125 north 10th

Do you have an idea of what % of contract holders are actually closing. At $800/sf i would imagine many would find it more attractive not to close. Is the developer giving any sort of incentive to close. So now they are discounting prices? To me the prices listed do not seem to represent good value in this market.

Your first question is impossible to answer. Wish I could. I'm sure some will choose not to close, but the developer is definitely flexible and there are most definitely incentives being offered.

I still think this is the best building in W'burg. I am not an owner(read my prior posts) but the recent price cuts are most welcome. However they are insufficient. Nothing is moving at the Edge or Northside. I think the developers are trying to get out in front of those 2 behemoth's coming price chops. This is going to be a race to the bottom, where I intend to buy. We ain't there yet.

best building in W'burg? There is no W/D hookup! Perhaps best dormitory in W'burg.

HH11231: It would be nice if you could stick with the facts. There ARE W/D hookups, and I should know because I live in the building.

HH: there is so much crap in W'burg that it is not a stretch to call this one the best. that said the finishes are great and the apt layouts and sizes much better than pretty much anything i have seen. pricing is adjusting with the market and i am looking at $500-$550/sq ft as the bottom.

Cfranch, I guess that's a matter of opinion, personally I liked the finishes and layouts at 80 metropolitan better, but location not quite as good. Either way, I agree, the discounts are not adequate to meet the demmand, hopefully the developers will get the message and stay ahead of the curve.

Rivas: 80 met on the inside is nice but the building itself looks like a minimum security prison.

Well it is in a DMZ

true true

what's a dmz?
it's true that this is the nicest in bburg. there's nothing comparable to it. period.
doesn't change that it's overpriced. especially with the upcoming years of blight.
but the worst of it, among the general decline of the whole nabe, is the multitude
of stalled construction within three blocks. first, the north building views overlook
an apt project on north 11th that's merely pylons, next to it a hotel project of pylons.
across berry another hotel project of pylons. east of bedford on north 11th there's a huge swamp pit
where a failed karl fisher building was once to go. and one block east of that is yet another failed karl fischer project. next to that another apt project of pylons. again. this is in every direction is within two blocks. we're not even talking about the rest of the neighborhood. every where you turn is another construction site. who in their right mind would finish this construction right now?! i find the pomposity of north 10th's price-cut press release offensive. those prices are barely a trim. they need a buzz cut.
and the rest of the buildings in bburg need to go bald. debbie downer, perhaps. i call it rita realistic.

street you just described a dmz-demilitarized zone. would be best if these stalled projects are just bulldozed and small parks erected in their place.

rivas what do u mean it's in a dmz? r u being ironic or is there buzz about this?

WB is not in decline. was walking around sunday and went into 5 new places (shops and restaurants) that I had never even seen before and most around this area. i don't live in this building, but from the outside, it looks great.
go walk out on the northside pier and check that out. fantastic.

not exactly proof wb's not in decline wisco. try again.

"but the worst of it, among the general decline of the whole nabe, is the multitude
of stalled construction within three blocks. first, the north building views overlook
an apt project on north 11th that's merely pylons, next to it a hotel project of pylons.
across berry another hotel project of pylons. east of bedford on north 11th there's a huge swamp pit
where a failed karl fisher building was once to go. and one block east of that is yet another failed karl fischer project. next to that another apt project of pylons. again. this is in every direction is within two blocks. we're not even talking about the rest of the neighborhood. every where you turn is another construction site. who in their right mind would finish this construction right now?! i find the pomposity of north 10th's price-cut press release offensive."

stalker, no denying there are stalled sites in the neighborhood, but you should check the progress at some of the specific ones you mention. Work is ongoing at the hotel on North 11th (I noticed this while being halted by workers backing an enormous truck as I was driving up Berry). The Fischer projects on North 12th (between Driggs and Bedford, and between Bedford and Berry) have shown signs of life recently, as they've drained the sites, and construction is visible above the wooden fence on the Berry site. Across the street from that, 34 Berry looks nearly done from the outside (scaffolding is down on the Berry side, and looks to be down soon on the North 12th side). Amazingly, work is still going on (and I'm most stunned by the work finally happening at North 3rd and Bedford, which was stalled seemingly forever). Yes, this is a ton of rental inventory, but that construction is still happening is an encouraging sign for the neighborhood. I'm not sure what's meant by the neighborhood being in "decline," but from where I stand, a massive slow down in the announcement of new projects and taking the time to finish projects already begun will go a long way towards making most people here happy.

bjw that's good/bad to hear. on one level the progress means less blight, on another it means more inventory;
inventory that far exceeds demand. developers would have had a hard time getting rid of the oversupply as it is, but there's far more to come... 8ball says outlook not good.

stalker, I don't see that as a bad thing. All of these (I'm pretty sure) are rentals, which have actually been doing well in Williamsburg. That said, I don't think there's been this kind of unleashing of inventory (we're looking at over 500 units here, though unclear when they'll be available, and I doubt it would all be ready around the same time, but still). It will keep rents down for the foreseeable future, which, paired with the demand to live here (and it does exist at the right price), will actually offer some strong positives - improved services and greater push for the completion of the waterfront park. The one negative is the additional strain on the L train, which has handled the influx of people to the neighborhood pretty well so far, but I doubt it can do much more to handle so many additional commuters. Hopefully the city and MTA get creative and this puts pressure on them to get the water taxi going properly.

for one, they're not rentals. when i was thinking of buying into north 10th i walked around the nabe and looked at their building permits. but its true that the developers might decide to make them into rentals given the market. but isn't it true that an overwhelming amount of rentals would decrease the value of sales? why would you buy something that would cost you 4500 a month when you can get the same thing for 2000?

