The Appeal of Sunset Park, Brooklyn
Sunset Park is one of Brooklyn’s most vibrant neighborhoods, known for its rich cultural diversity, historic brownstones, and panoramic views of the Manhattan skyline. This area has become increasingly popular due to its strategic location, offering easy access to major commercial hubs and recreational areas.
Positioned in the heart of Sunset Park, 779 47th Street benefits from proximity to essential amenities, public transportation, and local attractions like Sunset Park, which is a favorite among residents for its green spaces and outdoor activities. Additionally, the neighborhood’s thriving real estate market has attracted developers and homebuyers, contributing to the growing demand for residential properties.
Why Sunset Park is a Desirable Location
Sunset Park’s excellent connectivity to Manhattan and other parts of Brooklyn via the D, N, and R subway lines makes it highly accessible for daily commuters. The area is also home to the Brooklyn Army Terminal, Industry City, and numerous dining and shopping options, further enhancing its appeal. Sunset Park’s cultural and economic diversity creates a unique blend of tradition and modernity, attracting individuals from various walks of life.
The real estate landscape in Sunset Park has seen steady appreciation over the years. Its proximity to waterfront developments and ongoing urban renewal projects makes it an area of interest for buyers and investors who seek long-term growth potential. Properties in this neighborhood often maintain substantial resale value due to consistent demand.
Developer and Architect Details
The Hua Xing Condominium is the brainchild of Hang Hui Realty, a developer with a reputation for delivering high-quality residential projects. Hang Hui Realty has consistently focused on meeting the needs of urban homebuyers by integrating functional designs with modern amenities.
S M Tam Architect, led the architectural renovation of the property. Known for its expertise in reimagining existing structures, the firm ensured that the building’s design complements its urban surroundings while maximizing usability and aesthetics. Hang Hui Realty and S M Tam Architect have created a condominium combining practicality and visual appeal.
The Developer’s Vision
Hang Hui Realty has emphasized creating homes that balance affordability with quality. The developer has successfully delivered a project that meets market demands by focusing on the efficient use of space and integrating features that modern buyers expect. Hua Xing Condominium reflects this vision through its thoughtfully designed units and communal spaces.
Key Features of Hua Xing Condominium
Hua Xing Condominium stands out for its thoughtful layout and modern amenities. With seven floors and 14 residential units, the property provides potential buyers with various living options. Units include studio apartments, one-bedroom, and two-bedroom configurations, making it suitable for singles, couples, and small families.
Building Layout and Specifications
The condominium features a blend of residential and commercial spaces, with 43% of the total area designated for commercial use. This integration offers residents convenient access to retail and service-oriented businesses within the building. Each residential unit is designed with functionality in mind, ensuring optimal use of space.
The building’s commercial spaces can potentially house small businesses, creating a micro-community that benefits residents and local entrepreneurs. This dual-purpose layout is an added advantage for urban dwellers who prioritize convenience.
Amenities and Features
Residents of Hua Xing Condominium benefit from essential amenities that enhance their quality of life. These include:
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Elevator: Ensuring easy access to all floors.
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Bike Storage: Catering to the needs of eco-conscious residents.
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Terrace: Providing outdoor spaces for relaxation.
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Intercom System: Enhancing security and communication.
The building’s modern amenities and strategic location make it an attractive choice for urban living. Additionally, including terraces offers a rare opportunity for private outdoor space, a feature often limited in New York City apartments.
Sales and Market Analysis
The sales performance of Hua Xing Condominium reflects the broader trends in Brooklyn’s real estate market. 50% of the units have been sold, translating to 7 out of 14 units. The steady sales velocity and competitive pricing highlight the property’s appeal to potential buyers.
Pricing and Sales Trends
The asking prices for units range between $402,000 and $882,000, depending on size and configuration. This pricing positions Hua Xing Condominium as an affordable option within the Brooklyn market, particularly for first-time buyers. Recorded sales include units priced at $527,000 to $611,000, primarily for two-bedroom layouts.
Brooklyn’s real estate market has shown resilience despite economic fluctuations, and properties like Hua Xing Condominium continue to attract buyers due to their balance of price and features. Competitive pricing also ensures broader market access, critical for maintaining steady sales.
Sales Velocity and Absorption
The property has a sales velocity of 0.1 units per month, with an average absorption period of 54.9 months. Although the sales pace is moderate, it aligns with expectations for a development of this size and type. The five-year sellout projection demonstrates confidence in the building’s marketability.
The relatively slow sales velocity also highlights the importance of strategic marketing and buyer outreach. Targeted efforts to attract families and investors could accelerate absorption rates, ensuring a more robust sales performance.
