House of the Day: $8.75 Million in Cobble Hill?

verandah1007.jpg
Holy Moly! This has got to be the nicest house on the market right now. It’s a 25-foot-wide Greek Revival house overlooking Verandah Park in Cobble Hill with a stand-alone carriage house in the rear. All in, it’s got 7,000 square feet of living space and enough parking space for four cars. Judging from the photos, there’s recently been a top-of-the-line renovation as well that preserved the house’s many original details while creating a beautiful, huge modern kitchen. Okay, so the desirability of the house ain’t in question. How about the price? Think $8.75 million will fly? This would have to be a record for Cobble Hill, wouldn’t it?
Magnificent Townhouse & Carriage House [Brown Harris Stevens]

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  • Nice house but quite the price. I would like to see pictures of the carraige house.

  • Very nice. But wow!

    That is a LOT of money.

  • Heath Ledger, come back!

    Gorgeous, huge, perfectly done, and you can’t dismiss 4 parking spaces– but $1,250 a square foot? Yikes!

  • I will hazard a guess and say that this house is probably a corner property if it has a carriage house. Corner properties always bring big bucks, but 8.75 is a little hard to swallow! It is exquisite though, and lucky the devil that gets it! I remember back in either 1999 or 2000, a house on that same block overlooking the park broke through the $1 million ceiling for the first time in Cobble Hill, and at that time, it was shocking to say the least.

  • I want it! Just $8 million over my budget.

  • I remember the first time I heard about a $1 million sale price in Cobble Hill – one of the houses overlooking Cobble Hill Park. I was stunned. The trip from that to $8.75 mm sure seems fast. I still think that’s a Brooklyn Heights only kind of price.

  • What if you don’t have an “entourage”?

  • no way will it get that!! that price would even be a huge stretch in Brooklyn heights. A very nice modern house just sold in Cobble Hill (on Henry Street too!) for around $3.7, but there is no way this place is worth more than twice that!! I’m sure it’s worth around $5 million though. I’m sure the owners don’t really want to sell, but they figured if they could get this crazy high price they will. a very nice house though. i love the kitchen. the biggest problem is the yard, it’s small and there is no garden to plant.

  • Brownstoner, you forgot to do GMAP and Property Shark links.

  • The carriage house overlooks Verandah Place, not the front of the main house- it’s a full block in depth and that is on another street. Amazing location, gorgeous house and an amazing price. My guess is it’s perfect for a Wall Street type or celeb and if you have the money why not, certainly there’s nothing else quite like it.

  • If I had that dough, I’d much rather have the Brooklyn Heights location.

  • The price is a little embarrassing…ugh.

    Good luck to them (?)…but I doubt it will/can sell for this price.

    Give me some of what the sellers are taking. Might help me unwind.

    FG/GL

  • a very nice corner house with a 1 car garage on kane just sold for $3.1. this place is almost twice as big and can park 3 more cars, but i don’t think that’s worth an additional $5.65 million. is there a more expensive townhouse on the market in Brownstone Brooklyn today? it would have to overlook the promenade in the heights for this price.

  • Nope–this package is worth $6 million TOPS. It’s not Brooklyn Heights.

  • 1:37
    “no garden to plant”…
    Um…if a buyer really plunked down this kind of dough…they ain’t worrying about planting.
    First of all there would be someone coming in to do it all.
    Second, this dream-purchaser would probably not even be there much or at all during the summer. I know people who only want their professionally landscaped yards to look good for them in early spring and fall when they’re “back” from the summer.

    FG/GL

  • The only “comp” I can think of is the 35 foot wide on Remsen street in the Heights, which was amazing, had a huge yard, and a separate Carriage House. As I recall, that was listed at 10M, but I don’t think it got that. Since this is Cobble Hill and the financial scene is looking pretty dim, I’d bet it goes for well under the asking. But who knows.

