Dumbo NYC

Notes from the DUMBO, Brooklyn NY neighborhood


New Residents, How’s 206 Front Street?

July 20th, 2007

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Walked by the new 206 Front Street the other day and noticed some residents have moved into their condos. Any residents care to chime in about the building? Are you happy with your new place? Any gripes? Welcome to the neighborhood!

Previously:
{The Vista Received Its TCO, 11May2007}
{The Vista on Vinegar Hill Sold Out, 26Apr2007}
{New Residents, How’s Beacon Tower?, 3May2007}
{Vista on Vinegar Hill Progress Report (2/13/07), DumboNYC}
{Vista on Vinegar Hill Progress Report (11/13/06), DumboNYC}
{Vista on Vinegar Hill Progress Report (9/19/06), DumboNYC}

Filed in Dumbo Residents, Front Street, Real Estate at 6:50 am
Comments
  • TWC
    I am looking forward to seeing some reviews here. I was very very close to buying 4A in The Vista but eventually bought on Main Street.
  • LSK
    It's great. TOTALLY worth the V. long wait. I couldn't be happier.
  • L.E.
    Corcoran's got a listing for a studio and some photos - see http://www.corcoran.com/property/listing.aspx?R...
  • Pete
    The bathtub looks like it's perfect......for a midget.

    Are those two air conditioning units in the picture? Yeah.....looks great.
  • Vista Res.
    The soaking tubs are actually enormous. Don't let the photo fool you. I live in a 2 bed and the bathtubs are 52" long, and 58" long in the master bath and they're about 20" deep.

    The HVAC units are exposed, but we are working with an architect to make window boxes that will cover them in our unit.

    Our apartment is beautiful. Still a few punchlist items to take care of, but it's more space and light for the price than we found anywhere and we love both Vinegar Hil and Dumbo.
  • longtermresident
    The unit for sale is a flip owned by the listing agent
  • VH2B
    According to public records, the original offering price was about $370k for the 540sqft studio. The Corcoran link has it offered for $495k. Can the owner flip for a $125k profit? I've looked at the apartments, and they're actually very nice, but I can't pay that much for a studio.
  • ...
    VH2B, are you asking if it's legal to flip a property for a $125k profit?

    A seller can flip for whatever price the market will bear. The selling agent who purchased this unit could list it for $1M if he or she wanted to. Whether or not it will sell for the $495,000 price is another question.

    When you're buying new construction, the initial price in the offering plan is a "low" price. The sponsor generally issues amendments to the offering plan as sales and construction move along raising the prices as the building nears completion. Prices went up and up at JCondo from the initial offering and went up and down and all over the place at the more controversial Beacon Tower.

    New construction involves an element of risk, especially if you are one of the first to go into contract on a new property. You are usually buying based on a floorplan that may or may not wind up having the advertised square footage, you generally have only a box of tiles and maybe a model kitchen set up to indicate the appliances and finishing. There are no guarantees that the building will be completed in a timely manner or that the end product will be as well made as you'd like. This is one reason why a seller can ask for and often get a significant price increase on a flip because they waited it out through construction to the always long awaited closing date and can now deliver a finished, what-you-see-is-what-you-get apartment to market immediately upon sale.

    I can't comment on whether or not the price seems worth it per sq. ft. / for the location. NYC real estate is so overpriced in general, I think you have to absolutely love a place and feel it will ultimately be a good investment in order to buy anything here at all. Where else in this country are so many people's first home purchases in $1M range?
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