Greene House Condos: Tour of the Greene House Condos

Sunday, January 16, 2005


Tour of the Greene House Condos

I had some free time today and went over to the open house for the GreeneHouse Condos on Carlton and Greene in Fort Greene. From the minute I walked in, you could tell that this entire operation was first class - from the developers to the sponsors to the broker. Step in and enjoy the tour...

The broker Jerry Minsky came in and made everyone sign in. They bought in two plates of sushi for the open house-go-ers! When was the last time or even the first time that anyone had food at an open house? Note only that, they bought in some huge heaters since it was freezing outside and the apartments did not have heat yet. He mentioned that the owners of the development made an attempt at being there to greet the possible buyers. He said one of the owners was skiing in Utah, but the other one tried very hard to come, which he said was very rare.

Anyhow, it looks like the construction company may have made a decent attempt at putting in model baths, kitchens for the open house. In one of the kitchens, they had a full set of appliances and though the flooring was not there, they put in a sample piece of the wood floor so you could see what they would be using.

They even had an on-site mortgage broker from First Meridian, who, although not the exclusive financiers, are available to help you with the mortgage. He mentioned that the 5th and 6th floor were already pre-appraised. He is using comparable sales from the 11238 area code, since there probably are no comparable new condos in the Ft. Greene area.

the developer served as their own general contractor/construction company.
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Most of the units at The Beacon in Dumbo appear to have been sold by now. The last seven apartments, however, are presenting a challenge to marketers. (Corcoran has six of the units, Elliman one.) Five of the seven have already had price reductions, including, most recently, Apartment 20B, a 947-square-foot space that was just cut from $890,000 to $825,000. Given the high floor and the relatively low price per square foot for the area, we could see this moving at the new price. On a side note, we noticed when perusing the past sales that one investor (a Boerum Hill liquor store owner, as far as we can tell) was responsible for buying eight of the units. Interesting.
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