New Condos in Quasi-PLG?

We knew this would happen one day but Lefferts South really crept up on us.  Looks like someone built a bunch of luxury condos in the vicintiy of our hood.

At $439K, these two bedroom condos are a deal in the grand scheme but seem expensive for the neighborhood.

If anyone sneaks into the eventual open house let us know how these units look.

Comments

[leffres]

Its been being built for quite a while now. Having the BBG image on Craigslist as a nearby amenity is a real stretch though.

http://mylifeinbrooklyn.com/2006/10/19/large-project-watch-i/#more-77

[Bob Marvin]

I love it! When I was looking for a house here(in the dim past) we had to look for ads under "Park Slope Vicinity." Now the tables have turned and a developer way south of PLG is using our name to add appeal to his building. WE know vthis isn't in PLG, but, so what?

[babs]

This has been SOP for several clueless/dishonest real estate firms for some time now -- Sunday's Times shows listings from Ardor (Montgomery St, Eastern Parkway), Century 21 (Carroll St), and even Corcoran (from someone who should know better) (President St.) -- all mentioned as being in PLG. This project is being marketed by the Developers Group, perhaps the most flagrant of the bunch -- they're also selling condos at 480 Eastern Parkway as being in PLG. It's amazing how the neighborhood has grown!

[PLG rez]

To the north the name game is probably about people unfortunately still associating Crown Heights with riots - especially people who are not from New York and have only heard of Crown Heights because of the now distant riots. As for the south - I don't know, Flatbush doesn't have any negative connotations that I know of.

[Tom]

If people like our name, so be it... If you look on a map, there is a perfect grid with Caton/Linden being the bottom line of it and Empire the top. So....perhaps it could be the Greater Lefferts Garden area. Most people would call it Flatbush however. And yes a little over $500 a square foot may be high for the area. That would be about 1.5 million for a house in the landmarked manor. I don't think those condo's are as valuable as a house on Midwood or Rutland.

[jd]

Yes, we're nowhere near $500/sf in the Manor. Even the most triple-mint to-die-for house on the most desireable block sells for about $350-375/sf. Most attractively renovated housed on Rutland or even Midwood sell for about $325/sf. And unrenovated ones are usually well under $300/sf.

[Bob Marvin]

I drove past this building this afternoon--IMO it looks REALLY cheaply built.

[noq]

No question, that is one ugly building. No Fedders A/Cs that I could see, but it definitely has that feel to it. I'd bet on the asking prices going down quite a bit.

[chloe]

i beg to differ...gorgeously renovated stately homes in the coveted lefferts manor on Midwood and Rutland are fetching in the mid to high 400s p/square feet. And some not-so-renovated properties in the manor are getting in the high 300s to 400 psf. AND THAT'S A FACT since the average house (including the smaller 2-story homes) is worth 1M!

[rutlander]

I don't think psf means much of anything, but I do know that Chloe's numbers are way off. The most recent 2 story (renovated and on "sought-after" Maple II) sold for $849K. No 2 stories have ever sold for a million! The most expensive thing to sell lately was the 4,000 square foot 4-story on Midwood I, which was, to quote Chloe, a "gorgeously renovated stately home in the coveted lefferts manor." That sold for around 1.45M, which is about $350-$360/sqft. There's another 4 story on the same block on the market for 1.3. I don't know what the average price is, but it is certainly not nearly 1M.

[Ed]

The house on Midwood which sold for $1.47M was not 4000 sq. ft. It was only 18 feet wide. My guess is that it was 3600 sq. ft.

$849K for a renovated house on Maple? Sounds like there's more to the story there - like a distressed seller, bad broker, etc. I remember a renovated house on Maple II sold for $925K early in 2004. I don't believe the market is lower now than it was then.

[noq]

But you can't compare the price per square foot of a new high rise condo to the price per square foot of a townhouse, no matter what the location. They have completely different feels, construction, detailing and very different clientele. The prices to use for comparison should be other apartments, not houses. What's a typical apartment on Ocean, Lincoln, Lenox, etc. going for these days? That's probably a better gauge of price per square foot...

[rutlander]

Ed, I was referring to 68 Midwood that sold through BHS recently. It is 4 stories at 20 X 45, so pretty darn close to 4000 square feet. As for the Maple street house, it was sold through Corcoran. Listed at 975K I think and then cut a few times. It wasn't "mint" but it was nice and fully renovated. A similar but much nicer house (which was "mint") sold on Maple II for 930K in June. But prices have definitely dropped since then. I'd say prices are pretty close to 2004 levels. But they do vary a lot depending on the house and location.

But noq is totally right. This has little to do with coop prices. But houses are more fun to talk about!

[Ed]

4 story buildings which have dimensions of measurements of 20' X 45' have 3600 square feet. That's over $400/sq.ft. given the sale price you mentioned.

That Maple Street house sold for too little in my opinion. Plenty of empirical evidence shows that Corcoran doesn't get the best prices in the neighborhood. BHS does. If they got $925K nearly 3 years ago, what does that say?

Maple II at >$1M is, in my opinion, the smartest buy in Lefferts Manor.

[rutlander]

For what it is worth, according to Property Shark 68 Midwood is 3,750 square feet. So 1.45M would be $387 per square foot. But let's just agree on "around $400 psf" for triple-mint homes on prime blocks. As for the Maple II house, I agree that the buyers got a good deal.