The Caroline Launches on Ocean Parkway
It takes some big brass ones to launch a new condo development in this market so yesterday’s opening of The Caroline is worth taking note of. It’s a 44-unit Karl Fischer design that appears to be targeting the under-$500-per-square-foot crowd. Nine listings have been released so far, ranging from $342,000 for a 755-square-foot one-bedroom to…
It takes some big brass ones to launch a new condo development in this market so yesterday’s opening of The Caroline is worth taking note of. It’s a 44-unit Karl Fischer design that appears to be targeting the under-$500-per-square-foot crowd. Nine listings have been released so far, ranging from $342,000 for a 755-square-foot one-bedroom to $529,000 for a 1,115-square-foot two-bedroom. If anyone lives nearby, we’d love to see a photo of what the facade looks like in real life.
601 Ocean Parkway Listings [Corcoran] GMAP
disagree snarkslope. when you get off the F train at Ditmas and the only thing open is the corner bodega at 10 PM and you get a bag of doritos for dinner, you will be wishing you were in that 4th ave box for 549K.
It’s a long ride into Manhattan on the F train from that location.
Still, I’m going to check it out. $359,000 for 800sf compared to $549,000 for $646sf at the Argyle is intriguing.
And I bet you could easily get that below $300k in the coming months.
A friend of mine rented an apartment on Ditmas and East 2nd. There is nothing over there, no restaurants, no bars, just a couple of take out places, laundromats, BORING. These are going to sit for a long, long time…rocketman.
I think it’s actually a really nice building, and far better than the usual schlock that has been popping up (235 op for example is far more contextual and boring). I’ll try to grab a photo for you.
So, they’re trying to gross like $20 million? One could suggest that the profit margins here are a little hefty. (Including the imbedded profit margins that were charged by the sub-contractors.)
We love to talk about the market… and obviously the resale market is quite perverse. BUT, new construction is similar. Simply because it’s NYC and for very few tangible reasons beyond that, all costs are inflated to crazy levels… from architects to materials to labor.
(I should be careful, it’s not completely irrational… it’s just a cyclical, self-fulfilling prophecy. Of course drywall is going to be twice as expensive here than in Jersey, because the truck driver lives in Queens and paid $895,000 for his 2-bedroom house.)
these apartments look pretty nice although i dont know much about the area. the obvious issue would be distance for those who work in nyc.
Nope, the balconies are not offset per dogma.
I’m going to take the bait. Bigot much Prop Joe?
Clearly, all the Hassi’s will scoop up these bargain prices. How far is the nearest Jew Church?