Rendering of 179 Richardson Street via Leyden Lewis Design
The L train shutdown is almost exactly five months away, but it is already impacting Williamsburg real estate sales: A rarely available townhouse at 179 Richardson Street, originally listed for $3.695 million in the spring, has been reduced to $3.195 million. The newly constructed four-story, two-family townhouse is a short distance from the Graham Avenue L stop. Its nearest alternative, the Metropolitan Avenue G stop, is several blocks down the street.
Rendering via Bold New York
Bedroom rendering via Bold New York
Bath rendering via Bold New York
Designer Leyden Lewis revealed a simple stone façade with floor-to-ceiling windows on Instagram. Inside, each unit will have three bedrooms, two and a half baths, wide plank oak floors, a fireplace, and a separate large storage space. Kitchens have custom cabinetry and Bosch appliance package. The lower duplex home has access to a manicured backyard, and a roof deck on the upper unit boasts 360-degree Manhattan and Brooklyn views. The townhouse near McCarren Park will be delivered with cameras, security system, and intercom installed.
Roof deck rendering via Bold New York
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Throughout Williamsburg, buildings that once touted proximity to the L train as an unofficial amenity must find other ways to attract buyers as the shutdown looms. The Esquire Building, one of Williamsburg's earliest condominium conversion success stories, counts the Bedford Avenue L station as its nearest subway stop. During the shutdown, however, residents may be forced to forgo the subway altogether and take the bus or ferry. Following a series of price cuts that resulted in a cumulative 16.7% reduction, a 2-bedroom, 2-bath condo is now $1.75 million.
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Further into the heart of Williamsburg, an understated new six-story condominium at 143 Meserole Street is only three blocks from the Montrose Avenue L station, while alternative subway stops at Broadway and Lorimer Street are significantly further away. A 2-bedroom, 1.5-bath duplex with a private garden recently experienced a cumulative 11% price cut that reduced it to $1.05 million.
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A custom CityRealty index shows that closing prices on condominiums that would be most significantly affected by the L train shutdown are substantially down (-26.5%) from a March 2016 peak. Nevertheless, it would take more than temporary train trouble to count Williamsburg out of the real estate game: Condo sales have held steady and neared record high prices.
CityRealty L Train Index circa November 2018
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