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Overpriced condos at St. John's & Classon

About a year ago we had this rendering posted on our blog. Only now are the units coming to market. Corcoran is marketing them, but as if they were three or four blocks to the west in prime Prospect Heights. The St. Johns Heights Condominiums are located at 530 St. Johns Place.

12 units are on the site, 3 one-bedrooms of which are already in contract. The studios are 484 square feet and were listed at $299K, $315K and $365K. These are $6-700 psf.

The larger units are sized from 756 square feet to 1,127 square feet for $495K to $999K.

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At September 19, 2007 9:23 AM, Blogger Ben said...

They are only overpriced if they don't sell. Time will tell.

The location for these is actually pretty good, close to the subway - both the local and express, eastern parkway, museum, etc.

I think the location is better than many of the other new developments in the area since it is farther away from the warehouse/auto shop parts of PH/CH.

This will be an interesting one to watch.

At September 19, 2007 5:36 PM, Anonymous Anonymous said...

i have not been inside, but the views of manhattan should be great considering the sloping down Classon Ave.

At September 20, 2007 2:59 AM, Anonymous Anonymous said...

Better location than most? Do you even no what area your talking about, what are you smoking?! Horrible location, terrible marketing, so over priced it's insulting!! Wrong product in the wrong area. I'm afraid these developers may loose their shirts if they really built this expecting these prices. You can get a much larger space for less money in a better location, especially at the new condos on Sterling.

At September 20, 2007 10:16 AM, Blogger Ben said...

Yes, I know what area I'm talking about, do you? This dev. already has 3 units in contract, doesn't that say something?

While I haven't seen the units in person from the looks of it they have done a nice job. It's true that the sterling dev is a bit cheaper but it also looks to be slightly lower quality of finishes.

I think both projects are good ones and will be successful. Time will tell.

At September 20, 2007 8:46 PM, Blogger ltjbukem said...

assuming 2:59 am is an a/h fan, since they mention 475 sterling.

At September 21, 2007 12:12 PM, Anonymous Anonymous said...

WAY overpriced. Check out These brand new units are nicer, a far better location and block and are selling for 540 sf. Newswalk is at 540sf. The days of edgy hoods getting more than that are GONE

At September 21, 2007 4:01 PM, Blogger Ben said...

Hmm, let's see, what else is on the same block as 475 Sterling. Well there's a funeral parlor - always lots of people out on the sidewalk and double parked cars, a school - i.e. lots of kids, a construction pit across the street - a really big one and the work has barely started, prepare for a few yrs of construction, and some single story garages/auto shops.

Yeah, that sounds like a great block.

Also, it looks like Hello just released the remaining units in Hudson and Madison with new pricing after the first set sold so quickly. The units are now in the $700/ft range.

At September 22, 2007 4:51 PM, Anonymous Anonymous said...

Well considering The St Johns Condos have been on the market for 6 months, 3 units is very poor and those are the studios. You obviously are kidding with the finishes, Sterling is a much better product.


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