The Condo Declaration and Timeline
Hua Xing Condominium’s conversion and subsequent declaration provide valuable insights into the development’s history and compliance with regulatory standards. The timeline highlights key milestones:
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Offering Submitted: July 29, 2019.
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Offering Accepted: August 25, 2020.
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Condo Declaration: January 29, 2021 (Amended January 24, 2023).
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Certificate of Occupancy: August 19, 2019.
Significance of the Condo Declaration
The condo declaration is a legal document that outlines the rights and responsibilities of unit owners. It also establishes the building’s governance structure, ensuring transparency and accountability. For buyers, the declaration is a crucial reference point for understanding the property’s rules and management.
The amendments to the condo declaration in 2023 indicate efforts to address evolving market needs and regulatory requirements, ensuring the property remains compliant and attractive to potential buyers.
Market Trends and Competitive Analysis
The real estate market in Sunset Park has experienced steady growth, driven by increased demand for residential properties and the neighborhood’s ongoing development. Hua Xing Condominium is well-positioned within this competitive landscape.
Comparing Hua Xing to Similar Properties
Compared to other new construction condominiums in Brooklyn, Hua Xing stands out for its affordability and blend of residential and commercial spaces. While many developments focus solely on luxury features, Hua Xing offers a balanced approach that appeals to a broader audience.
Properties in Sunset Park often offer better value for money compared to more centrally located neighborhoods in Brooklyn. Hua Xing’s pricing reflects this trend, ensuring it remains competitive while catering to buyers seeking practical and comfortable living arrangements.
Buyer Preferences
The trend toward affordability and functional living spaces is evident in the sales performance of Hua Xing Condominium. Buyers prioritize properties that offer value for money without compromising on location or amenities. Hua Xing’s competitive pricing and strategic location align with these preferences.
Target Buyers and Investment Potential
Hua Xing Condominium attracts diverse buyers, including first-time homeowners, families, and investors. The property’s residential and commercial spaces mix further enhances its appeal to different market segments.
Benefits for Buyers
For first-time buyers, Hua Xing Condominium offers an opportunity to own property in a thriving neighborhood at a reasonable price point. Families benefit from the building’s amenities and proximity to parks, schools, and public transportation.
The property’s manageable unit sizes and thoughtful layouts ensure homeowners have a comfortable living environment without excessive maintenance costs. This balance of practicality and affordability particularly appeals to young professionals and small families.
Investment Opportunities
Investors can capitalize on the rental potential of units, particularly given the strong demand for housing in Sunset Park. The building’s location and design make it an attractive option for tenants, ensuring steady returns on investment. The commercial spaces within the building also offer opportunities for leasing to small businesses, further diversifying revenue streams.
Amenities and Lifestyle Offered
Hua Xing Condominium combines modern amenities with a convenient lifestyle, making it an ideal choice for urban dwellers. The building’s features cater to residents’ needs while enhancing their quality of life.
Proximity to Local Attractions
The property is within walking distance of Sunset Park and several dining, shopping, and recreational options. This accessibility adds to the overall appeal of living at Hua Xing Condominium. Nearby attractions include Industry City, a hub for creative industries, and the Brooklyn waterfront, which offers scenic views and outdoor activities.
Future Outlook for Hua Xing Condominium
Given its strategic location and steady sales performance, the future of Hua Xing Condominium looks promising. As Sunset Park continues to evolve, the property’s value is expected to appreciate, benefiting both buyers and investors.
Opportunities for Growth
Integrating commercial spaces within the building offers businesses and service providers opportunities to cater to the local community. This feature also enhances the building’s long-term viability. Additionally, the continued development of Sunset Park’s infrastructure and amenities will likely drive demand for properties like Hua Xing Condominium.
Conclusion and Summary
Hua Xing Condominium at 779 47th Street in Sunset Park, Brooklyn, is a noteworthy development that balances affordability, amenities, and strategic location. With 50% of its units sold and competitive pricing, the property appeals to various buyers and investors. As Sunset Park grows, Hua Xing Condominium is well-positioned to remain a valuable asset in Brooklyn’s real estate market.
FAQs
What types of units are available at Hua Xing Condominium?
The condominium offers studio, one-bedroom, and two-bedroom units catering to singles, couples, and small families.
What amenities does Hua Xing Condominium provide?
Residents can access an elevator, bike storage, terraces, and an intercom system, enhancing convenience and security.
Is Hua Xing Condominium a new development?
It was constructed in 2019 and converted into a condominium in 2021, making it a relatively new residential option in Sunset Park, Brooklyn.
