Overview of 1504 Jefferson Avenue
In Ridgewood, Brooklyn, 1504 Jefferson Avenue was built 2023 as a new construction condominium. It consists of four floors and nine residential units, offering an array of layouts to suit diverse needs. The project was developed by The Horizon Group and designed by ODA Architecture, with interiors crafted by Brittany Marom Interior Design. This collaboration has resulted in a building that blends functionality with aesthetic appeal.
Ridgewood, where the property is located, has become a sought-after neighborhood for its proximity to key areas of Brooklyn and Manhattan. The location offers convenient access to transportation, dining, and cultural attractions, making it ideal for modern urban living. The combination of location and design has made 1504 Jefferson Avenue a significant addition to the local real estate landscape.
Its rich history and cultural diversity support Ridgewood’s transformation into a vibrant residential area. The neighborhood offers a blend of old-world charm and modern amenities, attracting a wide demographic of residents, from young professionals to families. The building’s strategic placement within this evolving community enhances its desirability and long-term value.
Building Features and Amenities
1504 Jefferson Avenue’s features and amenities cater to the demands of contemporary living. The building has a roof deck that provides residents with additional outdoor space and panoramic views. Parking is available on-site, a significant benefit in a busy urban environment. The building is pet-friendly, allowing residents to bring their furry companions.
Additional amenities include an intercom system, virtual doorman service, and in-unit laundry facilities for convenience. These features ensure a comfortable and secure living environment for residents. The design and amenities of 1504 Jefferson Avenue highlight its commitment to quality and practicality.
The roof deck is a standout feature, offering residents a serene escape from the bustle of city life. It provides a space for relaxation, social gatherings, or simply enjoying the skyline views. The inclusion of pet-friendly policies reflects an understanding of the needs of modern households, where pets are often considered family members. The virtual doorman adds an extra layer of security, making it easier for residents to manage deliveries and visitors.
Sales and Pricing Trends
The asking price range for units in 1504 Jefferson Avenue falls between $350,000 and $1.03 million, reflecting the variety of unit sizes and layouts. Sales officially started on March 31, 2023, and closings began on December 15, 2023. The building has achieved a 100% sales rate, with all nine units sold. This rapid absorption rate underscores the property’s strong appeal in the market.
The average sales velocity is approximately 0.3 monthly units over the past 12 months, with a total absorption period of 20 months. The sellout is expected to be completed within five years. The pricing trends and sales activity illustrate the building’s competitiveness and alignment with market demand in Ridgewood, Brooklyn.
Price trends for the building reflect the broader real estate market in Ridgewood, which has seen consistent growth in recent years. The combination of affordable entry points for smaller units and premium pricing for larger ones allows the building to cater to a wide audience. This flexibility has contributed to the rapid sales and strong market performance.
Layout and Unit Distribution
The building’s layout and unit distribution cater to various buyer preferences. The nine residential units include studios, one-bedroom, two-bedroom, and three-bedroom apartments. The distribution and sales percentages by unit type are as follows:
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Studio: 75% sold (4 units)
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One-bedroom: 100% sold (5 units)
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Two-bedroom: Not applicable
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Three-bedroom: 100% sold (1 unit)
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Four or more bedrooms: Not applicable
This distribution highlights the demand for one-bedroom and three-bedroom units in this building. The stacking plans maximize space efficiency while ensuring each unit receives adequate natural light and ventilation.
The floor plans reflect a thoughtful approach to space optimization. Studios are designed to offer compact yet functional living spaces, while one-bedroom units provide additional flexibility for individuals or couples. The three-bedroom unit caters to larger households, offering ample living space and modern amenities. This variety ensures that the building appeals to a diverse group of buyers.
Interior Design and Finishes
The interior design of 1504 Jefferson Avenue reflects a focus on quality and modern aesthetics. ODA Architecture, known for its innovative designs, handled the architectural aspect of the project. The interiors were designed by Brittany Marom Interior Design, which introduced a contemporary yet functional approach to the living spaces.
Each unit has high-quality finishes, including modern kitchen appliances, sleek cabinetry, and durable flooring. The combination of elegant design and practical features creates a living environment that meets the expectations of today’s urban dwellers.
Using neutral color palettes and clean lines enhances each unit's sense of space and light. Kitchens have energy-efficient appliances, while bathrooms feature premium fixtures and fittings. These details reflect a commitment to creating homes that are not only visually appealing but also highly functional.
