When people say that the Brooklyn real estate market is “heading south,” they’re right — in a very literal sense.
At least as far as Park Slope is concerned.
Cross into the South Slope — which extends from Ninth Street to around 20th Street, from Fourth Avenue to Prospect Park — and the sheer number of construction sites and new residential buildings is overwhelming.
“Traditional Park Slope is not a place filled with new development,” says David Maundrell, president of Aptsandlofts.com. “The landmarked section doesn’t have as much inventory.”
But that’s not the case with South Slope, which seems to be pressing forward with new buildings — economic hard times be damned.
Of course, that doesn’t mean every project will survive.
“I feel really lucky not to be on the market right now,” says Aida Stoddard, a principal at Bright City Development, a developer that recently sold the last condo at the 16-unit boutique building on 13th Street and Fifth Avenue. “If I were on the market right now, I’d think really seriously” about reducing prices. (In fact, Stoddard did lower prices on the building to close out the final few units.)
“A lot of buildings are switching to rentals,” says Angelo Rigas, a contractor with Arc Construction, which has done a lot of work in South Slope and is currently building an 80-unit rental at 574 Fourth Ave.
But there are many good buying opportunities in South Slope, too. Massive new luxury condos such as 500 Fourth Ave. — which promises a concierge, yoga studios and other assorted goodies — have come way down in price, while smaller, boutique buildings have gotten even cheaper.
500 Fourth Ave.
One of the big changes to the neighborhood has been the reinvention of Fourth Avenue. Over the last three to four years, Fourth Avenue traded a number of its chop shops for bars, restaurants and condos. The latest is the 156-unit 500 Fourth Ave. “It’s white-glove services with high-end finishes at incredibly attainable prices,” says broker Joyce Kafati-Batarse of Prudential Douglas Elliman.
Kafati-Batarse estimates the average price per square foot was adjusted by $100 to $150 per square foot late last year. One-bedrooms start at $342,000 for a 539-square-foot studio ($634 per square foot); the priciest unit is a 3,000-square-foot duplex with a private entrance for $1.426 million ($475 per square foot).
And the developer is throwing in yet another incentive: If you buy an apartment before the end of July, you’ll get 10 percent off the asking price. About 15 percent of the units have sold, and the building is slated for completion this fall.
228 16th St.
“The market is picking up now,” says broker Cynthia Acevedo of Brown Harris Stevens. “Buyers are a little less skittish.” Acevedo should know — her recent building at 453 12th St. has half of its units in contact. And she’s already gotten nibbles about her other project at 228 16th St.
Given that building’s asking prices, Acevedo has reason to be optimistic: Duplexes are going for $468 to $550 per square foot. All but one of the units in this six-unit boutique condo has outdoor space.
Even though nothing has closed yet, Acevedo says that one unit has sold and another is being negotiated. The building should get its certificate of occupancy within the next few weeks.
245 16th St.
It would seem that 16th Street is getting its own mini boutique condo boom. Aside from 228 16th St., just across the street is a six-unit condo at 245 16th St.
“There are two two-bedroom apartments and four duplexes,” says Alison Jevremov of Brooklyn Heights Real Estate, which is marketing the building.
Prices range from $495,000 up to $695,000 for a 1,200-square-foot unit, or around $580 per square foot. All have outdoor space and come with imported Italian kitchens with stainless-steel appliances and cherrywood floors, and the common charges are just $147 per month.
None of the six units have sold since the building went on the market in January 2008, but Jevremov says she’s had a number of interested customers since she took over the listings a month ago.
Classic Modern
This building definitely doesn’t look like something you’d expect to find in South Slope. With its dark façade that juts out at irregular angles, Classic Modern, at 558 Fifth Ave., is striking. And its unusual architecture hasn’t hurt the eight-unit building.
Maundrell says that five of the units have sold. Still available: a 786-square-foot one-bedroom for $435,000, an 886-square-foot two-bedroom for $575,000, and an 821-square-foot one-bedroom with a terrace for $540,000.
Bisney View Condo
It might fall outside of the technical boundaries of South Slope, but the fact that the developers of Bisney View have opted to build on the Sunset Park side of Prospect Avenue proves just how much Fourth Avenue has changed.
The 19 units at Bisney View (599 Fourth Ave.), all still available, range from $333,000 for a one-bedroom up to $1.9 million for the penthouse, and the project should be getting its certificate of occupancy in July.
639 Fourth Ave.
Last year, the developers at 639 Fourth Ave., a huge project on the corner of 19th Street, realized that the condo market was changing, so they decided to go rental. And the resulting 44-unit building has done well. Since it was finished last fall, it’s 75 percent occupied.
With units starting at $2,250 per month for a one-bedroom (convertible to a two-bedroom), the building features a doorman, parking and units that all have glass balconies and floor-to-ceiling windows.
This building will be getting some company. On the South Slope side of Prospect Avenue, an 80-unit rental at 574 Fourth Ave., which takes up almost the entire block, should be finished early next year.