Toll Even More Serious Than We Thought About Price Cuts
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990…
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990 to $1,274,990; PH3 from $2,111,990 to $1,350,990; PH5 from $1,680,990 to $1,095,990. Holy crap. What will the ripple effect be? GMAP
Look, there are buyers of million dollar plus apartments and even $2 million apartments in Williamsburg.
But they have to be getting something for the money. That means more than they can get in the City for the same dollars. More space, views, larger outdoor space.
At the Mill Building, the apartments sold like hot cakes, because they are large, with high ceilings and like finishes. And there was a $2million sale there.
The other big dollar sales are penthouses that have the space and views: Gretsch, Bayard, etc.
Williamsburg is full of kids and families. I know I’m one of them. I do not understand why are so many 1bdrms and studios. Did developers not see the strollers? 3 bedroom units are kind of rare.
Ironballs….
Here is a quote from the New York Times in 1982. It would not appear to me that a townhouse in the West Village could be bought for anything close to $40,000 in 1979…
NYTIMES
November 19, 1982
“In 1979 Mr. Katz purchased the 100,000-square-foot building. Built in 1930, it was used as a garage by the Hertz Corporation. Its 83 apartments, of which about 65 have been sold, will be ready for occupancy in January. The condominium units of studio to two-bedroom size are priced from $95,000 to $374,000. Monthly maintenance fees range from $135 to $382.”
http://query.nytimes.com/gst/fullpage.html?res=9800EFDE1239F93AA25752C1A964948260
I live in Northside Piers and the reason why the last apartments are not moving is because these are the ones are either on lower floors or have obstructed views caused by the second building. The third building being planned isn’t helping either so I hope that it never gets built. The best apartments in the building in my opinion are the D and E line which faces southeast with views that are breathless. The PH that are in these lines with the lower prices should get snap up pretty quick. If I was looking to buy now I would just buy into building two with beautiful sweeping views of the city. Just my opinion…
You can get a two-bedroom lux condo in Tribeca for $2MM, so why would you buy one in Williamsburg? Granted, I am no fan of Tribeca, (like DUMBO, I don’t understand how something so full of traffic can be considered luxury), but it seems like it would be the same demographic.
Fashions do change, IronBalls, which is why ten years from now people will cringe at the thought of “luxury lofts.” Then after people badly remodel them into something different and even worse, they will come back into fashion 40 years later and sell for a premium. If they haven’t fallen apart, of course. (People said that about cast-iron buildings too, BTW — that they would fall apart.)
You folks forget that brownstone living goes in and out of style. Thirty years ago in Greenwich Village nobody wanted to “walk up stairs” and you could pick them up for $40,000 or less.
Over the long term in NYC, I personally believe a Manhattan penthouse in a prime building will appreciate more than your average Park Slope brownstone.
Brownstones won’t go to $40,000 again, but I wouldn’t be surprised if general consensus changes and folks decide they didn’t want to “sweep the stoop” or “repair the leaking roof” anymore.
Where did the value of “my” million dollar home go? I put zero percent down but I still say “my”. I thought I was so smart to buy at inflated prices and I even made fun of renters and how stupid they were to rent. I hope the government gives me some TARP money, it is not fair to me to lose “my” home.
Pretty scary stuff for the bagholders. Even scarier, this is just the very beginning.