How about some local real estate data points for Valentine’s Day? Yeah, that oughta get everyone excited. First, The Forge, a rental building in Court Square which opened in August 2017 is 50 percent leased. It has 272 units and was developed by the Gotham Organization and Brause Realty. Next, The Decker, a 22-unit condo building also in Court Square, is 70% sold after being available for purchase for exactly a year.
What do I make of these two facts? Absolutely nothing. More interesting are the just-listed condos at The Galerie, a 182-unit, 11-story building on Jackson Avenue across from PS1. The building is aesthetically more appealing and of slightly higher quality than most of the cookie-cutter offerings of the last five years, and is asking in the $1200-$1,400 per sq ft range, but here’s the catch: there’s no tax abatement1. That means you’ll be paying ~$2,400 a month in maintenance/taxes for their typical 2-bedroom. Will it fly? You be the judge, take a look at the renderings and website below.
New Renderings Revealed As Sales Launch for The Galerie in LIC – would you rather have a porte-cochere or a bidet?
The Galerie Website – regale in the fantasy
Modern Spaces Slaps Compass With Agent Poaching Suit – battle on Vernon
Barone Management Breaks Ground on fka Dream Hotel – 3-story commercial building just off 44th Drive, makes no sense
5Pointz Artists Awarded $6.7 Million for Whitewashing – that’ll buy alotta spray paint
What to Do When Laptops and Silence Take Over Your Cafe – NYT featuring Sweetleaf on Jackson
- a tip of the hat to a local real estate savant for tipping me off to this [↩]