Thursday, October 17, 2013

Closings of Note: Condo Watch

The New York Times recently reported that $1,200 per square foot for a condo in Williamsburg is bargain shopping compared to Manhattan.  And Corcoran brokers have bragged to us about effortlessly hitting above $1,000/sqft for condos in other Brooklyn neighborhoods like Cobble Hill and Fort Greene, multiple times in the past few months.  Can't we do better than that, Brooklyn?  There's gotta be value on condos that aren't too far east or too-too pricey.  It's no $1,000/sqft, but we get another 3rd floor Newswalk sale, this time for $1.46M.  That's a pretty impressive number.  535 Dean Street, #308 is truly a "1 of a kind triplex" with 3BR's and 2 baths.  When you have a unique sized apartment that's rarely duplicated, the price per square foot number doesn't always move in lock step.  Just ask...

565 Dean Street, #1 - which closed for $1.374M last month, touts a higher number on their site, but what do we know about the discrepancy between public records and the actual purchase price?  Perhaps can be chalked up to "on-site parking may be purchased separately".  This 2BR/2 bath is a unique 2,000+ sqft, which means a lower ppsf than the average.

A 1,200 sqft 2BR & 2 bath just 4 blocks away, however, does break the $1,000/sqft mark.  145 Park Place, #1C, just across the border of Prospect Heights and Park Slope, sells for $1.25M.  A Corcoran broker recently sold his own place in the same building for almost $1,000/sqft.

Speaking of 2,000+ sqft, can you count the $900K transfer of the converted garage condo in Clinton Hill at 334 Grand Avenue last month if it's just Susan Sarandon giving it to her son for the price she paid for it last year?

Over on the Crown Heights & Prospect Heights border, another impressive trade at 475 Sterling Place, #4C for $810K.  Deeded parking space in the house!

Another 1BR in Clinton Hill at 82 Irving Place, #5A closes for a stunning price per square foot number.  $476K for a 1BR ain't shabby, but at 555 sqft, the developers are salivating to get at least $850+/sqft for such product on the next wave of condos.

173 Smith Street, #3G in Boerum Hill goes for almost $1,000/sqft too.  Here, the unique size of 1,300+ square feet also contributes to the reduced ppsf.  Another unit in the building is pictured above.

No comments:

Post a Comment