500 Fourth Avenue 20% Sold; Opening in Fall?
Elliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is “over 20% sold in less than two months” (impossible to verify since closings haven’t been recorded yet) and is scheduled to be move-in ready…
Elliman released a press missive yesterday about the biggest new 4th Avenue condo currently on the market, 500 Fourth, which is between 12th and 13th streets. Takeaways: The 156-unit development is “over 20% sold in less than two months” (impossible to verify since closings haven’t been recorded yet) and is scheduled to be move-in ready in “late fall.” Also, the building will have a large lounge area called “Club 500” and a 24-hour lobby attendant. Prices are ranging from $342,000 to $1,077,000.
500 Fourth Avenue [Official Site] GMAP
My fiance and I bought at 500fourth as well! We looked at a lot of new construction in a few different areas and by far, 500fourth was the best price per sq foot and offered all of the amenities that we were looking for. Ive found the sales agent, and even the developers very easy to work with! Not only have they been open to our requests for storage space and bike space, but they are actually making it happen! They have also agreed to supplement whatever we would have been entitled to for the first time home buyers tax rebate if we do not close by 11/30 (can’t imagine that we would at this point!) or if the fed gov’t doesn’t renew the program.
I have also been very pleased with Fairmont Funding, specifically Mordy Hudarsky, whom we started working with after we ran into problems at the larger banks who wanted a ridculous percentange of occupany for a new construction building before they would guarantee our loan.
I would love to know if any other 500 fourth ave buyers have heard any updates on move in dates?! And of course it would be nice to hear from soon to be neighbors 🙂
I agree with sandgroper… my soon to be new neighbor.
Im also buying one of the apartments and I did a lot of research beforehand. For everything you get, the quality of the finishes AND the construction this is a steal. It was actually priced at the same price as many fixer upper co-ops I visited. I really don’t feel like paying extra for original moldings and a kitchen that needs gutted and I have to use a window AC AND have to leave the apartment to do my laundry.
Everyone seems to be comparing the pricing to Co-Ops which just doesn’t make sense considering the maintenance on co-ops is through the roof. Not to mention you have to deal with a co-op board.
Your potential for profit is maximized when you buy in a area which will soon change for the better. Rather than paying out your butt for “charm” that is only two blocks away. Its not in the heart of Park Slope… but its literally a five minutes walk away.
If you really want to complain at least visit the building first. As for the neighborhood… its already changing for the better and I feel like the building can only help. They are even taking suggestions from the buyers when they select the local businesses for the commercial spaces on the ground floor.
What I know is – I am getting the apartment I never thought I could afford for the price of a fixer upper old co-op two or three blocks away. Im very excited!
Its kind of funny to see how people here hate everything about everything, sometimes I’m one of you…about this building though, the location sucks, the facade is ugly but the apartment I saw was gorgeous, kitchen all Viking and nice bathrooms, it worths the money but I wouldn’t live on fourth Ave, I’m kind of stuck up (hate me now) and peep boys and taxi drivers hang out is not what I call a neighborhood.
I’ve looked at several condos that are on the market and 500 Fourth Avenue is, by far, the best I’ve seen. The quality of the finishes far surpasses the finishes of other condo apartments in the same price range. It’s only a short walk to 5th Avenue, only two blocks from the subway. The amenities available seem really good – no more gym membership, no more worries about my mail getting wet in the outside mailbox, no more worries about packages being delivered, drinks on the communal deck … With the ‘early bird’ discount – basically a drop in price, brings about a real reduction in price per square foot that I can afford – actually a much better deal than buying an apartment in a maintenance heavy co-op that needs updating. I’m buying one and really looking forward to being so close to such a diverse neighbourhood; which, from what I can ascertain from ‘scoping out the surrounding streets’, is a really well established community. A little ‘gritty’, yes, but I love it! Can’t wait. 🙂
I don’t know who can possibly like that stretch of 4th ave. We looked at bunch of condos on 4th and pretty much decided that 4th Ave is not worth it. If you familiar with Brooklyn neighborhoods 4th ave and 12th street looks and feels like Sunset Park and should be priced accordingly ~$200 per sqft.
Don’t go by StreetEasy as information like this in not under public domain until it is closed and filed with city/state.
I have tried to look at units according to SE as available that was already in contract.
kdabrowski – you are correct that is a practice among but not all developers.
lechacal – no it is not by the heart of 5th Ave (Union, President, etc) but that is not like it is a far walk. You can definitely do that for dinner. And I agree with 11217, I think you over dramatizing that section of 4th Ave a bit. Having no historical brownstones does not make it some undesirable location for everyone. My wife and I don’t like brownstones – at all. I would rather move by the Meat Packing District before I would move to a brownstone in Brooklyn. Then again we are young 😛
Once again it is funny math at the Douglas Elliman Park Slope office. Considering that this office is basically a rental office anyway, this building will soon join the pack. The office simply cannot compete with the other brokers for the better end sales listings. Is it not the responsibility of the office manager to prevent such “slanted” math. Some day upper management will catch on.
“20% sold”
Got cash?
***Bid half off peak comps***
93 units listed in StreetEasy (79 for sale, 11 in contract, and 3 ‘off the market’). So, according to my math – it is either 11/156 = 7% or 14/156 = 9%. Either way, to reach the stated 20%, 31 units need to be “sold”. It seems like the 10% off “early bird special” hasn’t caught the 20% sold worm.