New Building for 4th Avenue
A year ago, this lot was on the market for a $3,200,000, an optimistic number reflecting the site’s potential as a condo development. According to StreetEasy, the ultimate buyer ended up paying nowhere near that. The final price when the sale closed in July? $1,200,000. The New Building Permit shows plans for an eleven-story, 17-unit…
A year ago, this lot was on the market for a $3,200,000, an optimistic number reflecting the site’s potential as a condo development. According to StreetEasy, the ultimate buyer ended up paying nowhere near that. The final price when the sale closed in July? $1,200,000. The New Building Permit shows plans for an eleven-story, 17-unit development designed by none other than Karl Fisher. (Whoops, there’s a partial SWO already!). We’ll see how it goes.
Sign of the Times on 4th Avenue [Brownstoner] GMAP DOB
I’m with Curious. Stargazer is such a consistent hater that his comment lack any credibility. Dude must live in paradise though.
I don’t understand all the people saying things like “4th Ave is so noisy, who in their right mind would buy a condo, and listen to traffic all day and all night long.” Lots of people live in Manhattan on streets much noiser than 4th Ave so obviously the presence of noise is not a deal killer for many people, but just another factor in the consideration. i think 4th ave has its drawbacks, but also has significant advantages. this place is 1.5 blocks from the intersection of two subway lines – a significant advantage over places further up the slope with a 15 minute walk to the nearest subway. it’s close to 5th avenue and the many amenities that lie to the east of 4th avenue (useful places like lowes, pathmark as well as up and coming places like the bars and nightclubs that are starting to pop up on 3rd). I am not saying that a place on 4th should be trading on par with a place further up the slope – there is clearly some noise discount and the close-to-but-not-quite-blue-chip discount, but I think it’s an excellent tradeoff for people who may need some extra space that they are not otherwise able to afford.
The rezoning of 4th Ave is a great idea in principal but in practice the results have been disappointing. Where is the really striking, energetic modern architecture? Where’s the new retail (pretty please, could we have some classy big box outfits like Crate & Barrel?) Where’s the landscaping of the median?
Too bad it’s all catch-as-catch-can with no overall vision.
4th Ave is so noisy, who in their right mind would buy a condo, and listen to traffic all day and all night long. You can’t never open a window??????
Let alone sit on a balcony, over looking 4th…
umm, don’t think so.
17 Units over 22K sq ft – likely some larger apartments
Who wouldn’t want a condo on that cross street? minutes away from the Slope and other amenities and so close to the trains.
Pete;
Yes, during the bubble, prices were headed up to $150-$200 per buildable square foot, so that is quite a drop (BHO, where are you?).
You are also correct that the lower land price doesn’t necessarily mean a lower price for the finished product. The added margin may all wind up in the developer’s pocket, or the buyer of the units may get it -depends upon the market. However, given the crappy economy, it can’t hurt that one cost component has been driven down.
@11217 – This is btwn 7th & 8th street, same side as Argyle.
@Petebklyn – it would be smart of the builders to price lower though, right? Considering what’s already on the market on 4th ave (too many to even list), if they price right, they’ll sell quickly. Hopefully these developers are smart, not greedy. But then again, this is NY…
I see an older permit from 5 years ago for 22k sq ft building which puts it about $55 sq ft. Seems very very cheap since plans already there. Hasn’t prices been more in $100-200sq ft range(buildable sq ft)?
I would think could be more to story…is it possible the $1.2 was only for partnership in the deal?
As far as making more affordable—wouldn’t (according to supply and demand theory) it just mean larger profit margin for developer if paid smaller price? They are still going to try to sell for highest price possible – no matter what they paid for the property, no?