Will Fourth Avenue's Crest Clean Up?
According to the marketers behind Fourth Avenue’s Crest, the new condo is rising within the rich ambience and palpable energy of Park Slope. (If McDonald’s, truckers and a taxi depot scream palpable energy, they’re right on target.) Anyhoo, the Boymelgreen-Katan development is certainly charging Slope Lite prices: A scan of current listings shows the average…
According to the marketers behind Fourth Avenue’s Crest, the new condo is rising within the rich ambience and palpable energy of Park Slope. (If McDonald’s, truckers and a taxi depot scream palpable energy, they’re right on target.) Anyhoo, the Boymelgreen-Katan development is certainly charging Slope Lite prices: A scan of current listings shows the average unit is going for around $760 per square foot, with a couple topping $900 a foot. The layouts are a mix of two-bedroom, two-baths and one-bedroom, one-baths. We’re puzzled, since the building doesn’t look like anything special—its most notable amenities seem to be an indoor garage and washer/dryers in all units. So far 20 units have gone into contract, suggesting there is an appetite even for mediocrity at this price point and that so-called Fantastic 4th has come into its own. Are you buying it?
Crest Listings [Corcoran] GMAP
The Crest at 302 Second Street [StreetEasy]
Fantastic 4th? Eh, We’ll See [Brownstoner]
Re: Crest vs Heritage, another point is that the Heritage has larger apartments and do not offer smaller 1Brs and studios so total prie is quite significant. So, assuming there is a buyer for a 1000 sq ft apartment, and Heritage is $150/sq ft more, the difference is $150k. That could be used to replace the Maytags with Bosch and have so much more extra?
One last item on Crest vs. Heritage – Yes, the Heritage is about $150/psf higher… but for the finishes that PRD Realty is putting in, it’s more than worth it. I’ll take Bosch over Maytag any day of the week. Additionally, i’ll take a quiet mid-block location over busy and rather loud 4th Avenue as well.
As a followup on Boymelgreen (who is NOT the builder of the Heritage, I have seen his work in all 5 boroughs, and he continues to amaze me with the level of dreck he has the gall to put on the market. If you want to see how the Crest will age – feel free to look at any of the balconies of his “Park Slope Estates” and notice the concrete over wire-mesh build which is deteriorating at an alarmingly rapid rate.
Folks, i’m a depositor on The Heritage, and there seem to be significant factual errors out there about the building, starting with the fact that Boymelgreen is NOT the developer. The building is being developed by PRD Realty/Bergen Tile, and the builder is, admittedly a personal friend, and I look forward to moving in.
I will also state, before folks start throwing eggs at me, that I am a real estate developer myself, and have walked through the building many many times at this point. There is no foundation issues, and if you want to find out for yourself, just feel free to go to the DOB website, where any violations and permits are filed. There is nothing there regarding re-work on the foundation.
As to comparisons w/the Crest – no, Heritage will never have great views, but, to put my 2 cents into the ‘quicker is better/worse’ conversation – when it comes to building – quicker is ALWAYS better. As the other writer states – the faster you have your buiding fully topped out and enclosed, the less weather damage your interior spaces will take. In today’s day & age, a building of this size should take no longer than 18 months to build, anything longer speaks to a lack of professionalism, or stop-work issues.
“which will be done first — The Crest or the Whole Foods…?”
Well, Crest does have good head start, and Whole Foods does have that whole big-pool-of-benzene problem to overcome. Still, it could be close…
2:02 & 8:29, Crest is slated to close on November 1st.
Matter of fact, I prefer closing the condo at a later time as Wall Street is betting the Fed to cut the fed funds rate at or before Sept 18 meeting, with the target falling to 4.5% by year end from 5.25% currently.
So, the later is better. Cheers to lower interest rate. :-).
Hmm, any wagers on which will be done first — The Crest or the Whole Foods site a few blocks away? 🙂
Well, that’s the bright side if the Crest gets delayed I guess. There is greater chance that a grocery store within walking distance will be up by the time owners move in 🙂
But you do have to wait, 9:14, you do. And wait… and wait…
Agree, 5:49. I also got in early and paid about $660/sf on the higher floor with a west view of the nyc skyline. I’m pretty certin that the panorama view would last for long long time as Con Edison would never traded in their parking spaces for package change of $$$.
Obviously every new building has pros and cons, but at the end of the day I justify my investment based on the theory of supply and demand. 72% in contract before completion of the building is very impressive. Who gives damn about the $800 low-end Maytag refrigerator when you’ve already paid for an avg of $550k per condo.
By the way, as a loyal Crest follower, the corcoran.com Crest listings haven’t updated in 4 weeks hence marketing and publicity no longer needed. I suspect the number of condo in contract is much higher than 72% indicicated on Street Easy.
For your information Heritage and Crest are built by our friend Boylemgreen. Just checkout the website http://heritageparkslope.com (without “at”).
I can’t wait to move in, Crest.