownstone a McMansion? A suburban McMansion can be smaller than the old houses around it, but they aren’t McMansions either.
The key to being a McMansion is the “Mc” part, not the mansion part. And there is nothing more Mc than these highrise suddivsions.
And SnarkSlope, Brownstones have a DIStinct style similar to those around them. Big difference.
“an indistinct architectural style similar to others nearby”
Like a typical brownstone?
Shill…You CAN’T delete the first phrase from the written definition. You can’t deny a McMansion is about SIZE.
So a 300 sq. ft. studio that has ‘an indistinct architectural style similar to others nearby, and is often located in a newer, larger subdivision or replaces an existing, smaller structure in an older neighborhood” is a McMANSION???????
“They have an indistinct style. They are exactly the same as all the others in the vertical subdivision”
Very much like the people who buy them…