Hawthorne Court 3bed 2Bath Closed at $940,000

[dssjh]

agreed, Eddie. and i don't think we're going back to the earliest days of jackson heights -- too many Catholics around to bring that ban back.

[eddie]

i've also noticed some dramatic price increases from some restaurants lately.

[MrPlaza]

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

[lalochezia]

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

No? Plenty of 3brs in the $2.5-$5m range. Here's a comp on the UWS for $4M

http://streeteasy.com/building/astor-court/2b

[eddie]

of course there are $4m apts in manhattan, but you can also find comparable 3/2 for much less. Hard to compare exact apples to apples since most manhattan coops arent built over gardens, but...some have private gardens/patio

quick search brings up many well under 2m

http://streeteasy.com/building/330-east-94-street-manhattan/1ab

http://streeteasy.com/building/66-overlook-terrace-new_york/1b

http://streeteasy.com/building/76-west-85-street-new_york/5b

http://streeteasy.com/building/east-river-coop-570-grand-street-new_york/j10031004

many many more...

[eddie]

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.

[jh_coop_buyer]

As is always said，every home is unique.

This one is right next to columbia, in a beautiful garden complex that occupies the city block of two full streets and one full Ave.
This 3bedroom/2bathroom apt also includes a balcony and there is a waiting list for parking.The asking price is about 1.1 million

http://streeteasy.com/building/70-la-salle-street-new_york/9f

Someone's definition of Manhattan only includes UES and UWS. They don't like anything near Columbia.

When I bought my 2bedroom apartment about four years ago, a similar apartment in this garden complex was about 40% more expensive than Jackson heights. I actually made an offer in this complex but had to back out for other reasons.

If I were to buy a three bedroom apartment now, I would buy this one rather than the Hawthorn count one.

[abcdefghijk]

UP TO 4 mill is what I originally posted. 

UP TO...

How come "UP TO" got misunderstood?

Here's the definition of UP TO from Google...

up to
phrase of up
1.
as far as.
"I could reach just up to his waist"
2.
indicating a maximum amount.
"the process is expected to take up to two years"

Here in Jackson Heights the apts are up to about 1 million.

But that certainly doesn't mean they're all 1 mill...only the most desirable are...

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.

[eddie]

UP TO 4 mill is what I originally posted. 

UP TO...

How come "UP TO" got misunderstood?

Here's the definition of UP TO from Google...

up to
phrase of up
1.
as far as.
"I could reach just up to his waist"
2.
indicating a maximum amount.
"the process is expected to take up to two years"

Here in Jackson Heights the apts are up to about 1 million.

But that certainly doesn't mean they're all 1 mill...only the most desirable are...

a similar apt in Manhattan would not be $4m. and a brownstone is an entire building, of course it will cost more.

I'm not trying to be snarky, but have you looked? It most certainly could. Don't just look at the specs of the unit itself. Take all of it into account. The unit size. Laundry in building. The garden. Storage. Updated appliances. Working fireplace. Maintained prewar details. Now find something somewhat comparable in a similar Manhattan neighborhood (let's say Sutton Place for arguments sake). I bet you it'd go for close to $4M. Maybe $3M. You have to remove it from the context of Jackson Heights. Manhattan is much more expensive for many of the same things.

something as specific as a working fireplace would be hard to find, if that's THAT important to a buyer. But still my point stands, a similar unit would be nowhere near $4m. Manhattan is not 4x as expensive as JH.

easy there killer... lol

[abcdefghijk]

What's really great about NYC...is that poor and the rich live next to each other.

That doesn't happen elsewhere.

For instance, around Lincoln Center millionaires live in towers but within a few blocks, a stone's throw away are the projects. And it works out.

My guess is that's what'll happen here in Jackson Heights.

And all over NYC, more and more.

[N00b]

I think given Jackson Heights' demographics and the high percentage of immigrants who likely also have higher ownership rates, the neighborhood will not change at the same pace and in the same dramatic fashion as, Brooklyn, for example. At least I hope so anyway.

One of the reasons why I decided to move here, in addition to the convenience of transportation, square footage and layout of apartments for the $, is that it is truly a very diverse neighborhood with access to South American, Southeast Asian, South Asian and East Asian groceries and restaurants. And I think if they need to raise prices to sustain a living, so be it, I would think people who can afford to pay more than half a million for an apt can afford to pay more a few dollars more for an entree especially if those same people happily pay $30 for glorified adult Lunchables (charcuterie).

[jeanette]

"if those same people happily pay $30 for glorified adult Lunchables (charcuterie)"

ouch.

neigh·bor·ly

oxforddictionaries.com: characteristic of a good neighbor, especially helpful, friendly, or kind.

merriam-webster.com:  of, relating to, or characteristic of congenial neighbors; especially :  friendly, a neighborly welcome

[MrPlaza]

I would think people who can afford to pay more than half a million for an apt can afford to pay more a few dollars more for an entree especially if those same people happily pay $30 for glorified adult Lunchables (charcuterie).

Mmmmmm. Lunchables.

[JDinJH]

People who pay the big bucks in JH are usually drawn to the private gardens and the small town feel of neighborhood.  I think a lot of the new buyers/owners of JH's luxury apartments, i.e., Hawthorne, Towers, etc., are young families looking for a place to raise children.  These are the same people who would live in Manhattan if they did not have kids.  A private garden is a safe place to let your kids run around and have a glass of wine at the same time. Also, things are a lot cheaper in JH than in Manhattan - this matters when you are raising kids.

[agentarmen]

Hi everyone!

Best way I can contribute here would be to remain as factual as I can. As a rule most brokers do not release the actual contract price , or are too vocal about listings under contract, because we are probably too busy holding our breath and praying hard that the deal comes to a close as intended  . Deals that pioneer the way of new pricing are truly fragile, as they have a greater margin of error to make it to the closing table. We can only hope that all the intricate financing and board approval pieces will fall into place.

In regards to prices throughout, I certainly agree that mansion tax triggering price points (or those close to) are not a reflection of the entire Jackson Heights market presently, but rather a sector of the whole.

I had written this article back in February of 2016 which sheds some light on the subject.
It's a quick read I promise I timed it
http://www.jacksonheightslistings.com/hows-the-market/

Hope you find it helpful

Warmly,
Armen