nce guitars, including some that were strummed in major hit songs, were made in the Gretsch Building, located at 60 Broadway in Williamsburg. As of this week the place is associated with a whole different kind of record.
Late last month, Douglas Elliman agent Arina Yakobi sold three units at the top of the gray-brick, 10-story building overlooking the Williamsburg Bridge, at prices that set new highs per-square-foot for both for the 120-unit Gretsch, which was converted to condos 2004, and for the neighborhood in general. Underscoring the wild real estate market in Williamsburg at the moment, all three were sold in a week, and perhaps even more remarkably, all three were bought entirely with cash.
Two of the condos, adjacent two-bedrooms on the ninth floor, closed this week for $1.4 million and $1.5 million, while a larger two-bedroom on the 10th floor will close next week for $2.5 million.
The units averaged $1,150 per square foot. That compares to a building-wide average of $750 a foot, though recent listings have topped out around $900 per square foot, according to StreetEasy—a clear sign of the soaring local market. As for Williamsburg as a whole, the average sales price for new condos is $794 a square foot. Even in the premier waterfront towers like Northside Piers, prices are closer to $1,050 per foot.
"It's unbelievable, what's going on out there," Ms. Yakobi said.
She tells a dramatic story of how she came into the three units so quickly. The first was 9G, a 1,468-square-foot loft that sold for $1.515 million. It had been tenant occupied, with a year left on the lease, but a couple from Long Island was interested in the property as an investment, so that posed no problem. They beat out a number of offers on the $1.5 million listing.
Ms. Yakobi then began slipping postcards under doors, and the first response she got back was for the 2,000-square foot top-floor unit. It was bought by a foreign cosmetics executive who has been living in the city for a
no question it is one of the hottest areas in nyc therefore the world. hope they get a hot architect to make it a conversation piece. what i read is that xin's plan is to cater to artist type, so hopefully they focus on taste and style. i have seen a preliminary draft picture. looks very modern.
I think what most people on this board don't understand is the Chinese style of property investing - little to no leverage and all cash. Slow and steady until the time is opportune to lever. That is how XIN rolls. That is why Chinese investors are rolling in the US dropping all-cash offers and do not get foreclosed. Americans just don't understand.
If these losers had any brains they could look up the Irvine transaction in the Orange County Recorder's Office and see for themselves - all cash deal baby.