SevenBerry in Williamsburg

axle: about 7 weeks ago

I have not seen 80 met. I would not expect the building to be too loud.

LoftyDreams: about 7 weeks ago

Hmm, I've been looking for an old-fashioned loft, but the one new building I've liked is 80 Met. Didn't consider 7Berry because it looked too close to the epicenter (My weekend-night searches led me to think I want a place that's not on the route between the bars and the subway!) Maybe I'll take a look?

axle: about 7 weeks ago

anyone out there going to buy the last four units? They seem pretty expensive and likely due a price cut to get some interest going.

bjw2103: about 16 months ago

Thanks! Where in WB is the place (if you don't mind sharing)?

fedup: about 16 months ago

bjw, congrats! Glad you like your new home. I'm currently in contract at another building in Williamburg which I think is a little more suited to our tastes but always thought Sevenberry was a fine building in a great location.

bjw2103: about 16 months ago

Comment was deleted by moderator.

fedup: about 16 months ago

bjw2103, did you buy here? I'd be curious as to people's thoughts on it as well as I was pretty close to buying here. BTW, I noticed that my old friend "inthemarket" hasn't posted on any other thread other than this one...I guess they were only "inthermarket" for Sevenberry...

bjw2103: about 16 months ago

Anyone here moved into this building yet? Thoughts?

bjw2103: about 21 months ago

tenemental, take a closer look at the specifics. Most of the apartments are quite different and the ppsf varies quite a bit. I think this is due to some very large first floor 2BRs and several apartments having outdoor space, while others don't have any. Think this building's actually doing ok since it's pretty small compared to some of the other stuff going on in WB.

tenemental: about 21 months ago

12 active sales listings: $687 per ft² (avg)
9 previous sales listings: $778 per ft² (avg)

That can't be good.

Anon101: about 21 months ago

Lots of listing changes today....

bjw2103: about 21 months ago

fedup, sure thing. Just tack on @columbia.edu to my screenname. Don't have the 125 N10th figures on me, but can get those to you when I get home tonight. As for buildings lowballing CCs, I've heard that this can/does happen, but there's probably not much of a way to guard for it, unless you're very familiar with the actual costs of amenities, etc.

fedup: about 21 months ago

bjw123, in terms of the CC being less, yes, you get less therefore you pay less, but it's still a matter of is what you're paying for worth what's you're getting? Which is only something each buyer can decide. Given the size of sevenberry, the CCs are obviously spread over a smaller number of units, but considering what you're getting (which IMHO is not much) it seems high to me. Then again, I've heard other brokers say that buildings will lowball the CCs to entice buyers and then raise once the building is up and running. Anyone else heard this?

As for the unabated tax estimate, I'd be interested in comparing figures also. It might be easier to do this via email. Do you have an email address?

bjw2103: about 21 months ago

Yeah, there's a lot of confusion going on here. I was citing $530 as the maintenance, and nyc08, not sure how the median works out to $800-900. Many of you are saying the ccs at Sevenberry are high, but of all the buildings I've seen in the area, they are much lower. I know you get less, but you pay less too, so I don't see what the fuss is about here. I bid on a 2BR/1.5BA walkup in Nolita where maintenance was twice what it is at Sevenberry. If someone can point to specific examples, please share.

As for what rent such a condo could fetch, not sure craigslist is a great resource, as most places for rent aren't of the same caliber. I agree $4200 is unrealistic, but if $3200 is possible right now, that's not a bad deal.

fedup, what were the unabated tax estimates? I've got them for 125 N10th, but never saw what they estimated at Sevenberry, so very curious to see those figures.

inthemarket: about 21 months ago

I will happily respond to everything you mentioned. You can agree with fedup, I have no problem with that. However, other than claiming to have read lots of offering plans there has been not one bit of factual information represented. Anyway...

1 - I am a serious buyer as well. If you would take the time to review the posts again you will see that I am still heavily considering 80 Met. All I said was that I was not considering Sevenberry because it was closing to soon and I would like the additional time to save more money. I have a down payment and a loan committment as well. However, I am looking to put down upwards of 30%. If I did that on a development that was closing in the next few months things would be tight for me. I am not attacking anyone, I just have not read anything solid to back up the claims that were made.