  • Have you lost your mind? Nicest house on the market? Hardly. You must be on the in with the broker since you seem to focus on her listings. First the S. Portland, now this. It’s a nice regular refinished townhouse. Top floor isn’t even finished. Price is at least 2 to 3 million dollars too high even in a good market. You could buy a house AND a carriage house in Brooklyn Heights for that money. It would be a record by close to 3 million in Cobble Hill by the way. What a joke! Have you actually seen the house or are you judging it by the pix and the broker’s hype? There is a sucker born every minute. It’s an embarrassing price.

  • I heard Ben Affleck and his brood were looking for a place in brooklyn….

  • 1:38 must be the broker talking. What a joke. One Cobble Hill resident said she was offended by the price.

  • I’d rather sink 10 million into a house in Midwood.

  • Where’s Cobble Hill?

  • Since the target buyer is probably a Wall Streeter, it is worth noting that Merrill Lynch just reported a third quarter loss of over $2 Billion–it’s worst ever. I don’t think this year’s bonus season is going to be nearly a rich as last years.

  • That’s a lot of cash to pay to live on Warren Street. It ain’t exactly Willow Street.

  • I am not the broker and I think it’s an insane price, but I’ve certainly been surprised on numerous occasions on what someone will pay for a property. The S. Portland house mentioned above went for well, well over the ask for what it’s worth. I would expect a price of 6-7 million tops for this, but again you never know…

  • I heard Ben Affleck & Matt Damon are looking for a lovenest in Brooklyn…

  • It’s congress i believe not Warren.

  • Can anyone figure out the exact address?

  • the address is 155 Warren St. and the guy has only owned it for a few years. he paid under $2 mill

  • Here’s the Property Shark link.
    http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=625986
    They say it’s 5400 sq ft. I wonder why it’s different.

    There’s a whole lot of mortgages on that house.

  • Hmm… Property Shark has the pic of the carriage house and a much more telling pic of the front of the house. Bland, blah, meh. Does not scream anywhere near $8.75.

  • He paid $1.8m in Sep 2003

  • someone stop snorting crack! i thought rich people were into other drugs. /shrugs

  • The entire lot size, encompassing the main house, garden, and carriage house is only 149.75 long. So you’re not getting two full 100 foot lots, which is the least you should expect for that price tag. Looney tunes. And house is blah indeed.

  • So unless I’m mistaken it’s just the carriage house that overlooks the park, right? The main house itself wouldnt be right on the park…i think

  • Right, only the carriage house overlooks the park, exactly.

  • Is the buyer in trouble? His last mortgage was arranged last month for a small sum of $25,000 and he’s paying 12% interest. Sounds like sub-prime territory.

    Distressed Buyer wants $8.75m? Methinks not!

  • What is the relevance of the previous transaction price for this property, or any other property for that matter?

  • Brownstoner, you’ve extrapolated from the broker’s listing of 7000 SF to your post of 7000 SF “of living space.” Not true – most of the attic has no windows and can’t legally be used for living space. Look at the floorplan – only the rear of the attic is windowed. That’s why it shows up on Property Shark at 5400 SF, though they ignore the attic altogether, as is typical. (Boo hoo, only 6000 SF of living space – call the deal off!)

  • Check out the floorplan, This is a five-story house, with five bedrooms, and only 2-1/2 bathrooms.

    A lot of cash was clearly spent on the reno. You think they could have thrown in one or two more full baths. And on the third floor, one “bedroom” can only access the bath through what appears to be the master bedroom. Not a very gracious touch!

    The top floor loft/attic space could be really cool, but again, not even a half bath on that floor.

  • It looks like the rest of the block of Warren St. and Verandah Pl. are about 75′ deep, and this one is like 2 lots. Perhaps the house on Warren with ~5k sf and a ~2k in the carriage house on Verandah? Price may represent wishful thinking that someone could build another full size house on Verandah to create more value from buildable land.

    And by the way…
    Fuck The What.

  • BTW, people are mentioning “the S. Portland” house that went for way over asking price. Which one was that and what was the final agreement?…and how do you’allz get that kind of info? Since the property may not have changed hands, how can one tell what a contract amount is? Are there leaks at RE agent office?

