The Novo Sells Out
After almost three years on the market, the Novo, Shaya Boymelgreen’s monument to mediocrity at 343 4th Avenue in Park Slope, is sold out. As The Real Deal pointed out when it broke the news yesterday, since the building was more than two-thirds sold out by the time Lehman Brothers collapsed, it hasn’t faced some…
After almost three years on the market, the Novo, Shaya Boymelgreen’s monument to mediocrity at 343 4th Avenue in Park Slope, is sold out. As The Real Deal pointed out when it broke the news yesterday, since the building was more than two-thirds sold out by the time Lehman Brothers collapsed, it hasn’t faced some of the financing hurdles that new developments have over the past year. When all was said and done, the average price per square foot paid for apartments in the building was $671. Amazing.
Boymelgreen’s Novo Condo Sells Out [TRD] GMAP
Should We Feel Sorry For Novo Contract Holders? [Brownstoner]
C-of-O Woes for the Novo? [Brownstoner]
I went to the NOVO for the 1st time this past weekend for a birthday party in their club lounge…
I have to say, the Novo really is the nicest (large) building in Park Slope.
I was truly blown away by how nicely they finished it inside, and outside (love the new grass meadow in Byrne Park)
I wish I had a gym like that in my building…!
benson, i’d like to agree with you bc he was hugely inefficient and a crappy quality “developer” but he hit the lower 5th avenue corridor condo boom pretty right and, in the absence of the numbers, my hunch is that he made real money. we’ll never know and it doesn’t matter since other bigger issues wiped him out.
fsrq 431p, spot on — market covered all his deficiencies.
back in the day of the NYT profile i remember thinking he was like a two-bit donald trump (is that redundant?)
I think FSRG’s statements were even more distasteful, so you’re good, snark.
fsrg – On further reflection, perhaps the statement was a tad distasteful. Consider it retracted.
> Your personal anecdotal observations are meaningless not
> because I say they are….
But – as you say in even more words – because you say they are.
antidope – he overstretched everywhere – Manhattan, Florida, Banking, (and Israel too).
He is the poster child of the most recent RE Boom in NY – go back and read that NY Times profile of him (from circa 05 or 06) – essentially he is/was a small time operator, who didnt realize his success came far more from the market then from any acumen he had. His “exit” from Brooklyn wasnt the product of any great market timing, but rather his hubris that he (and Lev Leiviev) were “Manhattan” developers….
Antidope
You are correct that BG was one of the first developers who cooled his heels wrt Brooklyn. However, I doubt that he made much money on many of his Brooklyn projects, which certainly didn’t help his situation. His operation was really inefficient, partly due to their very fast growth. They grew too quickly, and were in over their head. It took them years to wrap up some of their Park Slope projects, due to recurring problems.
This building looks so much like the public housing one a few posts below that I did a double take.
Your personal anecdotal observations are meaningless not because I say they are….but because you can’t support a statement like the one you made:
“That’s because the non-white families tend to make the kids walk on their own ”
Based upon what you see walking around; and while sometimes a personal anecdote is interesting, amusing or insightful – when you make broad sweeping generalizations based upon race, then they are mostly distasteful and stupid.