Development Watch: 170 North 5th Street
The facade for 170 North 5th Street in Williamsburg has been up for a while now. The 18-unit, 21,000-square-foot building, from RKT&B Architecture and Urban Design, has gone up along with a swath of new developments on North 5th. The facade seems to have been RKT&B’s ace-in-the-hole, since their original renderings looked like a large-scale…
The facade for 170 North 5th Street in Williamsburg has been up for a while now. The 18-unit, 21,000-square-foot building, from RKT&B Architecture and Urban Design, has gone up along with a swath of new developments on North 5th. The facade seems to have been RKT&B’s ace-in-the-hole, since their original renderings looked like a large-scale foam core model. It’s definitely a break from some of the more sterile steel-and-glass developments in the area (or the large green cylinder development), but what do you think, Brownstoners? Yea or nay? GMAP P*Shark DOB
I would say as property values decrease rents will continue to slowly go UP. A combination of a housing shortage, landlords trying to recoup their assessment losses and higher property taxes and recent arrivals willing to pay (see housing shortage) Supply and Demand…
if you buy into 11217’s numbers, existing residents will soon be taking up collections to pay people to occupy the empty units in order that we may have at least a potemkin williamsburg to show to the world.
sooo when are rents coming down?
bah humbug indeed.
Oh, wait, no it’s not next to the cadmium factory… it’s just by the school. Bah, humbug. I bet the bathrooms are enormous and the environmentally-conscious kitchen island takes up a third of the living room.
I agree that most of the list prices from developers look silly to me. the only places I’ve looked at seriously for my sister have been condo resales and a few 2-family homes where I’ve watched the prices slide down from ridiculous to territory that looks interesting.
but if you’re basing your expected price decreases in williamsburg and the duration of the price drops on future inventory, there is indeed a huge difference in what one might expect with those various numbers you posted. and I feel pretty confident that the reality will be on the lowest end of your estimates.
And that building’s on a brownfield next to an old cadmium factory. So, keep that in mind!
molehill, Domino was projected as 2,200 units total. As you said, it’s not getting built.
“5000, 8000, 10,000, 3,000….
The point is NO NEED to buy NOW at these prices in Williamsburg.
They will be coming down.
Significantly. No matter how you want to slice it.”
Definitely, but having at least a semi-accurate picture of the inventory situation is helpful in determining what the pricing might adjust to. And your picture is a comically gross exaggeration, so it’s important to clarify. As molehill says (and I’ve said in the past), the aptsandlofts guy’s number is pretty suspect.