Key Professionals and Building Management
The development of 1504 Jefferson Avenue involved several key professionals and organizations. The Horizon Group was the developer, ensuring the project’s timely completion and adherence to high standards. Douglas Elliman acted as the sales agent, leveraging its expertise to market the property effectively.
The building is managed by Ben Frank LLC, with Yitzchok Gross serving as the managing agent and onsite manager. Moshe Silberstein holds the position of head officer. This team has played a pivotal role in maintaining the property’s quality and providing efficient management services to residents.
The involvement of experienced professionals has been instrumental in the building’s success. From design and construction to sales and management, each aspect of the project has been handled with care and expertise. This coordinated effort has resulted in a property that meets the highest quality and functionality standards.
Recent Activity and Market Dynamics
Recent activity at 1504 Jefferson Avenue includes several notable sales and listings. The most recent recorded sale was for Unit PHA, a three-bedroom, two-bathroom unit that sold for $1.03 million two months ago. Other sales include Unit 3A, a one-bedroom, one-bathroom unit sold for $695,000 five months ago.
Price changes have also been observed, such as a 6.36% drop in the sale price of Unit PHA two months ago. These fluctuations reflect market dynamics and buyer behavior in Ridgewood’s real estate market. The building’s full occupancy and consistent activity indicate its strong position within the local property market.
The Ridgewood real estate market has seen significant activity over the past year, driven by a combination of low interest rates and strong demand for housing. The success of 1504 Jefferson Avenue is a testament to the neighborhood’s appeal and the building’s alignment with buyer preferences. The data suggests that properties offering modern amenities and well-designed spaces are particularly sought after.
Tax Abatement and Long-Term Benefits
One of the key financial incentives for buyers at 1504 Jefferson Avenue is the 421a tax abatement. This program significantly reduces property taxes for homeowners and will remain in effect until 2053. The abatement enhances affordability and adds to the property’s investment value.
The long-term benefits of the tax abatement include lower carrying costs and increased financial flexibility for owners. This feature makes 1504 Jefferson Avenue an attractive option for first-time buyers and seasoned investors.
The tax abatement also contributes to the building’s competitiveness in the market. The reduced tax burden for buyers translates to significant savings over time, making the property more accessible. It enhances investors' potential for rental income and long-term capital appreciation.
Environmental and Sustainability Aspects
Environmental considerations were taken into account during the construction of 1504 Jefferson Avenue. The building’s Certificate of Occupancy was issued recently, on December 9, 2024, signifying compliance with local building codes and standards.
Sustainability measures, such as energy-efficient systems and materials, contribute to the building’s overall appeal. These features align with the growing demand for environmentally conscious real estate options in urban areas.
The incorporation of energy-efficient systems not only reduces the building’s environmental impact but also lowers utility costs for residents. These measures reflect a broader commitment to sustainability, which is increasingly vital to today’s buyers and renters. By prioritizing green building practices, 1504 Jefferson Avenue sets a positive example for future developments.
Future Prospects and Value for Buyers
1504 Jefferson Avenue offers promising prospects for buyers and investors. Ridgewood’s real estate market continues to grow, driven by its proximity to Manhattan and vibrant community. The building’s modern design, comprehensive amenities, and strategic location make it valuable.
The 421a tax abatement, high-quality construction, and market demand combination suggest the potential for long-term value appreciation. Buyers can expect a blend of comfort, convenience, and financial benefits from owning a unit in this property.
As Ridgewood continues to evolve, properties like 1504 Jefferson Avenue will likely see increased demand. The neighborhood’s unique character, combined with its accessibility and amenities, makes it a compelling choice for a wide range of buyers. The building’s success reflects its ability to meet these demands effectively.
Conclusion
1504 Jefferson Avenue represents modern urban living in Ridgewood, Brooklyn. With its thoughtful design, practical amenities, and strong market performance, the building has become a desirable option for homeowners and investors. The success of this sponsor condo reflects the growing appeal of Ridgewood as a dynamic and thriving neighborhood. Whether for living or investment, 1504 Jefferson Avenue offers a compelling opportunity in Brooklyn’s competitive real estate market.
FAQs
What is the current status of 1504 Jefferson Avenue?
As of December 2024, 1504 Jefferson Avenue is an entirely sold condominium building in Brooklyn, NY, with all nine units sold.
What amenities does 1504 Jefferson Avenue offer?
The building features a roof deck, on-site parking, pet-friendly policies, in-unit laundry, and a virtual doorman service.
What is the price range of units at 1504 Jefferson Avenue?
Units were listed between $350,000 and $1.03 million, depending on size and layout.
