Checking In On 268 Wythe Avenue
When we posted about this new condo project at 268 Wythe Avenue back in February before its came on the market, the majority of readers were positively disposed to its design, as are we. It’s now been almost four months since the development’s 13 units were offered for sale, and, according to StreetEasy, only one…
When we posted about this new condo project at 268 Wythe Avenue back in February before its came on the market, the majority of readers were positively disposed to its design, as are we. It’s now been almost four months since the development’s 13 units were offered for sale, and, according to StreetEasy, only one unit is in contract so far despite one round of price cuts back in June. Problem is, they’re all still priced around $700 a foot.
268 Wythe Revealed: You Likey? [Brownstoner] GMAP
11217, I can definitely agree with that. Look, anyway you slice it, 1,300+ units is still an a$$load of inventory, and will take several years to clear. I don’t think people realize just how massive 5,000 would be – the vast majority of these buildings are low-rise, despite all the attention the waterfront towers get. In the end though, let’s just all hope this works out to the benefit of the neighborhood and we can all have a few Zywiecs in McCarren.
I wish they would allow some of these empty spaces (hello, W11!) to be used as office space by all of the young start-up businesses in the area. Commercial real estate west of the BQE–fast access to Manhattan–is impossible to find right now at a fair price. The neighborhood is full of youngish people who want to start businesses.
Wburg has a lot to offer. How many of you haters actually spend time there? I loathe the collegiate hordes as much as the next person, but it has a pretty remarkable array of local color. I like Dressler and Bird, and I also love Kasia’s Diner and desperately miss Matamoros.
Just because ZIP 11217 is mostly picturesque doesn’t mean it doesn’t have its share of pretentious twits.
It’s not people who love wine who have “ruined” the neighborhood–it’s corporate developers with bad taste who bought out so many perfectly good existing structures (and kicked out so many businesses from commercial/industrial space) in order to create these illogically scaled monsters, and Amanda Burden and Bloomberg, who let them do it.
Sorry man. It’s all in good fun.
I really don’t care which numbers are correct and hope it’s not the higher number. I don’t like seeing Brooklyn suffer (even Williamsburg) but I’m just facing reality head on and if it turns out better than some people are predicting, fantastic. Your numbers seem very low to me. Especially as I’ve been there lately and witnessed what I feel to be a rather strange feeling of walking by so many unfinished and neglected properties in a relatively small area. And knowing that quite a lot more are on the way…
As I said…the net effect in the end will be a positive one, no doubt. Just as I hope falling prices will have a positive affect on my own neighborhood, and allow a more diverse and vibrant group of people the opportunity to be able to afford it.
DH has a lot more credibility than wine lover or these other characters, because he’s willing to praise what’s good in Williamsburg AND criticize what’s bad. Wine lover has never criticized ANYTHING in North Brooklyn at all – if I’m mistaken, please show me the goods. Also, DH comes out to drink with other B’stoner posters.
“In what interest would it be to a broker to announce that there’s over 5000 units of inventory about to come online?
If anything that gives him MORE credibility because he’s owning up to reality.
Unlike a certain someone else we are getting to know.”
You’ll have to ask him – my point was it’s silly to presume to completely understand a broker’s motivations. If a broker corroborated the numbers I came up with, you’d be bashing that in no time, but suddenly one puts out a massive and “sexier” number (that we don’t even really understand) and you’re buying hook, line, and sinker? I don’t get it. And where am I not “owning up to reality”? You seem to enjoy painting the picture you have in your mind as that, but others see things differently and don’t need to blatantly exaggerate to make our points. If you doubt my numbers so much, please feel free to poke holes – that’s what the forum is for after all, no? No need to get so snarky.
The waterfront places will set the bar – whatever psf they set that starts to move units, the buildings further east will have to price accordingly (as Kent is considered ‘prime’ Williamsburg, to which I strongly disagree)
500psf sound a little low to me too, but who knows? In the meantime – just go to McCarren and enjoy a Zyweic.
“I’d like to know the details behind this broker’s study (and NOW people believe brokers?”
In what interest would it be to a broker to announce that there’s over 5000 units of inventory about to come online?
If anything that gives him MORE credibility because he’s owning up to reality.
Unlike a certain someone else we are getting to know.
dirty_hipster, totally agree. Too many people assume you like the neighborhood only because you bought there and never consider that maybe it was the other way around. I do agree that in the vast majority of cases, prices are too high. I’m not sure it’ll get down to $500/sqft (though hard thing to generalize given that there is some difference in product across the board), but things should clear much faster as we get to $625-$650.
“But as a residential neighborhood, it’s toast for at least 5-7 years and quite possibly longer.”
11217, what does this even mean? Seriously. Do you think people are going to bolt en masse? Heavy industry will be moving back in and they’ll undo the zoning changes? It’s not the end of the world – people will be ok.
“Having paid the prices people paid in the last few years to sit next to empty and rotting buildings”
Look, I know it’s a fashionable thing to say, but you make it sound like a warzone. Some spots are indeed bad, others are fine. Let’s not get carried away.
“Again…I trust someone’s numbers who actually DID a study on it, not some anonymous person on a blog who says he’s not a broker, but “already done his own tally””
Hey, if you want the details, they’re here (same screenname): http://www.streeteasy.com/nyc/talk/discussion/3022-80-metropolitan?page=2
But again, I’d like to know the details behind this broker’s study (and NOW people believe brokers? Smacks of selective hearing to me). What exactly is being counted?