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Buying From the Glut

The Neighborhood The Building Months On Market What's (Not) Selling
Brownstone and Downtown Brooklyn
The condos on the fringes of neighborhoods like Park Slope and Fort Greene are the riskiest.
The Vermeil at 133 Sterling Place
A 22-unit new building.
22 Four available listings, three of which were discounted last month. Nothing currently in contract.
185 Huntington Street
A five-unit townhouse conversion.
4 None.
14 4th Street
An eight-unit elevator building.
7 Three contracts signed, most recently in May 2008. Nothing sold since then.
The Satori at 340 Bond Street
An eight-unit new construction.
2 No sales yet; all apartments saw asking prices reduced in early October.
Baltic House at 360 Baltic Street
A nine-unit new construction.
13 Three in contract, the last of which was dated July 2008. None sold since then.
134 St. Marks Place
A seven-unit new construction.
13 Two in contract, five still on the market. Switched brokers once.
Lofts on Lex at 95 Lexington Avenue
Twenty “loft-style homes.”
10 An apartment went into contract in August, but since then, sales have been at a standstill.
105 Lexington Avenue
A loft development adjacent to 95 Lexington, with which it shares a developer.
6 Three units went into contract (the last one in August). Sixteen on the market at the moment.
The Absolute at 111 Steuben Street
A 35-unit condo building.
6 Seven listings put on the market in first phase of selling, all available on sale. Four price decreases since September 23.
33 Maujer Street
Seven units.
3 No contracts, no offers.
Williamsburg / Greenpoint / Bushwick Lots of inventory suggests that prices may have to come down substantially (except on the waterfront). The Edge at 34 North 7th Street
Part of a massive project, to constitute 575 residences when all phases are done.
7 Forty-three available listings as of mid-October. “Had we not closed upon the financing last year, we would never have been able to build,” says developer Jeffrey Levine. He adds that they won’t be finished building until 2010, by which time the competition will have thinned out.
Loft 305 at 305 McGuinness Boulevard
A 38-unit loft building.
4 27 listings still available; no units in contract yet.
Viridian at 110 Green Street
A 130-unit apartment building.
4 No activity, though a few listings were pulled in early October. “All the buyers who come in now are serious buyers,” says Developers Group broker Sarah Burke.
140 Scholes Street
A ten-unit prewar conversion.
11 One unit made available for rent; price cuts leveled in July.No closings or any other activity since August.
240 Richardson Street, Greenpoint
Seven loft units
11 All the listings in this building were pulled off the market in late August. According to Propertyshark.com, it’s in pre-foreclosure ( lis pendens filed in September).
218 North 8th Street
A seven-unit, already-completed building.
5 All listings still available.
292 Powers Street
An eight-unit condo.
3 No change since listings hit the market this summer.
Sevenberry at 120 North 7th Street
A 27-unit new construction.
12 Seven listings left to sell, per the broker’s Website. No activity since July—until one contract went out this past week.

Additional reporting by Katherine Ward


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