Overpriced Outer Boroughs

Like many new constructions in billyburg, this one is sure to go rental. Also, the CCs/tax are just ridiculous, even w/ the abatement. I've seen some developments in the area--but, to be honest, I wouldn't even bother to look at this property at this price because of its location... So FAR from the train, and, if you have to drive everywhere, what's the point of living so close to the City?

I actually disagree quite a bit about this particular development. From what I know, it's sold pretty well, and they've been pretty proactive about cutting prices on some of the remaining units. Definitely agree the maintenance is a bit high (some amenities I don't find particularly necessary), though they have a 25-year abatement, which is pretty nice. I'd be very surprised to see them go rental at this point. nyc212, 80 Met is actually pretty close to the train, and the overall location's pretty good.

$775 psf in Williamsburg for a low building not near the water... I can't imagine how this isn't going down significantly.

Here's a list of some of the new devs in Brooklyn. How much do you think these prices will go down in a year?

Toren:

109 active sales listings: $763 per ft² (avg)
15 previous sales listings: $792 per ft² (avg)

Forte:

12 active sales listings: $692 per ft² (avg)
13 previous sales listings: $741 per ft² (avg)

Oro:

132 active sales listings: $748 per ft² (avg)
82 previous sales listings: $756 per ft² (avg)

Belltel:

25 active sales listings: $649 per ft² (avg)

189 Bridge Street:

20 active sales listings: $857 per ft² (avg)
42 previous sales listings: $808 per ft² (avg)

The Atlantic:

5 active sales listings: $747 per ft² (avg)
18 previous sales listings: $725 per ft² (avg)

The Smith:

3 active sales listings: $798 per ft² (avg)
51 previous sales listings: $693 per ft² (avg)

On Prospect Park:

56 active sales listings: $1,155 per ft² (avg)
23 previous sales listings: $1,305 per ft² (avg)

Be@schermerhorn:

36 active sales listings: $826 per ft² (avg)
14 previous sales listings: $880 per ft² (avg)

One Brooklyn Bridge:

70 active sales listings: $1,011 per ft² (avg)
236 previous sales listings: $991 per ft² (avg)

Eddie, one pretty short block from the water is not near enough? It's not ON the water, but this is pretty darn close.

In general though, it's silly to lump all the "outer boroughs" together and make one great big proclamation. I do think a bunch of the buildings cleanslate lists can't be too optimistic right now. On Prospect Park is way pricy, even though it's a pretty attractive project, and some of the highrise stuff in downtown Brooklyn is going to sit for quite a while, I'd imagine.