Economics of the Greene House condos
Finding it difficult to swallow the prices behind the Greene House Condos in Ft. Greene, I continue to look at the prices of these condos. After some trolling on the Corcoran site, I found that they have 10 of the units on their site. At first blush, it seems like some of the apartment prices have increased from what I noticed a month ago.
Guess what? I was right. They have increased by 20%!! The price per sq ft for these condos are at an astounding $725 to $1,011 per square foot!! Ft. Greene, you have officially come full circle by all gentrification standards. You have become too rich for your own blood. For those who doubt this, reference the-now-empty storefront at Premium Goods. Apparently rents
on Fulton got so high that even they couldn't afford it.
Comparing the Corcoran site prices to the schedule A I got from the tour a month
ago, the following units increased in price:
Unit Original Price New Price
10E 780,000 936,000
3E 770,000 924,000
9E 695,000 834,000
10W 690,000 828,000
7S 600,000 720,000
8S 505,000 606,000
10S 505,000 606,000
4S 485,000 582,000
I guess this remains the right of the sponsor to increase prices, especially if they know that there is enough demand to support such these levels. I'm sure the prolonged period that it took these to get to market did nothing to quell demand.
I'm wondering if Corcoran's m.o. is to put 10 units on the market, see how they sell, then put another 10 on the market at even higher prices. If anyone out there is reading and has inquired about these, let me know if this is the case. I have the original schedule and can tell you what the prices were.