Which ones are for sale? The Fischer projects are explicitly rentals, and 34 Berry is as well. The hotel is a hotel, though it will have residential units as well (in separate but adjoining buildings), but it's not clear what those will be exactly. Definitely true that rentals will keep all pricing down, but I think you're overstating the price difference by quite a bit. These rentals aren't going to be quite that cheap.

WE'VE GOTTEN REAL!!
Ish no think so
Prices still not realistic

just a joke about the dmz thing; i think the nabe is great; its obviously a taste thing; if 5th avenue is your style, it ain't for you; but i think it will be a vibrant growing community into the future, of course with some problems like many other neighborhoods. Try parking a car in you live in west village, try finding 4 square feet to yourself in midtown.

(sorry off subject) Actually Rivas the west village has plentiful parking, especially if you only park overnight.

Toll brothers "fall sale" ends today. not much of a bargain and apparently didn't move many units. let's see if they get real with pricing and the effect this will have on the rest of W'burg developments.

If you're keeping an eye on these things, you may be interested to see that closings have begun in the Mason Fisk building at 72 Berry. Now everyone will see what the 26 units there sold for. Here's the first recorded sale, courtesy of SE:
http://www.streeteasy.com/nyc/closing/922228

Tina
(Brooklyn broker)

740k. lol. what'll be really interesting is to see what they resell for. what's the guess? 450-500? sounds about right

Streeteasystalker: So you have decided to go all negative about 125 in particular and Williamsburg in general after being very interested in the building at some point. That's fine and totally up to you, but it's also regrettable. You keep saying the only way is downhill, and you call the price cuts insufficient and even offensive. As an owner in the building I can tell you that fortunately most people seem to disagree. The open house today (Sunday) at the building was packed with people who obviously seem to respond to the price cuts (which in my view are pretty significant and bigger than I anticipated). At some point in the afternoon there were almost twenty people at once in the lobby, and I saw a broker with a group of at least ten people on my floor. Our doorman told me at the end of the day he thought there were 100 people here today. I am aware there is still some way to go from a good open house turnout to actual deals, but things really seem to be looking up big time now.

still argue that WB is is not in decline - especially not North WB. that's nuts. more and more new residents, shops, restaurants, music venues, bars, etc.. decline from what? I ask. schools are great and getting better, tons of new families and lots of kids. we are in a deep sh*t recession, so of course real estate sales are shite. the burg is doing well and will be fantastic long run. river front public parks and piers, new pool, etc.. these are huge pubic works. long term investment is going to pay off. short run, of course we will see price reductions, condos going rental, whatever - it's not worth debating. must be pointed out that current rental buildings are going on market and filling up immediately. watched that building on N.8th and Roebling turn rental and fill up in a couple of weeks.

a neighborhood that's one stop from manhattan has convenience going for it that cannot be replaced no matter what. it's a huge selling feature. this particular building will be fine long run.

i think W'burg remains a very vibrant area although i think RE prices are going to fall further. best if we hit bottom quickly and it is not a protracted affair. i think developers need to get real and cut prices. all eyes on northside as i've mentioned before.

from my broker a few minutes ago. is there an echo in here?

http://therealdeal.com/newyork/articles/finding-a-bottom-in-brooklyn--2

MiamiNYC, are you from Florida, or Ohio?

This is the president of 125 North 10th Street Condo responding to MiamiNYC's comments.

It is correct that we are the plaintiff in a lawsuit against the sponsor and the builders of the building, however, we have been proactively remedying the defects with the building while the lawsuit progresses. We are not waiting for the lawsuit to be completed before addressing the problems at the building, and many of the issues raised in the suit have already been repaired by the condominium board.

The main and upper roofs have all been repaired for over a year now. The courtyard has been disassembled for about 8 months as we have been examining the condition of the roof and charting a course for repair. Over the summer the design plans were completed, bids were solicited and in the next few weeks we will be awarding the contract and beginning the work and are fully on track to have the courtyard reassembled and looking better than ever with new, properly designed landscaping by the spring.

125 N 10 is one of the few small buildings in Williamsburg with a full time doorman and generous amenity spaces. On top of that, the finishes in the apartments are among the best in the neighborhood, as is the location.

Bottom line, MiamiNYC has no idea what they are talking about, 125 North 10th is a great building, with a great community and a strong prosperous future and the Board is open to answer any questions that qualified potential purchasers may have during their due diligence process.

Came across this thread. Pretty remarkable that in four years the bottom was found at around $500 sq ft. Now units are pushing $1200 sq ft, both here and throughout n. Bburg. Any bets on the top? I have to think that with current demand, prices keep going up, bug not at this pace!

Looks like MiamiNYC's comments were deleted.

http://www.nydailynews.com/new-york/brooklyn/exclusive-man-paralyzed-brooklyn-roof-fall-wins-43m-verdict-article-1.2619526

Important to note...125N10 LLC is the developer (Savannah). The court found them responsible for Alexander Tirpack's demise and the building was found not responsible.