2 - I am looking at the sevenberry price sheet from 4 weeks ago . 2B is listed at $662k. It is 739 sq feet and has a 403 sq ft terrace. Whether or not you personally want or need a terrace has no bearing on what the price will be. Outdoor space is typically calculated at 1/4 of what the interior space is calculated at. That means you add 100 sq ft for a total of 839 sq ft which results in a price per foot of $789. In addition, as someone else mentioned earlier, one bedrooms are always a higher price per foot. I am looking for a two bedroom which is where I pulled my information. If you do the math just about all two beds come under $800 a foot at sevenberry.

3 - The common charges are what they are. I agree they are a bit high for a non-full service building. But it is a small building and so costs gets spread over less units. It does include some utlilties as well.

In regards to bjw, I believe the $530 he was referring to was the price of the common charges, not the price of the apartment.

nyc08: about 21 months ago

i still agree with fedup's statements and observations, and honestly he's the only one who seems to have done his homework as far as analyzing the comps and using data and facts to support his statements and observations. homebuying is personal decision but it is a big investment that should not be taken lightly, based solely on "feelings." i'm doing my own due diligence of course but the better informed i am the more comfortable i will be with my final decision when i do buy. so if other people on the forum can share their knowledge and experience i am very open to that and am happy to listen. so thanks to all...

inthemarket: please see below 1-3:
1. i am a serious buyer, e.g., i have the cash downpayment onhand NOW and a bank guarantee to underwrite the remainder of the purchase price up to $700K. but that doesn't mean i will buy anything, especially at inflated prices. again, a home purchase is a serious purchase and i want to make sure i'm making a solid investment. you are not ready to buy yet and are attacking people who are trying to have an intelligent exchange of ideas. what's your angle?

2. as a matter of fact i was speaking of 2B, which is listed for $666K for a 739SF 1br/1ba. that works out to $895 per SF. i am looking for a 1br/1ba and did not see any that are selling for less than $800 per SF as you claim which apartment are you referring to specifically? there were some 1br/1.5ba combinations on the GROUND FLOOR that were selling for less (per SF although more expensive overall) but they offered NO PRIVACY, especially with the floor to ceiling store-front glass windows. the bedroom and living room both face the street and anything that would take place in the "privacy of my home" would be unavoidably "publicly displayed" unless i lived with my blinds drawn 24/7. that was not a compromise i personally wanted to make. it wouldn't be so bad if the unit were on the 2nd floor but 2B is the only non-ground floor 1br available in the building and is priced too high for what it has to offer. for me an outdoor terrace in williamsburg which can only be used during the warm months and which offers no particular view, doesn't justify a $67,000+ mark-up, but that's just me. (a similar unit that was on a higher floor was offered at $595K).

3. as for the CC, i took the range of CC for a 1br from $529.77 to $911.87, and you are correct that 2B is only $529.77 - though that is still high in my opinion since the amenities are so little. i was taking the median CC. sorry if that was misleading.

bjw2103: i'm not sure where you got your information that no 1brs are listing for more than $530K. that could not be further than the truth. there are none at that price and the cheapest 1br is listed at $595K (3B) and is no longer available.

jsey9: about 21 months ago

MAC and Northpoint have elevators that open directly into your unit. I agree on Aqua, didn't seem that impressive (common roof deck on the 2nd floor, wasn't impressed). Maintenance is also high at aqua. I really liked MAC and Northpoint on the North side of Mccarren. 128 Newton was also nice.

fedup: about 21 months ago

sigh, why do I bother? Because it's fun to respond to people who have poor reading comprehension skills and are really this inane and like to ignore rebuttals to their accusations while maintaining their accusations...

