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The Washington mezzanines on the market

Has the DOB approved the sale of the remaining mezzanine units at the Washington Condo? Apparently so, because Aguayo & Huebener has listed them on their website.

A few tidbits: A5A is asking $735K, down from $775K in September 2004. A5B is $659K, down from $699K; A5E is $709K, down from $749K. Hmm, seems like one less floor of residential living space hasn't resulted in any major decreases in asking price. Is this a function of a healthy Brooklyn market or has the Washington Condos proved to be purchase-worthy?

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At June 05, 2007 12:02 PM, Blogger Ben said...

I think the PH market has done pretty well since Sept 04.

At June 05, 2007 8:39 PM, Anonymous Anonymous said...

I noticed they don't have any floorplans for the mezzanine units.

At June 05, 2007 8:50 PM, Blogger ltjbukem said...

ben, so does that mean a/h is under or overpricing these?

At June 06, 2007 8:21 AM, Anonymous Anonymous said...

Itjbukem, I would say that it is hard to tell without actually seeing the units. The floorplan numbers are misleading now. You would need to go in and actually see what kind of true living space you have versus what has been permanently covered up. Given the fact that a lot of these mez units have only one bath I think these prices may be on the steep side, but AH has been able to move lots of inventory in the building at a fast pace.

At June 07, 2007 10:10 AM, Blogger Ben said...

If the square footage listed on the AH site does not include the mezzanine space then I think these are a good deal. That said, I haven't seen the units or even the floorplans but on a pure PPSF basis it looks good.

My point was more that it is difficult to make a comparison between today's pricing and that from 2004. For one, in 04 the building wasn't built so it was pre-construction, the square footage has changed due to the mezz space, and the market has gone up like crazy in the last 2.5 years in this area.

At June 07, 2007 10:18 PM, Anonymous Anonymous said...

The square footages do include the mezzanine space.

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