Griffin Court Condominium has received Federal Housing Administration approval for loans taken out on its units. Meanwhile, new New York metro area rental listings Web site which takes brokers out of the equation has launched. Also, a new package of legislation passed by the State Assembly today would protect residents under the Mitchell-Lama affordable housing program after buy-outs, according to a statement from Speaker Sheldon Silver. TRD Click here for more. [more]

From left: Griffin Court, SoHa 118, L Haus

It seems that New York City developers aren’t pulling back on buyer and broker incentives — at least not yet. At Griffin Court’s launch last week, the 95-unit condo at 800 10th Avenue, brokers were treated to a free lunch and the promise of either an Apple iPad or a 42-inch flat-screen television for each sale in the building before April 30. And its developer, Alchemy Properties, has pledged to cover transfer taxes for the first 15 buyers. At L haus in Long Island City, the Stahl Organization is luring its next six buyers with a free private rooftop cabana, valued at $70,000. Since sales of units with two-bedrooms and larger have been slow-going, the developer is also offering $10,000 towards closing costs on larger units, plus two-months free of common charges for those who sign contracts by the end of the month. At SoHa 118, brokers who sell more than one unit are eligible for an additional 1 percent commission for each deal, also courtesy of the developer. Sales in the city’s newly-debuted condominiums are beginning to accelerate, but they’re still far below the levels seen in 2007, when many of them were planned.
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Fred Harris, vice president at AvalonBay Communities, which is constructing its first Brooklyn project, a 631-unit tower on Gold Street in Fort Greene.

From the March issue: A handful of major real estate management and development firms that have long avoided Brooklyn — even as housing prices in the borough shot up and brokerages rushed in — are finally venturing across the river.

The reasons are twofold. First, new high-rise, high-end construction in Brooklyn fits their business model. And second, values of these new Brooklyn buildings appear to have tumbled further and faster than their Manhattan counterparts, according to brokers and developers. “Developers are looking for opportunities, 100 percent,” said David Maundrell, a Dumbo resident and the president of aptsandlofts.com, a brokerage with a Brooklyn focus. “But they are willing to do that because there is a viable market here. It’s become a destination as opposed to an afterthought for Manhattanites who want a cheaper place.”

Jamestown Properties is one of the developers that recently upped its bet on the borough. In early 2007, the firm had a 60 percent equity stake in be@Schermerhorn, a troubled condo in Downtown Brooklyn, which was developed by SDS Procida and saw construction and sales suspended last year. But in December, Jamestown bought the balance of the mortgage from a consortium of banks. The consortium had originally lent $100 million to SDS Procida.

Renderings from Griffin Court

Griffin Court Condominium, a residential building at 800 10th Avenue between 53rd and 54th streets, has announced its official sales launch date, March 9, in conjunction with the unveiling of several building and unit renderings. The Hell’s Kitchen development will include 95 units divided between two eight-story towers, which will be connected by a communal lobby. The units are priced between $735,000 and $3.86 million and are available in studio, and one-, two- and three-bedroom sizes. The first 15 to buy in the building will have their mansion tax, as well as state and city transfer tax, paid for by the developer, Alchemy Properties. TRD
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From the December issue: In what may be an attempt to live up to its name, luxury condo developer Alchemy Properties plans to invest in the development and rehabilitation of distressed properties. With a new initiative in place to invest in the properties, Alchemy will target partially finished developments and overleveraged rental-to-condo conversions. Although the down market has spawned a number of distressed asset investment programs, Joel Breitkopf, a partner at Alchemy, said he’s confident that his firm’s initiative — it’s not a formal distressed asset fund — will stay ahead of the pack. He says that an understanding of the numbers behind residential development gives them an edge over other investors. “When a developer is under pressure, they tend to cut corners and their subcontractors tend to cut corners,” Breitkopf said. He said that his firm’s hands-on experience evaluating potential developments will help it avoid dangerous, poorly constructed investments.

Hudson Hill Condominium received its temporary certificate of occupancy from the city’s Department of Buildings. Meanwhile, Houlihan Lawrence associate broker Daivd Fink was awarded the National Association of Realtors’ Green Designation, denoting expertise in real estate sustainability, Astoria condo Arista 35 announced it will install a virtual doorman, and Nest Seekers International was selected as the exclusive broker at the View development in Long Island City. Also, the Corcoran Group and Warburg both unveiled iPhone applications. [more]

From the October issue: They’re known as “dog” lines: the vertical row of apartments in a condo
building that are hardest to sell. They may lack a view, be oddly laid
out, or be smaller than their neighboring units down the hall. While dog lines tend to sell last in any market, they can be
especially difficult for developers to deal with in a downturn like
this one. David Sigman, a senior vice president and principal with the
development group LCOR Incorporated, which has several New York
projects, said that developers may be particularly vulnerable to dog
lines if they negotiated minimum sales prices with their lender and the
offers for apartments are coming in below that amount.

Developer Alchemy Properties has sold and closed 100 percent of its units at Oculus Condominium, at 50 West 15th
Street, according to a press release.
Kenneth Horn, Alchemy’s president, said the development, which started
closings in October, lost one contract before selling out. The project
was designed by FXFowle Architects and has 47 studios and one-, two-
and three-bedroom units ranging in price from $680,000 to $2.8 million.
Amenities include rooftop and yard recreation areas and a video
intercom system. TRD [more]

The Isis boutique condominium on the Upper East Side has decreased the
prices of all of its 32 units as it prepares to start sales. “We have to be cognizant of the market,” said the project’s developer, Kenneth Horn, president of Alchemy Properties. “We looked at all of
the comparable units on the Upper East Side, and we wanted to come out
lower on a price-per-square-foot basis.” The building, at 303 East 77th
Street, recently topped out, and Horn said his company held off on marketing
the units until its model apartment was completed. Alchemy is doing its own marketing and sales. Under the old
pricing, units ranged from $1.63 million for a two-bedroom unit to $5.5
million for a four-bedroom penthouse. Now, for the same units, the
pricing ranges from $1.55 million to $5.3 million. Horn said Alchemy cut
prices between 5 and 7 percent, depending on the unit. The 18-story
building was designed by FXFowle Architects, and Horn said his company bought
air rights going to the north and east so the building could have
“light and air on all four sides.” TRD [more]

The unit to see the biggest price cut today is at Hudson Hill
Condominium at 462 West 58th Street, between Ninth and 10th avenues,
according to Streeteasy.com. The price of penthouse A was cut by
$402,000, and the unit is now listed for $2.278 million. The
two-bedroom, two-bath unit’s price is now on the market for 15 percent
lower than
its asking price of $2.68 million when it first went on the market in
November. The building is expected to be ready for occupancy this
spring. Alchemy Properties has the listing. TRD [more]