Condo of the Day: 264 Cumberland Street
When the new conversion at 264 Cumberland Street in Fort Greene hit the market last May, the units were priced pretty affordably, which may, in part, explain why there haven’t been a whole lot of price cuts during the dark times of the last couple of months; to be fair, though, the cheapest units on…
When the new conversion at 264 Cumberland Street in Fort Greene hit the market last May, the units were priced pretty affordably, which may, in part, explain why there haven’t been a whole lot of price cuts during the dark times of the last couple of months; to be fair, though, the cheapest units on a per square foot basis are those on the ground-floor with large subterranean rec rooms. To date, five of the 13 apartments are spoken for. The remaining ones range in price from $615,000 for a 912-square-foot studio-plus-office to $925,000 for a 1,874-square-foot duplex with outdoor space. And then there’s this space (shown in photos) at the top of the church for $685,000.
The Sanctuary Condos [StreetEasy] GMAP P*Shark
2010 this will be one of many of those that might come up in a conversation “Remember those apts in that church for $1mil? hahahhaa LOL, idiots”
Allo Tyburg,
lets first say we are extremely happy our comment “a touch expensive” has brought out such interesting and riveting discussion with even 11217 sympathizing.
You are 100% right RE in NYC is totally absurd but our comment was meant to be taken in context of other similarly located and sized apartments. Remember just yesterday 141 Lafayette which is an inferior place in our opinion was priced @ around the same.
Maybe we should have said significantly overpriced but hopefully you get our drift now.
As far as NYC becoming a dichotomy of only the very rich and the poor we are equally fearful but remember this is the price of capitalism we all pay for. Despite all the socialism in this city with things like massive taxing of the well to do, tax incentives for affordable housing, and laws that are vastly tenant favorable; the city is still proving to be un-affordable to the masses. Whats the solution? Not an easy problem. In Paris for example all the poor live in the suburbs because the city is too expensive even with all the vastly superior social services there.
Part of the solution we are afraid is very difficult but its exactly what Schultz did i.e. to be competitive one has to take a chance on less desirable areas. Yes the whole thing is like Darwinian Natural Selection of the fittest but it is indeed the only proven way.
Tyburg we agree unsustainable speculative growth is the reason we are in such trouble but please appreciate that this RE downturn is necessary and is infarct very healthy ( on a general scale) as it provides a checks & balance system that will hopefully allow for later sustainable growth…reference Lipsey.
Tyburg — I have lived in NYC almost 30 years and as far as my experience is concerned, to afford NY, you have to be willing to move out to the next neighborhood, pre-gentrification. When we bought, our neighbors thought we were nuts. People now think we are geniuses for buying what we did and when we did. I compare it to the settling of the wild west — you have to be willing to go to the wild frontier to stake your claim. High risk, hopefully, eventually high reward.
Tyburg,
I just don’t know where all the people you suggest should take over Detroit are going to go.
Many of us work in the arts…in publishing, in the burgeoning NYC movie and television production business, in advertising, etc. Many of these fields are based here in New York and many of these same people are so liberal minded, that a move to a lesser city in the Midwest really isn’t going to be on their radar. Politics play a role in all of this I think, and I don’t see a mass exodus of left leaning New Yorkers to Dallas or to St. Louis, or to Detroit or to Cleveland, or any of these other less costly cities.
The nice cities in this country are expensive. They are expensive because they are nice to live in.
I see your point, but given the economy and the job situation, I don’t see how it’s better in any other city and if one has a job here, I don’t see these people leaving in large numbers to go find cheaper housing in another city.
We saw that happen in Phoenix and Las Vegas and look what’s happened to those two cities…they have been DECIMATED by the housing bubble. Huge job growth there in the past has turned to negative job growth with thousands of people literally abandoning their homes and moving to other cities because of this.
it would be my dream home too. only if i could add some hello kitty coffins with pink satin interiors for guests to sleep in. and a tire swing. id def. want a tire swing in there.
*Rob*
11217, I accept the point of your first post… but I will add that it’s just proof that the market is sick – and I mean this as literally as I can… NYC’s real estate market (both buying and renting) suffers from a disease of some sort.
You second post, I have to take exception.
I was using “Dream Home” in a descriptive sense… I’m not a proponent of wasteful space either. But, since you like comps so much, let’s compare. Why am I paying the same price for a Studio apartment that I would pay for a 4000 sq ft detached home in most cities? It’s not just slightly more expensive… it’s CRAZY expensive.
I know this is NYC, but this is NYC operating in an unsustainable way.
So… you’re suggesting “smaller living” should be just as expensive as “larger living.” Break a single-family home into 4 units, but charge the same price for each unit that you paid for the WHOLE BUILDING?
The fact of the matter is that it has not been uncommon for a property to be purchased for 1/2 the prices it is sold for only a very few years later. That’s the ONLY reason folks find these price tags acceptable — they have $400k in the bank from selling their old place to a unsuspecting buyer lacking reason.
The free market is going to do fine… but soon New York is gonna see a terrible demographic shift. And it’s gonna be a city of extreme poverty and extreme wealth… I guess living in harmony because anyone in between is gonna give up on this fine city unless something changes. Maybe everyone in the middle will take over Detroit.
Thanks, BRG, I’ll be watching out for your post saying you found your lighthouse or church. I’ll help decorate!
“My point is… these aren’t “Dream Homes”
And Ty, as a single gay male, a “studio” or 1 bedroom like the one above IS my dream home. I don’t need a lot of space, and even if I ever partnered up, I won’t ever want or need more than a 1 bedroom plus a den or a 2 bedroom apartment.
I simply don’t want or like living in a large wasteful space. Not to mention, that smaller living will be the wave of the future, whether we (the U.S.) like it or not.
52% of NYC’s residents live alone. There are a TON of people out there who would, in fact consider these places dream homes.
Tyburg,
I hear you, but these units seem special. Studios do not average 600K in this fine city, nor do 1 bedrooms normally go for 1 million.
You can still find very nice studios in Park Slope (arguably one of the nicer areas of Brooklyn) for 300K and under. That one for 250k on Park Place finally sold, btw. That’s about 1500 a month for mortgage and maintenance BEFORE you factor in the interest deduction. Not bad, I don’t think.
You can take the train out an extra 5 stops and still find studios for 100K, 1 bedrooms for 150K, and 2 bedrooms for 200K.
You just aren’t going to find those prices within 20 minutes of what many consider one of the greatest cities on the planet, that’s all.
BTW, these prices are determined by market forces. Not GOD. If so many people didn’t want to live here, the rent prices wouldn’t be high. Simple as that. Supply and demand. Clearly you are willing to put up with it, because if you didn’t you can move to Phoenix and find a 2 bedroom apartment for 800 bucks a month.