Toll Brothers Gets Serious About Selling at Northside Piers
This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we’ve seen, they may be the first example of large-scale,…
This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we’ve seen, they may be the first example of large-scale, high-percentage cuts at a top-tier development. Take Unit 11G, for example: The 1,244-square-foot three-bedroom just went from $1,208,990 to $894,990, a dollar reduction of $314,000! And Unit 9G: Was $1,160,990, now’s $884,990. Prices on most of the other units were reduced only 10 percent or so, but still, this shows that Toll is getting serious about selling this stuff.
Development Watch: Northside Piers From Above [Brownstoner]
Putting the Pier in Northside Piers [Brownstoner] GMAP
Sales Begin at Northside Piers [Brownstoner]
Toll Brothers Making Less Money [Brownstoner]
The Edge Tops Out [Brownstoner]
Kent Avenue hasn’t been trashed – its looked that way for at least 12 years.
actually Mr. What. The 94th where Northside resides, is an extremely safe area. Do not confuse the stats or incidents with south williamsburg – especially south of broadway. it’s project and gang free. totally gentrified already regardless. sure that northside will rent be out if not totally sold out bringing more gentrifiers, not less.
Oops meant to say at times like these.
Where is Ms Muffet? We miss her dearly at times these 🙂
“This could have huge implications for the entire brooklyn condo landscape (at least for the newly constructed condo towers).”
The entire Brooklyn RE market period, commercial and residential. One family brownstones don’t sell well. Two plus family brownstones sell on the basis of rental income. Property prices were already beginning their descent through and then back to their intrinsic values far before rents have started to collapse. Collapsing condo sales and spiking rental listings (read collapsing asks) will add to the cascading downward spiral of brownstone prices. Commercial? Fuggedaboutit!
***Bid half off peak comps***
Oh I forgot!
New jobless claims jump more than expected to 626K
Initial jobless claims surge more than expected to 626,000, while factory orders drop
http://finance.yahoo.com/news/New-jobless-claims-jump-more-apf-14266291.html
WASHINGTON (AP) — New jobless claims jumped far more than expected last week in an already dismal labor market, and there’s no relief in sight for workers as mass layoffs persist. The Labor Department reported Thursday that the number of newly jobless workers seeking benefits rose last week to a seasonally adjusted 626,000, from the previous week’s upwardly revised figure of 591,000. The latest total is far more than analysts’ expectations of 583,000.
Taste the Rainbow!! ROTFLMMFAO
The What
Someday this war is gonna end…
“What’s good, What? Hit me with your classic Appocalypse Now quote.”
Not yet BHO because the Asshats still believe in the “Magic Rainbow”. The Retards believe Obama will be passing out Skittles! ROTFLMMFAO
“The first thing I see when I walk out of my building is a busy, trashed Kent Avenue? Locked into having to use the L-train?”
Man that section suck big Donkey nuts! You need a car to live over there. Those long block are a horror show at night.
The What (Obama will be passing out Skittles! ROTFLMMFAO)
Someday this war is gonna end…
If you pay closer attention to StreetEasy and the Halstead website, you will notice that they have made drastic cuts across the board (broader than what Brownstoner indicates) i.e Townhouse A reduced from $1,968,990 to $1,400,990; Penthouse 2 reduced from $2,019,990 to $1,247,990; Penthouse 3 reduced from $2,111,990 to $1,350,990. These are 25-30% cuts and they are ACROSS THE BOARD. Looks like Toll Brothers has pretty much bailed on this project. This could have huge implications for the entire brooklyn condo landscape (at least for the newly constructed condo towers). How does the Edge next door (575 apartments) or One Brooklyn Bridge (with their 449 apartments) justify prices of 50% higher than their competition, who just happen to be the pre-eminent luxury builder in the United States?
I walked over to Northside Piers today with the intention of looking at the apts listed above, but walked away when I got there – that is one crappy part of Williamsburg. And it’s got 10 years before the neighborhood gets to a point where it doesn’t look like burned out buildings.
The first thing I see when I walk out of my building is a busy, trashed Kent Avenue? Locked into having to use the L-train?
I don’t think you could pay me to live there.