Bushwick’s $725,000 Condominium
Earth to developers: if high-priced nice condos didn’t sell in Bushwick at the tail end of the real estate boom, crappy condos are not going to sell for even higher prices in a relative real estate bust. Sure, they did a decent job on this previously rickety frame building, adding another floor so it made financial sense and even preserving (if painting rather hideously) the original front doors. Oh, are we letting the faux-saltillo tile — yes, they were so cheap that they used thin ceramic tile colored red-orange — slide? I don’t think we should, it’s nasty, and they paved the whole front area and the stoop with it.
All this could be forgiven if the apartments at 76 Jefferson Street were $200,000 one-bedrooms. But instead we got a “luxury penthouse duplex” with 2 bedrooms, two baths, and an office. Admitted pluses are the awesome city view and huge roof terrace.
“The apartment features a kitchen with granite counter tops, stainless steel appliances and classically designed cabinets. The apartment has 2 bathrooms which features, top of the line marble, granite counter tops, wall to wall mirrors, and a Jacuzzi bathtub in the master bathroom. The condominium has select oak floors with mahogany borders and a fire place. The apartment has its own stack washer and dryer.”
It’s not just marble — it’s top of the line marble! And you can’t build “luxury” without hurling a chunk of the cheapest granite into the kitchen, right? Wall-to-wall mirrors!? Wow. People were already removing tacky junk like that 15 years ago.
It would have been easy to make this building appealing to someone who is in the market for a three-quarter of a million-dollar apartment, but the problem with low-end developers who reach for the high end is that they have no taste. Even if they spent the money, it would be misspent, on stuff like gold-plated faucets. Might go down well in Brighton Beach but not in the “it’s close to Manhattan” market.
This shit shack will not sell for this price or any price they will drop it to in the near future.
December 31st, 2007 at 11:20 am
In short “ghetto fabulous”. These developers didn’t realize that Bushwick is not an area that usually attracts high-end buyers as most around there must rent and are poor. Anyone who says this area is up and coming will be correct in maybe 2020, in 2008 it’s still the ghetto!!!
My opinion is that the whole building is worth around $500K with the unrenovated buidings next door worth around $350K in comparison, post bubble estimate of course…
December 31st, 2007 at 12:22 pm
LOL! The sad part about this is that about a year ago, these monstrosities would have sold for the asking price because these “jumbo” loans were so easy to make. Now that bubble burst, I wonder how long it will take these developers/owners/landlords to realize people aren’t as rich as they expected them to be. Might just be a rude awakening when the bank/investors come and forecloses on these guys because a lot of these new “developments” and rehabs were done on short term financing…
January 11th, 2008 at 10:33 am
It’s not as bad as you people are saying. There is a ton of foreign money in town because of the cheap dollar, and the thing will sell for whatever someone’s willing to pay for it.
January 11th, 2008 at 10:55 am
where is this place located?
March 25th, 2008 at 9:28 pm
This falls in the same category as 100 Wychoff Ave. Across the board housing is very overpriced.
With respect to foreigners, I think they prefer Manhattan and the coastline of Qns and Brkln.
March 25th, 2008 at 9:34 pm
Pfffft! Half a mil will buy you a KICKASS house up where I live, which is still within commuting distance of NYC. I love my old neighborhood and for years, I thought of coming back. But the prices just offend my sense of value.
June 17th, 2008 at 8:43 pm
Condo prices in Bushwick may flatten out but the reality of Bushwick is that most of the buildings are 6 family. They’re commercial buildings. Their value is based on rents. Which are going up.