Market Rumbles: Auctions & Insta PriceChops in Brighton Beach

For the latest ominous Brooklyn rumblings we turn to Brighton Beach, where development has been booming along with neighboring Sheepshead Bay. First, we offer the case of the Insta PriceChop pictured above found by local blogger Little Rus' at a condo called Ocean Breeze. Next, we have Brighton Beach condos being auctioned, per a story in The Real Deal. The six-unit building has been on the market for two years without any closings despite three PriceChops and "incentive offerings.' Bidding starts at $300 a square foot on the 840-1,100 square foot 2BR & 3BR apartments or about $250,000 to $350,000 per unit. As for Ocean Breeze, which is on the Coney border, Little Rus' writes "even at the $400k price range, we feel this building is still overpriced and will see further price reductions in the next four to six months, or perhaps it will face foreclosure by the lender." There are probably 240 units, give or take, currently on the market in Brighton Beach and Sheepshead Bay.
· A Market Casualty in Brighton Beach [TRD]
· Build It: Wall St. to W. 1st [Little Rus']

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