Checking In On One Sunset Park
What does it say about the condo market that a medium-sized conversion in Sunset Park is selling more units than most of the large, big name developments in higher-profile parts of the borough? We have no idea, but surely there’s reason to cheer for the fact that One Sunset Park, a 54-unit former rental building…
What does it say about the condo market that a medium-sized conversion in Sunset Park is selling more units than most of the large, big name developments in higher-profile parts of the borough? We have no idea, but surely there’s reason to cheer for the fact that One Sunset Park, a 54-unit former rental building gradually being converted to condos, has racked up five signed contracts since it hit the market in October; 22 of the units have been put up for sale to date and most of them range in price from $300,000 to $585,000. Maybe there’s something magical about sub-$500-a-foot pricing.
702 44th Street [Halstead] GMAP
One Sunset Park Hits the Market [Brownstoner]
A’ight, so let me try to clarify some things, as someone who is, dare I say, buying one of these apartments:
1. They absolutely do not require all cash. I assure you. I am not paying in cash.
2. Wells Fargo has agreed to finance the units, which gives some assurance that they will appraise them in a manner consistent with the pricing. No, they don’t guarantee to approve each and every buyer. Alas, we have returned to a credit market in which you need, well… good credit to get a mortgage from Wells. Go figure. But everyone in contract has been approved, and certainly I, for one, am a regular working person.
3. LTV requirements changed everywhere this month, based on moves from Fannie Mae and Freddie Mac, and none of that has anything to do with this building.
3. The conversion is non-eviction. That doesn’t mean it’s not contributing to gentrification. Of course it is. And as a lifelong bklynite that has seen many a neighborhood go to the dogs via gentrification, I have incredibly mixed feelings about this happening, let alone being part of it.
We could use a whole nother thread on how to keep Sunset Park economically and culturally diverse through the next generation. Perhaps if there had been greater mindfulness about maintaining and cherishing history and diversity (including economic diversity) in other Brooklyn neighborhoods, we would be living in a different kind of town.
Benson, you made a mistake. Just let it go.
Nice to see you back, Pole.
Benson:
Without financing, there is no liquidity or market at the prices they want. People will of course buy these units for the right price, and if financing never comes back or we return to the days of 50% maximum LTV ratios – prices will fall accordingly.
Appoggiatura;
I’m not trying to knock the building. As I remarked above, they’ve made the place shine – I like it too. All I’m advising is that folks make sure that financing is really available for would-be buyers. Without financing, there is no liquidity, no market,etc.
Benson,
So what’s the big deal? If you like this place and can make a great deal but it turns out you can’t get a mortgage you move on to something else.
What I like about these are the location – Sunset Park is beautiful and will likely become a very desirable neighborhood. They’re right on the park, the value is good, the subways are close. And those N and D trains are only 2 stops from manhattan. I would consider these ahead of the new stuff on 4th avenue in the slope, but that’s just me.
What I don’t like is that this conversion will probably remain under the control of the sponsor for a long time…(and there will also be more renters than owners for a long time.)
Benson,
So what’s the big deal? If you like this place and can make a great deal but it turns out you can’t get a mortgage you move on to something else.
What I like about these are the location – Sunset Park is beautiful and will likely become a very desirable neighborhood. They’re right on the park, the value is good, the subways are close. And those N and D trains are only 2 stops from manhattan. I would consider these ahead of the new stuff on 4th avenue in the slope, but that’s just me.
What I don’t like is that this conversion will probably remain under the control of the sponsor for a long time…(and there will also be more renters than owners for a long time.)
Benson,
So what’s the big deal? If you like this place and can make a great deal but it turns out you can’t get a mortgage you move on to something else.
What I like about these are the location – Sunset Park is beautiful and will likely become a very desirable neighborhood. They’re right on the park, the value is good, the subways are close. And those N and D trains are only 2 stops from manhattan. I would consider these ahead of the new stuff on 4th avenue in the slope, but that’s just me.
What I don’t like is that this conversion will probably remain under the control of the sponsor for a long time…(and there will also be more renters than owners for a long time.)
And the point, Rob, is that conversion has been the primary strategy used by owners for many, many years now to accomplish removal of rent-regulated apartments from available and affordable housing stock.