The Argyle: Using 5th Avenue to Sell 4th
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the…
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the next few days, and that it would include a model bathroom and kitchen (see photo on jump). Corcoran is handling sales for the Argyle, an L-shaped building designed by Meltzer/Mandl. And how much sense does it make to market a 4th Avenue condo on 5th? A lot, according to one of the crewmembers sprucing up the sales center. So many people have come in here and asked what we’re doing, he said, that I think these apartments are going to sell in a flash.
Is it a pattern? [Bklynking] GMAP
Development Watch: 410 Fourth Avenue [Brownstoner]
to the dude who works for the hedge fund, with a 100k salary increase…
you rent, but you don’t own anything, which means no tax deductions for you, or investment. that’s like throwing money out of the window, to me.
I also work in the financial sector and realise there are genuine fears of a recession caused by a downturn in the housing market. Greenspan effectively went too far in reducing rates after the tech bubble burst in 2001. This created cheap credit and resulted in the housing bubble we’ve seen over the past few years, and the sub-prime issues we see today. The US housing market is now 1.5 years into a downturn (as indicated by lower growth rates). We will likely see contraction of US real estate prices soon. This hasn’t happend since the Great Depression of the 1930’s (fact). Since growth in consumer spending has been largely dependent on re-mortgaging and releasing equity from homes, the downturn will inevitably have a negative effect on economic growth.
New York is indeed a special case. However, growth in real estate is largely dependent on City bonuses. On Friday Merrill Lynch took a hit of $5bn on losses from sub-prime. Anyone working for them, who still has a job next year, can pretty much be guarenteed less bonus. They are unlikely to be the only ones taking massuve hits. The worst case scenario will be wide-spread layoffs in the financial sector.
Having said all this, the dollar is likely to continue to get weaker, especially against the euro, where a lot of people have been buying up New York Real Estate. When you compare NY real estate prices to London or Madrid it’s relatively cheap still.
I’ve recently moved to Park Slope and hope the Argyle gets canned because it will ruin my view of downtown Manhatten. I bought here knowing there may be price declines in New York over the next few years, but also that hot areas always do well in the long run.
it certainly will be better than anything else on 4th avenue.
and those pieces of crap have been selling out.
thanks for your useless bantor, 6:34. i don’t think we should trust a competing broker for info on this development.
First off the project has a stop work order for damaging the neighboring buildings, allowing debris to fall onto other properties and other various violations. The developers have been extremely bad neighbor’s and 311 has been called numerous times!I would think twice about buying here to to the sheer inexperience and lack of respect from the developers. No wonder they are trying to sell now with nothing but a hole in the ground; I foresee the finished product to be shoddy and cheaply done. Anyone who buys a product sight unseen today is really asking for it especially when this won’t be finishes for 3 years. Did you see the renderings? They decided to lanscape all of 4th avenue!!!
sorry….wrong 2:06.
wall street guy’s direct quote was:
” i still can’t afford most condos in park slope”
nice try though.
might want to actually read the comments next time before you post.
The Wall Street guy clearly CAN afford to buy in Park Slope, but he chooses to rent because he believes real estate prices are going to fall. That’s a big difference. Prices may well go down… or not. No one knows, but we all have opinions. (I’ll spare you mine.)
Someone said earlier that “76% of all home in NY are co-ops” and that is definitely not true. The vast majority of NYers rent (something like 80%).
5:39 I personally think in the long run your probably right about RE being overpriced but that is just an opinion – like yours. I wonder however if you realize how stupid you sound using your job in financial industry and the futures market to make your opinion sound like fact when it is the complete misreading of valuations and risk by your industry that is causing the current credit crisis and fear of recession.
Objectively using recent history, your job makes your predictions and the futures market predictions LESS reliable.
Just admit you really have no idea what will happen with Park Slope housing prices and simply comment on what you do know – job losses and reduced bonus.
yeah, you’re right. i’m just making this all up.
someone else’s viewpoint on all of this…
http://afinecompany.blogspot.com/2007/10/recipe-higher-prices.html