I didn't say you were here for fun, I said you were a shill. Reading is fundamental. I told you I saw the offering plans...that is a fact. What do you want me to do? Scan them in and upload them? Go do the work yourself, or are you really this lazy? So tell me what FACTS you have? Please list the number of building where you've seen the unabated RE taxes. Oh, and I'm still waiting for the list of buildings that don't include heating and gas in the CC while you're at it. And this list is laughable.

1 - Buy or don't buy in sevenberry...who cares? I don't. However unabated RE taxes could be a concern for others. And again, if you can't afford it and aren't interested why are you even on this board telling other people to buy? Hmmm...

2 - Uh, hello, obviously it's an estimate. I would hope an estimate based on some educated guesses, and based on their educated guesses it's 50% higher than some other buildings...*I* don't think anything, I'm just looking at their numbers...can you really be this dumb?

3 - Um, ok.

4 - Good for you and your family. Maybe not so good for someone looking to buy after you.

5 - Dude, where you do come up with this stuff? Where are you pulling "one or two hundred" from? Facts please.

As I mentioned, I've seen offering plans, have you? And as for you not "buying" anything, that's fine, because I'm not selling anything. Everyone should do their own research as I have. How about backing up some of your claims instead of continuing to attack mine? And hello? "best value" is not an absolute term, so stop acting like it is.

inthemarket: about 21 months ago

OK, well then this will be my last response to you. If you are trying to imply that I am not actually looking to buy and just here for fun, then I repeat, you are just a bitter guy who STILL has yet to give one legitimate FACTUAL piece of information to back up his claims. It's actually right in your screen name isnt it, FEDUP?

I am not concerned about this affecting my re-sale value for the following reasons...try and keep up now...
1 - I am not buying in sevenberry. As I have previously mentioned it is closing too soon and I do not have the money for a two bedroom at the moment.
2 - The unabated taxes listed in an offering plan are just an estimate. NO ONE knows what taxes will actually be in 15 years. Why you think they will be substantially higher than other buildings when the abatement expires and all of these buildings are re-accessed is still a little strange to me.
3 - Tax abatements are going to end very soon. I would be happy to take advantage of any building that offers a tax abatement now, as they will cease to exist in the coming year without the inclusion of affordable housing.
4 - Whatever building I end up buying in I do not plan on being in for more than 5 - 6 years. Therefore I will still have a partial abatement to sell with the apartment.
5 - A difference in one or two hundred dollars in post abatement taxes, which would not affect me regardless, would not deter me from buying an apartment in a development that I liked. The money either works or it doesn't. If it works I look for location, layout, and design.

I don't mind that you are trying to post opinions, or give your input. But do not try and come across like you are some sort of offering plan expert that has read through every offering plan that has passed through the attorney generals office because I do not buy it.

I believe you also said that sevenberry was priced high for the area. If you take a look at the 2 other developments we have been discussing than you will see it is actually the best value of the three. You can look that up right on streeteasy. Now I agree that decisions should be based on more than just price per foot, but I bring it up because it is an instamce of you saying something that is incorrect.

fedup: about 21 months ago

Actually, now that I think about it (and this will be my last post regarding inthemarket), if you were *really* in the market, wouldn't you be concerned about the unabated taxes affecting re-sale value? So instead of claming that I was "misleading" people, I would think you would want more information instead of trying to discredit it...as anything I've said is easily proved with a little legwork...

To all the others, I hope some of the information I've shared is valuable as I've gotten a lot of valuable information from the rest of you. It just gets my goat when someone pops out of the woodwork trying to discredit my information which I thought was valuable to other buyers.

BillyRes: about 21 months ago

Wow. Heated discussions. bjw: I doubt you can rent a 2 bedroom/2 bath for $4200 in Williamsburg anytime soon. Williamsburg isn't attracting that crowd yet. In 5 years perhaps. Have a quick look on craigslist to get a sense of what 2 bedrooms are currently going for - not $4200.

fedup: about 21 months ago

inthemarket, I backed up my claim whereas you just sound like a shill. Again where's your proof? Oh wait, there is none since you've yet to backup any of your claims. And you've posted a lot for someone who's not really interested.