  • bmfsq

    25 feet wide is HARD to come by in NYC. It makes a world of difference if you ever lived in a bldg. 17-20 feet wide, but that price is way off base.

  • Brownstoner

    Finally, an entire floor for my foosball tables!

    Amy

  • So expensive. Must be the 4 car parking – is it worth millions! Seems like these prices are going over the top. Cobble Hill is now so expensive, when newcomers have their house warming parties, the limos are parked outside all evening – I’m not making this up, this was the case on my block this spring.

  • If 8.75 is how much a house like this would cost in the Heights, then it is reasonable for Cob Hill, I think the neighbs are pretty much neck and neck in terms of desirability at this point. I for one, and many who know anything about Bklyn would much rather live in Cob H than BH.

  • re: floor plan – I bet that closet looking thing off second bedroom on third floor is a bathroom, they just didn’t bother to fill in details.

  • Remember when people thought the Foer house was pricey at 5.7? He’s laughing now. That house is something like 7,500 sq/ft, has a 40 x 100 foot garden behind it, and is in a much more desirable location—Park Slope, like it or not, is more valuable than Cobble Hill. And being steps from Brooklyn’s best park isn’t bad, either. Anyway, these prices have to catch up to reality at some point, but it might be that the future owner of this house will laugh at the bargain he got it for.

  • I walked by this. It’s a beautiful brownstone on a great block (Warren between Clinton and Henry), but as the PS listing shows, the “carriage house” is a one-story garage on Veranda Place. For $8M you’re presumably going to want somewhere to park the Bentley, so calling it anything other than a garage is pushing it. No way they’ll get close to this price.

  • i don’t even think the carriage house overlooks the park. if you look at propshark it shows the lot is west of the park, so it looks at the houses across narrow verandah place. 5400 sq/ft doesnt include the attic or carriage house. the attic has 2 real bedrooms and great rec space. who cares what it is legally for? the house a a CofO for a 1 fam, they can use it for anything they damn well please!!! study, rec room, media room, or even another bedroom. people always mention what’s legal in townhouse, but who cares, dob doesn’t drop by to inspect private homes. as long as the C of O is legit, you can do anything youw ant in your space and all the bank cares about is the appraisal (they don’t care what’s legal or not) and the C of O. speaking of appraisal there is no way this house will appraise for more than $4.5 and that’s a huge stretch. so the buyers (if there ever are any) better have over $4 million down

  • Even if you are aggressively pricing the house at $5 million, they are asking you to pay close to $4 million for a garage. Come on! That’s insane.

    And a 5 story house with only 3 baths?

    Like 2:03 said there are a whole lot of mortgages on this house that the seller likely does not want buyers to see.

  • re 2:37. it’d be worth $8.75 if it was on the promenade, over looking the harbor in bk heights. even though i agree cobble hill is nicer place to live, the heights still has a 25% premium and is, and always will be, the most expensive brownstone neighborhood in brooklyn. it’s too unique and it has always been more of an upper class neighborhood. there is no way to recreate it.

  • I was actually going to say that the Safran Foer house IS/WAS worth the 5.75. This one, no way.

  • > i don’t even think the carriage house overlooks the park.

    It does. It’s about 4 doors in from Henry.

  • Everyone here is a big pussy. Hell yes 8 million why not its got 4 garage/ carriage house and NYC is the greatest city in the world. 8 million sounds good to me. we live in the greatest city in the world what is wrong with you people 8 million bring it on. Bring it on My house just went up in value. 8 million.yes indeed..

  • distressed seller fishing for record price? takes guts

  • 3:34 Either guts or desperation.

    All it takes is one sucker to buy the Realtor’s hype [7000 sq ft, mews carriage house, a lifestyle unheard of...ugh] and pay 4 million for parking.

  • You’d have to have grown up in that house and struck it rich to pay that price.

