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May 19, 2011

Luxury penthouse condos at One Hanson Place sell at auction for $465-$625/sf; FCR, according to KPMG, was expecting $1217/sf for AY condos in 2015

Atlantic Yards Report

Uh oh. Better redo the calculations, Bruce.

In October 2009, as I wrote, the Empire State Development Corporation (ESDC) released the Atlantic Yards market study by KPMG, which stated, in the words of an ESDC lawyer, that it was "not unreasonable" for the 14 residential buildings (sans Site 5 and Building 1) to be absorbed in the officially announced decade.

The upshot: Forest City Ratner was counting on sales prices of $1217/sf in 2015 up to $1369/sf in 2019.

Well, we're four years away, and the luxury housing market isn't getting too close.

At One Hanson

A 5/17/11 New York Times article headlined A Perch Above Brooklyn, Going Once, Going Twice... described the bidding for penthouse condos in One Hanson Place, the former Williamsburgh Savings Bank building.

A two bedroom duplex with 2,120 square feet inside and 1,948 square feet of terraces sold for $1.325 million. That's $625/sf, without counting the terraces.

Three 3,243-square-foot four-bedroom, three-and-a-half-bath apartments without terraces were originally listed for close to $5 million ($1542/sf) sold for around $1.7 million, or $524/sf.

A 2,848-square-foot, three-bedroom, two-and-a-half-bath, went for $1.325 million, or $465/sf.

The prices aren't quite firm, as two of the sales could be rejected, and the buyers must pay a 10 percent premium on top of their bid. And, of course, an auction can't be expected to bring top dollar.
...

And yet...

...consider that the KPMG report described more generic Atlantic Yards condos, not penthouse apartments in a vintage building.

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Posted by eric at May 19, 2011 11:07 AM