jsey9, which condos near the park did you like? I've seen Aqua, Ikon and some others I can't remember but wasn't really impressed (aside from the views). Which buildings have elevators which open into the apartment?

inthemarket: about 21 months ago

You are the one making these claims, therefore the burden on proof would be on you. However, to be perfectly honest, you just seem like a bitter guy who has a chip on his shoulder . So I am not really interested in anything you have to say.

bjw, some useful advice would be to just start looking on websites for rental comps. I would check out the bigger resale companies like corcoran, elliman, halstead, etc. See what the rentals they have are listed at.

jsey9: about 21 months ago

I've concentrated on the North side on wburg primarily based on price and superior views for the money. I think Sevenberry is great also and pretty much prime in terms of the location to the subway and bars/restaurants. I also think that area will see a ton of development, probably more than the North of Mccarren.

The G to E is convenient for people that work in Midtown so I think there is some good value to be had on the North side of Mccarren. I also like the fact that the buildings have elevators that open into your apartment, which I think is really cool. The walk to the L from the north side of Mccarren is about 12 minutes but that could be your walk from york to the subway on the UES.

fedup: about 21 months ago

bjw2103, I was referring to the unabated taxes. As for what brokers say, well, put it this way, by default I don't believe anything they say, and it doesn't mean anything unless it's in writing. I've had a broker *guarantee* me that my property will substantially increase within a couple of years after I bought it. Are these people serious???

inthemarket, if you're not trying to pick a fight, then quit with the perjoratives. I can't speak for anyone else, but I'm not trying to "mislead" anyone. My information comes from the offering plans. Where's your "proof" of anything you say? Have you compared the unabated RE taxes of various developments? If not then I'd suggest you keep your suspicions to yourself unless you can back them up. And I'm not saying I know why there's a disparity, all that I know is there is. Also, please list which developments that you've seen which don't include heat or gas that are relevent to this discussion. And this point is somewhat moot, whether it's included or not you're still paying for it and if you're comparing developments that also cover heat and gas (and maybe electricity) then you need to look at the amenities, and a lot of developments add what I consider garbage amentities to jack up the price and make it look more attractive.

Anon101: about 21 months ago

The same developer also developed the Gretsch building another Karl Fischer that has received great reviews. The Gretsch on "the border between the Northside and South Williamsburg neighborhoods, contains 130 lofts carved out of a 10-story factory where the Gretsch company once made guitars and other musical instruments. Martin Wydra and his brother, Edward, second-generation builders from Brooklyn, are doing the $75 million conversion"

inthemarket: about 21 months ago

Information, yes. Opinions, sure. But to actually make decisions that directly effect your life based on if someone else thinks something is priced too high, or if someone else thinks the walk to the train is too far, that is ridiculous.

I am not trying to pick a fight with you, but I find much of your information is inaccurate from my experience. Hardly any of the developments I have seen include heat or gas in their common charges. Furthermore, why would the city be out to get the owners at sevenberry with unabated taxes that are head and shoulders above everyone else? I would ask to see solid proof of that from you. Plus, as you mentioned, buildings will be reaccessed and no one knows what taxes will be in 15 years. What were the unabated taxes at 80 Met?

I 100% agree with you that you cannot base a decision on price per foot, but that seems to be a popular sentiment here. I think if you can afford something and you like it and it is priced approapriately for the area, then you should go for it. If you just look to get the best deal in the end, I think you will only end up kicking yourself.

Having said that, why do you believe sevenberry is overpriced? If you compare it to 80 Met or 125 north 10th it has the lowest overall price per foot and the best location in my opinion.

BJW, I saw 125 North 10th as well. I thought it was nice, but there was nothing about it that stood out to me. It offers similar amenities to 80 Met, without the pool, but I personally preferred the overall look and feel of 80 Met finishes. Thats just me though, and there was certainly nothing wrong with the 125 North 10 finishes with the exception of that fridge.

Anon101: about 21 months ago

From the Eagle Earlier this month: WILLIAMSBURG — On the market in Williamsburg are 27 (ONLY 24 LISTED ON DEVELOPERS GROUP)condominiums in a new four-story building designed by the now familiar architect, Karl Fischer.

