Isabella Condos Back from the Dead
Last we heard from the Isabella, it was early 2009 and the sales effort at the condo development at 545 Washington Avenue was dragging. Since then, the building has just sat there. Yesterday, however, Canyon-Johnson, the real estate company partially owned by Magic Johnson, sent out a press release announcing that it had provided a…
Last we heard from the Isabella, it was early 2009 and the sales effort at the condo development at 545 Washington Avenue was dragging. Since then, the building has just sat there. Yesterday, however, Canyon-Johnson, the real estate company partially owned by Magic Johnson, sent out a press release announcing that it had provided a $22.6 million loan to a Garden City-based developer to complete construction and relaunch the sales effort at the 63-unit Clinton Hill building. The only hint at the new pricing was mention of an average price of $530,000 for an average-sized apartment of 1,060 square feet. If the average price per square foot is indeed $500, that would represent a significant discount to the $600 to $700 range we saw at launch back in 2008. Think it’ll be enough to move units quickly?
Canyon-Johnson Urban Funds Provide $22.6 Million in Financing [Business Wire]
Magic Johnson Provides Financing For Clinton Hill Condo [Brooklyn Eagle]
Checking In On the Isabella Condos [Brownstoner]
Sales Begin at The Isabella [Brownstoner] GMAP
Isabella Condos Teed Up for Launch [Brownstoner]
Does anyone know why the common charges are so high here? Or maybe I should ask, does anyone else think they are very high? I was under the impression common charges for condos units were substantially less than maintenance charges for co-ops.
I want to know what’s up with the Collection. This building is so bland it’s hard to get interested.
Also, this side of Washington is not zoned for PS 11. Which makes no sense, as it is right down the street… but still.
I want to know what’s up with the Collection. This building is so bland it’s hard to get interested.
Also, this side of Washington is not zoned for PS 11. Which makes no sense, as it is right down the street… but still.
Actually most of the muggings in the neighborhood take place in areas other than the Fulton corridor.
sweet location? nice place to get mugged (unless this is a doorman building.) Another building on this block was famous for having its tenants mugged in the lobby (the mugger would ask if you could “hold the door”…)
Definitely looks like a hospital but if the apartments are nice they should make some traction. In the last year since they “launched” we’ve seen Hot Bird, Fulton Grand Bar, FG/CH Food Co-op, Buka, Wasabi Sushi, Beny’s Delice, Hanson Dry, Mago Crepery, etc. all pop up, with much more to come.
Truth is Fulton is no longer the anus-hole of Clinton Hill. You’re right next to a subway and right next to all the good stuff in Prospect Heights too.
Demand will be there if they price it right.
Walk by this every day and there has been a ton of activity the past few weeks. And the landscaping in front mystifies me – it needed some weeding, but it was already fully landscaped, so I’m not sure why they ripped everything out unless they needed to make way for new utilities (in which case, bad planning).
And they seem to have some money to burn since they run the air conditioning for the building 24 hr a day.
yes, there’s off-street parking here
“Isabella Condos Back from the Dead”
Zombos.
“If the average price per square foot is indeed $500, that would represent a significant discount to the $600 to $700 range we saw at launch back in 2008.”
It’s not a discount. It’s a deleverage. That represents a 20% decline like the rest of the market. Still overpriced as there’s still at least another -37.5% left to go.
“Think it’ll be enough to move units quickly?”
Depends on their FHA status (what a disaster that program is becoming).
***Bid half off peak comps***