Sunset Park Snapshot, New Condo Edition
On a stroll down 7th Avenue recently we counted three new, medium-sized condos between 50th and 58th streets that appear to be nearing the home stretch. Banners on each indicate they’re being marketed to Chinese buyers, but attempts to dig up more info have been pretty fruitless. We got in touch with the agent at…
On a stroll down 7th Avenue recently we counted three new, medium-sized condos between 50th and 58th streets that appear to be nearing the home stretch. Banners on each indicate they’re being marketed to Chinese buyers, but attempts to dig up more info have been pretty fruitless. We got in touch with the agent at Courtesy Realty who’s handling sales for 5008 7th Avenue, the 28-unit development on 58th Street, and he told us the building’s about one-third sold out, and the remaining one- and two-bedrooms are starting at $430,000. (A language barrier prevented us from sussing out how big those units are.) Similarly, we weren’t able to unearth prices for the 10-unit 5423 7th Avenue, at 55th Street, or the 36-unit 5008 7th Avenue, at 50th Street. Anyone looked into buying at one of these buildings or have more concrete pricing info?
New Development: 5423 Seventh Avenue [Brownstoner]
5805 7th Avenue/58th St. GMAP P*Shark DOB
5423 7th Avenue/55th St. GMAP P*Shark DOB
5008 7th Avenue/50th St. GMAP P*Shark DOB
Two things: If the Chinese developers are only selling to Chinese isn’t that a human rights violation…what is know as redlining?I think our elected officials need to be aware that there may be a bad situation growing.
Second, it was Councilwoman Sara Gonzalez who got the rezoning study fast tracked by City Planning and has hired the Pratt Institute to educate and inform the community about the rezoning. In addition Ms. Gonzalez got the developer on 42nd street to downsize the building from 10 storeys to 51/2 storeys The comment re: moneys she may have gotten from developers and builders is disgraceful!
These are some real dogs. I’m going to start calling those side-by-side center mullion windows “cheap NYC condo windows” because they seem to have become ubiquitous with crappy condo developments. Something so simple as choosing a better looking window would help these developments immensely.
Sunset Park is getting plagued by horrible chinese construction. What a shame. Plus the R6 zoning is allowing huge buildings where they don’t belong. Is there anyway I could get higher resolution photos?
That horrific building on 50th Street is literally right around the corner from the residence of local Council Member Sara Gonzalez. If they can do it on her own block without so much as a sigh from her, can we really expect her to do anything to protect the neighborhood from further attack by these developers? God only knows how much money she’s received from builders and developers?
$430,000. That does seem to be the going rate for these kinds of apartments. Other than the too-high price, problem is I don’t think they’re actually “going.” There’s a smaller building on 8th between 40th and 41st with sold signs in many windows but the signs have been there for a few months now. Is anyone really buying these? I thinkst not. Moreover, with a one-bedroom Finnish coop (disclosure: I live in one) apartment in good shape going for $200K (cash) or $275K or so (mortgage) I don’t get these prices. Even Corcoran for god’s sake has the sense to offer renovated 1 bedrooms at a more realistic $350K.
$430k for a one bedroom in this area?
lolz!
I wish I wasn’t such a fiscal conservative…but i’ve done the math several times over and it seems that the developers of these projects must get their asking prices or they will default on their mortgages/loans. It would only take one or two “buildings” defaulting on loans to undo the entire market. It isn’t just a couple of developers taking a bath, it is “in progress” developers walking away mid-project and skipping out on bills to a variety of suppliers and sub-contractors to send more than a trickle through the market – it will be a wave (I would say tsunami, but I can’t spell that).
The Asians that are in need of housing cannot support big loans. The previous generation of Asian home buyers did so through extended families – several family households all under one roof sharing the costs. The present generation consists largely of couples emancipated from their families with their own child or two (both infants). Even with both parents working, they will have child care expenses (not just daycare – child rearing costs).
Unless we see a “new” family cooperative movement where non-related families buy a coop/condo together, i think the near future is bleak in sunset park.
Surprised there are not more sales at the pre-finish state considering the high demand for housing in that area of Sunset Park. I would find it hard to believe they won’t sell out all 3, even in the currently evolving marketplace.
This may be a clue to higher density projects (like these and larger) that may come with the edicts from City Planning during the rezoning plan review stages.