Luxury penthouse condos at One Hanson Place sell at auction for $465-$625/sf; FCR, according to KPMG, was expecting $1217/sf for AY condos in 2015
The upshot: Forest City Ratner was counting on sales prices of $1217/sf in 2015 up to $1369/sf in 2019.
Well, we're four years away, and the luxury housing market isn't getting too close.
At One Hanson
A 5/17/11 New York Times article headlined A Perch Above Brooklyn, Going Once, Going Twice... described the bidding for penthouse condos in One Hanson Place, the former Williamsburgh Savings Bank building.
A two bedroom duplex with 2,120 square feet inside and 1,948 square feet of terraces sold for $1.325 million. That's $625/sf, without counting the terraces.
Three 3,243-square-foot four-bedroom, three-and-a-half-bath apartments without terraces were originally listed for close to $5 million ($1542/sf) sold for around $1.7 million, or $524/sf.
A 2,848-square-foot, three-bedroom, two-and-a-half-bath, went for $1.325 million, or $465/sf.
The prices aren't quite firm, as two of the sales could be rejected, and the buyers must pay a 10 percent premium on top of their bid. And, of course, an auction can't be expected to bring top dollar.
As one commenter on Brownstoner summarized it:
After looking at the sale prices to the buyers (i.e. hammer price + 13%), most buyers paid 575-600 $PSF (counting outdoor space as 1/4th of indoor space) -- a much lower result than we've been seeing recently.Yes, these may be lower than most market-rate units, but still the numbers are way way off that KPMG report.
And consider that the KPMG report described more generic Atlantic Yards condos, not penthouse apartments in a vintage building.