A project of Brooklyn developer Edward Wydra of 101 Lafayette Realty LLC, the 50-foot-tall, 50,500-square-foot building is at 120 N. 7th St., corner of Berry Street — hence its name: Sevenberry. “Sevenberry offers all the best ingredients for a chic new building,” said Highlyann Krasnow, executive vice president of The Developers Group, who is overseeing sales.

The 27 units range in size from a 694-square-foot one-bedroom unit to a 2,215-square-foot three-bedroom home. Prices start at $575,000.

bjw2103: about 21 months ago

fedup, not clear what you're saying is 50% higher at Sevenberry? I'm seriously considering it, but would like to hear your experience. Also, broker told me a new 2BR/2BA around here could rent for $4200. I found that hard to believe. Anyone have more insight on that?

fedup: about 21 months ago

inthemarket, the whole point of this board to get information from people. And as is the nature of most message boards you don't know who's on the other end. No one can make you do anything, you can only take in as much information as you can and make an informed decision. And just as you disagree with my unabted taxes comment, I have to disagree with your "they are selling at market value" statement. I have been looking for a while now and unabated taxes vary wildy from building to building and area to area. However, between at least 2 buildings in the williamsburg area, for a 2bdrm/2bath, Sevenberry is 50% higher. *Obviously* no one knows what taxes will be in 15 years, so you can only base it on the information you have now. As for common charges, many other places also include electricity (such as Northside Piers). In fact most new developments I've seen at least include heat and gas so that doesn't factor into the equation. As for selling at market value, you can choose to believe what you want. Each building has it's pluses and minuses and you can't base everything on just $/PSF.

bjw2103, I also looked at 125 N10th and thought their finishes were quite nice.

BillyRes: about 21 months ago

inthemarket: I signed a contract at 80 Met. Like you, I'm attracted to the warehouse look and the large windows that start at thigh height (giving a little privacy). I posted my reasons for choosing the building on the 80 Metropolitan discussion. The building just feels right. I really like Williamsburg and 80 Met and have been encouraging those on the fence to consider the location and building as well. Oh and yes there is some time to start saving for those outrageous closing costs. Good luck.

bjw2103: about 21 months ago

nyc08, haven't seen Northpoint Towers from the inside, but (and I can only speak for 2BRs here) all the available units are more expensive than Sevenberry. The views are great, I imagine, but it's a glass tower with little charm and a farther walk from trains/amenities, etc. Also, the ccs at Sevenberry are not $800-900 at all. You were talking 1BRs, and the priciest real 1BR is at $530: http://www.thedevelopersgroup.com/apartments/apartment.aspx?webid=13061

Someone said 125 N10th's finishes were subpar - anyone second that? Seemed ok to me.

inthemarket: about 21 months ago

I am currently looking to buy but I would really like a two bedroom and may need to save some more money before I can move ahead. I have religiously been reading this stuff and I really disagree with a lot of things that are said. First off, buying a home is a personal thing. I can understand asking for other people's opinions and for information, etc. But many of you seem to be actually basing your decisions on what random people (myself included) have to say on a blog. I find that a little strange. If you find a home that you are comfortable living in, in a neighborhood you are comfortable in, and the price is not outrageous, then why do you need to get validation from others? Many of which think anything they cannot afford must be overpriced and that in 5 years they will be able to buy a PH in Manhattan. I myself cannot afford a two bedroom in the buildings I am interested in (which happen to be Sevenberry and 80 Met). But I don't think they are overpriced. They are selling at market value and I just happen to not have enough saved up to make it happen.

I find that many of the facts here are incorrect as well. NYC08 - you picked one apartment at sevenberry which I would assume is 2B according to the price sheet I have. Did you mention that it has a 400 sq ft terrace? Did you mention that the majority of the building is selling for less than $800 a foot? The common charges are a little bit high for a building without too many amenities, but they do include all heat and gas which is at least 100 bucks a month you would normally pay and its a smaller building which is sort of nice but inadvertantly raises common charges

I also thought the unabated taxes comment was way off base too. That is a standard thing. Unabated taxes are always significantly higher than abated taxes - obviously. Its not just this development. In addition, no one actually knows what the taxes will be in 15 years. The building will likely have been reaccessed by then.

