The Argyle: Using 5th Avenue to Sell 4th
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the…
A new 4th Avenue condo is temporarily taking up prime 5th Avenue space. The marketing team for 4th Avenue’s Argyle, a 12-story development on 7th Street, is opening a sales center on foot-traffic heavy 5th Avenue, between 1st and 2nd streets. The sales center’s construction crew said the space would probably be completed within the next few days, and that it would include a model bathroom and kitchen (see photo on jump). Corcoran is handling sales for the Argyle, an L-shaped building designed by Meltzer/Mandl. And how much sense does it make to market a 4th Avenue condo on 5th? A lot, according to one of the crewmembers sprucing up the sales center. So many people have come in here and asked what we’re doing, he said, that I think these apartments are going to sell in a flash.
Is it a pattern? [Bklynking] GMAP
Development Watch: 410 Fourth Avenue [Brownstoner]
you’ve got issues, 5:35.
so clear from your post.
if you are a financial analyst for a hedge fund and “still can’t afford most condos in park slope” you are spending way too much money on gambling, hookers, drugs or a combination of the three.
i’m dead serious.
you are absurd.
interesting, b/c all the places you mentioned in your first post to justify your theory were condos, not coops. what i didn’t say is that i am a financials analyst at a hedge fund. so tell your boyfriend that wall street layoffs and credit market turbulence will take a couple of quarters to make it to “reality”. when they do and the inventory currently in the brooklyn pipeline (including pk slp) comes onto the market for that “hot” spring selling season, your decreased inventory problem will be a thing of the past. forget media reports. i know well respected sell-side financials analysts screaming recession right now. i know tons of fixed income people expecting the axe (after the mortgage people already announced). i know people making much more than i do and not buying real estate. i know that the CME futures market is currently pricing in a 12% price drop in nyc real estate. so good luck to your boyfriend. i hope he’s better than most… maybe i’ll call him in 2010 and put in an offer at 90% today’s asking on that condo up the street (if i still have a job)…
Here’s some predictions:
if people assume that prices are going to increase,more people will be looking to buy and willing to pay a higher price
if people assume prices are going to fall, fewer people will be looking to buy and those people will be more cost conscious
if prices exceed the affordability of too many people thereby leaving a large amount of inventory – prices will fall
If mortgages are harder to come by and go for a higher interest rate this will negatively effect affordability
If incomes rise or if more higher income people just decide stay in the NYC to age and raise a family, prices will rise
Final Prediction – what does all this mean for which way prices are going to go – ABSOLUTELY NO ONE ON EARTH KNOWS FOR SURE – and all your little anecdotes, newspaper articles and social commentary doesnt change it –
until time passes its all just opinion (i.e. no one is “right”)
4:56- You really can’t buy. I don’t get it. Your shoes must rock!
Actually given that 76% of all homes in New York City are co-ops, no, I was not referring to 5% down becasue in my co-op as with pretty much every other one I know of…they require 20% down.
I’m afraid my observations are based in reality. There is so little inventory on the market right now…it is in fact lower than in 2006…so no…I am not referring to pre-exuberant times. I am referring to today.
I am dating someone who works in the Brooklyn Real Estate market and what I’ve gathered is that while the press has talked of an apocolypse now situation it is far from what is actually happening in New York City (and definitely not happening in Park Slope) because of a DRAMATIC drop off in inventory.
If it’s a good product in a good neighborhood, it is selling.
A 2 bedroom listed on this site today sold for 600 something in Park Slope. You can’t afford that on your…I’m guessing at least 200K a year salary?
You aren’t doing something right…
good try, 4:33. my pay has increased about $100k in the past two years as an analyst at a hedge fund and i still can’t afford most condos in park slope (am conservative and insist on 20% down as everyone should). say what you will about my spending habits, which are not exuberant – i rent a pretty affordable 2br in 321 district and pay less than half what a mortgage in the area would cost me for the same space. so, if i feel like i can’t afford a place in the neighborhood, what about my recently laid off wall street brethren and all those who earn less than we do/did? your observations of recent sales are driven by better, more optimistic times when you only needed 5% down and a pulse. not sure that you will see the same going fwd for a while. plus, i think nyc represents the top of the food chain in incomes, so not sure how more people moving here from other parts of he country will change much. i could be wrong, just my opinion…
The answer was no because I see ZERO saturation of the market in Brooklyn at this time.
I see…especially in Park Slope very little inventory…I see price increases on places like the Heritage…I see sales going briskly at both Novo and the Crest despite their lackluster exteriors and sketchy developer.
I also see the neighborhood attracting a large amount of new restaurants and businesses, I see 4th Avenue turning into something I never would have imagined 10 years ago and I see more and more people wanting to make Park Slope and New York City their home. Someone made a comment about pay being out of whack…and while they might be true for some…it obviously is not true of all the people buying property at these places. Maybe you’re pay hasn’t caught up, but some people’s are I guess. Mine has increased about 10K in the last 2 years, so who knows…maybe some people just need to look for better paying jobs if they want to live in a million dollar apartment.
How does that not answer the question?
1:25 and 2:48,
How do your links and statements support your answer (“no”) to the questions asked by 1:14?
Just wonderin’.
The permit in the front window of the “shop” mentions something about renovations of existing apartments, not building demo apartments. I think its a viable distinction.