Despite Downturn Brooklyn Condo Sells Over Half of Units in Five Months

By Anuradha Kher, Online NewsNew York–Despite the economic downturn, NV, a 40-unit condominium project in Brooklyn, N.Y. that opened in February 2009, is now 55 percent sold.Located at 101 North 5th St. at Berry Street, the six-story project features one- and two-bedroom apartments.“The economic downturn that has affected the New York condo market has moved to and has been in the selective area phase,” Developer Michael Morton of The Morton Group, tells MHN. The Morton Group developed the project. “This means there are many projects in locations that for the moment have become less desirable as a target buy. However certain trendy, highly popular neighborhoods are faring much better. Location is back as the key word in NYC.” A large group of buyers are savvy, know where they want to be, and are able to negotiate their price as per the economic market. There have been 13-15 contracts written in the past six weeks alone. Prices for one-bedroom units at NV start from $430,000 on the first floor to $500,000 on the fifth and sixth floors. Two-bedroom units range from $600,000 on the second floor into the middle $800,000 on the fifth and sixth floors. In step with market conditions, The Morton Group is offering special incentives on select units and has been giving up to 6 percent in closing costs to 20 qualified buyers. Reduced rate for onsite parking is also one of the concessions. “However now that 25 units of our 40 total are sold, the prices will begin to come back up,” says Morton. David Behin, executive vice president of The Developers Group, sales and marketing firm for the project, says, “The building is pending FHA approval, meaning that loans will soon be granted with more flexibility and protection for buyers, with as little as 3.5 percent down payments. That means they can put as little as $15,000 down for a one-bedroom or $25,000 down for a two-bedroom apartment.”NV also features a 2,000-sq.-ft. courtyard garden with a nested fire pit, and three distinct rooftop terraces, a fully equipped fitness center, media lounge, and 24/7 Virtual Doorman and video intercom security system.