Condos in Contract at 20 Henry Street
Looks like four condos are in contract at 20 Henry Street, the loft conversion-plus-new-build project in Brooklyn Heights. Streeteasy shows four of the 43 units have been snatched up, including a 1,969-square-foot three-bedroom and for $2.5 million and $735,000 636-square-foot one-bedroom. From the photos on Halstead, it looks like the most expensive sale is in…
Looks like four condos are in contract at 20 Henry Street, the loft conversion-plus-new-build project in Brooklyn Heights. Streeteasy shows four of the 43 units have been snatched up, including a 1,969-square-foot three-bedroom and for $2.5 million and $735,000 636-square-foot one-bedroom. From the photos on Halstead, it looks like the most expensive sale is in the original Peakes building that’s being converted, while the other three are in the smaller new building being constructed to the north. They both look nice, no?
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IronBalls, on the contrary. What I (and I believe the others) am saying is that something DOES seem outrageous and fishy here. ITM’s further explanation (thanks for that, ITM) questions that anyone is actually paying $1,300 psf for pre-construction on the existing structure and $1,100+ psf for pre-construction on the new building. I agree with that and I agree with you that it makes no sense to pay these prices for such an unknown and at this time. I would hold off buying anything right now.
Sorry if I sound like the What, but you folks are crazy still talking about buying apartments in Brooklyn with the stuff that’s going on with the financial markets.
Prices all over NYC will plummet at least 25% to 50% in the next year.
It’s delusional to think otherwise. The house of cards is crashing and you folks still don’t realize that the king is naked!
I realize nothing I say will convince you folks that townhouses in Brooklyn will depreciate faster than you can finish a six pack of Brooklyn Lagger, but it’s going to happen and it’s going to suck for folks that have to sell.
Don’t know for a fact, just speculating. It all seems a little irregular to me. Looks like insiders/investors are trying to set price bar real high. $1,300 psf for pre-construction pricing of rehab project? They haven’t even begun the rehab project yet. $1,100+ psf for pre-construction pricing on the new bldg? There isn’t even a model unit. Considerate of the current economic situation I find it very hard to believe that real buyers are willing to put down a deposit for housing that is priced way above anything else in the immediate neighborhood and expect that it will be that value when the project is complete, 12 to 18 months from now. Especially when the finished product only exists as an artificial image. More reasons to be pessimistic about the legitimacy of these units really being in contract with anyone expect insiders/investors. No indication on Halstead site that this project is on the market. Why would they release just a few random units for sale? Where did these buyers get their mortgages from, assuming some of them required mortgages, for product that is not supported with comparable sales?
ITM, how do you figure? Streeteasy shows four of them already in contract.
Sounds like a case of creating artificial demand.
hmm, well ITM that’s an interesting comment. care to explain?
Biff – you weren’t passed over, I don’t think any of these units actually sold.
just me, same for me too. I also was on the list to book an appointment to see the apartments when the website first went up and never heard anything back after that. I’m not distraught, as I was more interested in seeing them for investment purposes than anything else, but it’s annoying to know that we didn’t even get a chance to see some of the units before they sold.
(said in my worst ricky ricardo accent) something doesn’t smell right lucy….