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For $15.5M, You Can Buy 20 Condos at 78 Ridge St.

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The condo building at 78 Ridge Street (left), as seen from the Williamsburg Bridge pedestrian overpass. Photo ©www.thelodowwny.com
The six-story condo building at 78 Ridge St. has developed quite the colorful history in its five short years. Built on the site of a former poultry slaughterhouse abutting the Williamsburg Bridge, the 46-unit building has cycled through a variety of real estate brokers and pricing strategies as its developer strived to sell in a crashing market, began renting some units, and reverted back to a sales strategy.

Now, 20 of the units are on the market, and they are available as a package deal at $15.5 million.

Tungsten Properties broker Jimmy Mou, who took charge of the 78 Ridge account in May of this year, said the owner, Philip Chong, would be willing to sell them to a single owner for certain uses, such as short-term corporate housing.

“Depending on who’s putting in the offer, and the intended use,” Mou says. “There are a lot of things involved.”

The units are also available individually on the Tungsten Properties website, which shows prices ranging from $557,000 to $1.4 million, an average of about $850 per square foot. They include a mixture of one- and two-bedroom apartments, some with one bathroom, some with two, and a few with spectacularly large terraces. The building has a fancy marble lobby and slick modern finishes in kitchens and bathrooms. It’s pet-friendly and has laundry in the basement.

The prices have moved frequently in a volatile real estate market, but some of them have actually risen since Mou took over the listings, according to sales histories on StreetEasy.com. Mou says his pricing is not affected by the impending construction of a 12-story condo set to begin this winter on what is now a one-story auto repair garage and parking lot next door (which currently allows some of the building’s east-side bridge and river views).

To date, only “about a dozen” of the apartments have sold–less than 51 percent, which Mou notes makes it difficult for individual buyers to secure mortgages. However, the building is fully occupied except for a two-bedroom unit that has just come available for rent at $4,250/month, he says. The 20 units on the market are on floors 2 through 5; the owner plans to hold onto the top floor, which features penthouses with panoramic views, and the ground floor, which is divided into large, multi-level loftlike spaces.

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