Avalon and Toren Rising
A tipster sent in these photos of Avalon Fort Greene and The Toren, which sit across Myrtle Avenue from each other at the intersection with Flatbush Avenue Extension, with the brief note, “Both of these buildings are going up quick!” Indeed. As we noted earlier this month, Avalon is rising at a pace of close…
A tipster sent in these photos of Avalon Fort Greene and The Toren, which sit across Myrtle Avenue from each other at the intersection with Flatbush Avenue Extension, with the brief note, “Both of these buildings are going up quick!” Indeed. As we noted earlier this month, Avalon is rising at a pace of close to two stories a week. Toren, meanwhile, is almost completely glassed over. It’s cool to see some critical mass and density in the works here.
williamsburg is the absolute definition of a real estate deck of cards. the place’s soul driver of growth was speculation of further growth – this is what we call the hot potato investment strategy. if you bought there in 2007 you got stuck with the hot potato. and if you’re a developer there now you got stuck with steaming hot potato. the real test is when credit is tight and capital is limited and investors must make more choices – watch where the money goes then – as you can see it’s coming to downtown brooklyn.
junkman – stick to your guns.
Being a proud owner of a Toren one bedroom, I was relieved to see in Brownstoner that the City has completed its purchases of the necessary lots to build Willoughby Square Park. With the economic disaster, it crossed my mind that they would renege.
This park along with City Point will go a long way into making this immediate area a 24/7 community.
http://www.citypointnyc.com/
http://www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynplan12.shtml
The large residential building at 111 Lawrence is a real shocker. I believe it will be over 50 stories. If the quote from Field of Dreams is correct, “build it and they will come” then this area will eventually be a thriving, populated area with individuals of decent net worth. That has to make Marty M. feel pretty good.
And for the record, I’d put my own neighborhood in the category of one that has already seen its period of highest price appreciation come and go similar to Williamsburg…
But there are people who don’t mind putting up with a slightly more rough around the edges neighborhood and buy something relatively inexpensive (these are by PS and Williamsburg standards) and watch the neighborhood improve as the years go by…
360K for a studio (Toren) is definitely cheaper than other luxury developments in Park Slope or Williamsburg…
My point was not in a comparison of Williamsburg to this part of Flatbush, billyboomer…my point is that here you are buying in an “up and coming” location and in Williamsburg you are buying in a location which already came.
So for those interested in price appreciation moving forward, it is probably better to buy at the Toren than a place like 7th and Berry, which starts at prices quite a bit higher than here.
For someone who doesn’t mind this location, they will probably see returns on their investment greater than those of people who bought in more prime locales.
With that being said, I love the idea of Downtown Brooklyn. If I ever wanted new construction, I’d buy at Toren.
I’ve never understood the “crap location” comments regarding Flatbush Avenue. I used to live at University Towers (at FlatBush and Willoughby) and my favorite thing about living there was the location. Short (less than 5 minute) walk to Ft. Greene Park…manageable walk to Brooklyn Heights, Smith Street and Dumbo and GREAT access to public transportation (right at the Q,B,R, train and less than 10 minutes to the 2,3,4,5,A and C trains…you CANNOT beat that). I work in Midtown and if I took a cab home from work was less than a 20 minute (and $15) ride. In a nutshell, Flatbush, Downtown Brooklyn is not in and off itself located within the best of Brooklyn, but is close to EVERYTHING that represents the best of Brooklyn.
josh guttman bought that car wash last year and owns almost all of the square block now.
fulton mall is fine unless you’re a herb from williamsburg.
Sorry flatbush ave is a crap location, it will always be full of traffic. And to say this is better than living on North 7th and Berry in Williamsburg is laughable, no matter what you think of Williamsburg, but good for the developer to have people like you to think that this is a good location, cause it is not. Yea it is closer to Manhattan than bayside queens and yea it is a short walk to Ft greene but come on you are still living on Flatbush next to a car wash that backs up traffic on the weekend and a gas station on the other side. But then again when you walk outside you will probably not be going for groceries as the Toren and Oro residents will have Fresh Direct, Gym and Pool all within their building, in otherwords to make this location work you will live in a gated community.good luck walking across Flatbush to get to Downtown Brooklyn and have fun walking down the Fulton Mall at 12 midnight cause you won’t.
I really like the look of Toren, but they’re pricing it as if the neighborhood has already arrived.
“Both of these buildings are going up quick!”
Hurry up! The Asshats are catching on to the collapsing Conzi scheme! Build, pump and dump!
***Bid half off peak comps***