The Glass House Condo on Green St - Greenpoint

[TheFuture]

Looking for feedback on this new condo.

http://elliman.com/MainSite/NHD/NHDI...&PageName=home

The sponsor is asking alot of money for the condos ($1,750,000 for the top floor - which is 2br/2ba 1,300 sq ft and 475 sq ft terrace) and wanted to get other opinions on it.

The pricing is more money than apts in Manhattan.

And the area does not look as nice as Williamsburg.

Any help would be appreciated.

Thanks.

[ltjbukem73]

if it seems overpriced, it is. they will not get $1.75mm for that place. or else i'll eat my socks.

[lofter1]

Beware of promises of "views" in that area as the riverfront is about to be built up -- and since the sales pitch states that it is "Situated on a quiet block just a block away from the newly approved (meaning not yet built; 2-3 years of construction a block away) East River esplanade" chances are those views will be short lived.

Here is the City Planning link to the new Zoning (pdf) as adopted in May 2005 for the Greenpoint waterfront:

http://www.nyc.gov/html/dcp/pdf/gree...ap_changes.pdf

Also a link to what can be built on the Greenpoint waterfront:

http://www.nyc.gov/html/dcp/pdf/gree...cl_housing.pdf

And here is the "waterfront access plan":

http://www.nyc.gov/html/dcp/pdf/greenpointwill/wap.pdf

[Karl Marx]

It happens to be a pretty nice building. But I agree that they are being extremely optimistic about the pricing for the top floors. Time will tell, but relative to the other recent developments/conversions in Greenpoint this is a huge leap in price.

[nycdeveloper]

I like the building, especially compared to lots of the new stuff in Williamsburg. The top floors will have views and the distance from the water (a long 2.5 blocks) is enough that hi rise development there won't totally block Manhattan skyline views in the future.

That being said, the pricing is too high. This area does not have anywhere near the same draw as the north side of Williamsburg, as much as Greenpoint is a mature, existing neighborhood. Pricing is not yet +$700 in the area, though that is becoming the starting prices for new product in Williamsburg's noth side west of the BQE. I would think that this area of Greenpoint should sell for around $555-625/sf plus $700-800/sf for the penthouses (if views and terrace and some "wow" factor) for an average in the mid 625-650/sf for the building. I figure that if this were between Manhattan and Franklin or Franklin and West Street, the pricing could be 10% higher.

The Neo will be marketed shortly by the Developer's Group and is located around the corner on McGinnis. Expect that with more common amenities and a doorman, The Neo will be more appealing at the same price. Anyone heard about price talk for that project?

Over the next year, there will be lots of new development in Hunters Point, Long Island City that may take away from sales in Greenpoint, certainly if the pricing is better. While not hip or with an established community like Greenpoint, LIC has far superior transportation and the mass of new developments along 5th St will immediately transform Hunters Point - there is no longer an "if' or "when." There will be condos available there in the $500's psf, and great units with views should be available in quality new projects for under 800/sf.

[TommyBK]

Where is Green Street? Doesnt show up on Google maps....

[ManhattanKnight]

Originally Posted by TommyBK

Where is Green Street? Doesnt show up on Google maps....

It does when it's spelled correctly.

[ryan]

On google maps it shows up as George Apen Street, and I would wonder if I hadn't already been learned that the streets are in alphabetical order.

I like LIC, and will move there or jackson heights if and when I get priced out of Greenpoint, but it really doesn't compare. The area around greenpoint & Manhattan aves has so many amenities, and there's several strong communities there. You would have to be very left-brained to consider the two neighborhoods comparable. Yeah LIC has good transportation, but the vibe leaves a lot to be desired.

[franzi]

seems very steep price...let's see if they get it
by the way, the building was designed by some young architects...

http://loadingdock5.com/

[BREUKELEN]

I read in the Brooklyn Eagle that the building was done by Scarano Architects, but being that the eage newspaper never seems to do their research, I wasn't surprised to now they were wrong, yes it is Loading Dock 5. Extremely talented firm!!

[TheFuture]

Does anyone know if any of the apartments have sold at this Condo?

[Karl Marx]

When I was there, I was told that one of the second floor units was sold for the mid 500's.

[TheFuture]

Does anyone know if any of the units have sold in this condo?

The listing on Elliman does not show any in contract.

[richard bilby]

on this Sunday the Glass House on Green st is having a open house

[richard bilby]

I have been to more than six buildings in Brooklyn in the hope of finding a home .. My wife and my self have found one The Glass House