I like 80 Met a lot too. They seem to be averaging about 820 - 850 psf which is a bit higher, but I really enjoy the warehouse look of the building, and the amenities seem great. Though, as previously mentioned, it does raise common charges quite a bit. I am still considering a 2 bed at 80 Met as I may have enough time to save up money because it will not be done for quite some time. With sevenberry being so close to completetion there is no way I will be able to come up with the additional money to live comfortably.

Anyway, sorry for the venting but I just think many people on this board post misleading information and it really bothers me sometimes.

Oh and jsey-9, I saw a few of those building. I think they are nice apartments. A little too far from the train for me, but that is just me. What do you think? Are you comfortable with the 10 minute walk to the train? You get what you pay for, and those apartments are less money because they are a little further away.

BillyRes: about 21 months ago

jsey9: I've commented on here before. About NorthPoint Towers, I'm a fan. Great finishes. High end appliances. Solid doors. Good layout. Wonderful light. High ceilings. Private (few units per floor). Overall nice. Locationwise - there are other properties closer to the subway.

nyc08: about 21 months ago

i agree with fedup that the sevenberry is overpriced which is why it's not moving. for example $895 per sf for a 1br when better waterfront properties like northside piers, which has more amenities plus beautiful manhattan skyline views, can be had for less!

furthermore, the CCs are definitely a puzzle since sevenberry does not have the amenities offered at all the other surrounding bldgs in north williamsburg such as 125 N10th, ikon, warehouse 11, etc. (i.e., doorman, concierge services, yoga room, common roofdeck, swimming pool, children's playroom, etc.) what is the $800-900 CC going towards besides a dinky little "fitness room" which will have a couple treadmills and a common indoor lounge area?

i read on curbed and other nyc RE websites that there are many new buildings coming to the williamsburg market this spring and summer nearby so i'm waiting for something better to come along... and honestly, even then i'm pretty nervous about making a RE purchase in a still-developing neighborhood in such a precarious economy without a better price concession... why buy in williamsburg when the nytimes, fortune, wsj, etc. are all predicting solid 14%+ price drops in manhattan proper over the next 5 years with places outside manhattan, such as brooklyn and queens experiencing an even more dramatic drop?

the prices most of these new buildings are asking for still doesn't take into account the reality of today's housing market, the aftermath of the billion-dollar subprime crash which is also affecting the prime market, the current credit crunch and new lending restrictions and now the looming recession...

bcg: about 21 months ago

Did sevenberry just release more units. I don't remember seeing some of the units listed preiously?

jsey9: about 21 months ago

Has anyone looked at other developer's group properties North of the Park (Northpoint Towers, mAC, The New Condos, etc.). Curious what people think of those and that park of town.

bjw2103: about 21 months ago

fedup, CCs could be lower, but I saw 80Met, where admittedly you do get more in terms of amenities, but it's a lot more there. What are the post-abatement RE taxes like? I missed that info somehow. What are you basing your overpriced call on? It seems a bit high, but in line with other things I've seen in the neighborhood (Ikon, 125 N10th, Sophia Lofts, Urban Green - which doesn't even have a foundation yet). Parking is much less than what I've seen in other buildings though.

fedup: about 21 months ago

bjw2103, I've seen it also and liked it but really think it's overpriced. I also think the CCs are a bit high considering you're not getting much, and the post-abatement RE taxes are quite high, which might cause re-sale problems. I'm definitely taking a wait-and-see approach with the market being what it is and so much upcoming inventory. Are there any other place you've looked at and liked?

bjw2103: about 21 months ago

Doesn't look like anything's moved in a while, but there were a lot of people at the open house I went to a few weeks ago. I liked the building though. Buyers are being more patient, especially outside Manhattan.