  • I wouldn’t look at this as desperation, but a very calculated potential transaction. I know who the owner is and he’s a wall street type that’s not going to be much affected by what happens in subprime or at Merrill Lynch. He’s putting an offering out and seeing if he gets lifted or countered. Nothing wrong with floating a high price. Sometimes you get surprised.

  • “a wall street type that’s not going to be much affected by what happens in subprime or at Merrill Lynch”

    LMFAO!!!

  • Even “Wall Street types” encounter hard times.

  • one gorgeous house!!

    you people will complain about anything.

    i hope they get it. i think it will go to a celeb type.

    heard parker posey is looking in brooklyn….

  • heard Pipi Longstocking is looking in brooklyn…

  • So apparently is that old Irish guy F.O’Reclosure

  • I thought I saw Parker Posey on Henry Street the other day. Really. I guess maybe I did.

  • I heard Warren Buffet is looking in Brooklyn…

  • 4:23 – I think its hard for you to understand what wall street types can get paid. You read about it but until you are around it, its difficult to comprehend. You start out of school making decent money, nothing special. Parents ask how much you’re making. At some point you dodge the question because their reaction starts to gets embarassing. If you do well you’ll make multiples of what your parents make in a few years. If you manage to survive 10-15 years, you will either be running a business or decide you’ve made enough to last a lifetime. If you end up running a business that later blows up, you take your stuff home and hang out with the kid until your wife makes you look for something to do to get you out of the house.

  • Other shit like that place in Gravesend went for 10 million.

    And I think something at One Brooklyn Bridge Park got something near that too.

    This looks like an incredible home.

    8.75 million gets you a nice 2-3 bedroom at the Plaza.

    Or this.

  • Yes, Parker Posey just sold her place in the East Village, and she’s looking for a new pad.

    Would not at all be surprised to find her turn up in Brooklyn.

    Think this place is even a little pricey for her though. She can’t afford it.

    She sold her EV place for 1.1 million.

    Wall Streeters…the successful ones make 8 million in a year. Easy.

    Some of you have NO concept, apparently.

    My friend just out of college at 22 years old was making a million bucks TO START at a Hedge Fund.

    Get your heads out of your asses.

  • 4:40 I think it’s hard for you to understand that rich wall street types don’t take out $25,000 mortgages at 12%.

    But thanks for explaining it to us all.

  • See PShark 8/3/2004, he sold the facade to the National Architectural Trust Inc. … that tax dodge thing. Shady.

    Also, 4:45pm, I work on Wall St. and while there are people making big bucks, it is very, very unlikely that a 22 year-old right out of undergrad is making $1 million a year at a hedge fund (unless he’s the founder’s kid or his mistress).

  • I’m glad 4:41 has enlightened us as to what it’s like to be around the big money. Now for some sanity. How did this big money get made? The last few years it’s been made by borrowing yen super cheap and playing the spread against another currency. A no brainer, until the carry trade collapses, as it now has. How else? Wall Street has been feeding the emerging market savings glut by packaging and then tranching mortgages. Nice money, until the re-sets kick in, and the income flow stops, and the bonds are revealed to be worthless (and in the face of a AAA rating, no less.)

    I live near the Warren Street place and have lived around money all my life. Someone operating under no financial scruple (about how much 8mm could be worth in ten years if it were put in something other than an inflated dollar-denominated asset) who loves the neighborhood might possibly buy this house. No one shrewd would touch it, though. With eight million to spend, knowing the state of the credit crunch, how hard it is to get a jumbo mortgage, you’d either play serious hardball with the seller, or find something every bit as nice in a more unequivocally wealthy neighborhood.

  • taking out 25k loan and sell front to Trust means he doesn’t have as much money as he tells his friends

  • And it’s that 25k loan @ 12% that has me flummoxed and not the other $3.5M in mortgages he has. From googling – the owner IS a wall street type but now runs his own boutique investment firm (although the ABOUT US page is still “coming soon”!.

    If you own a several million dollar home just how badly do your finances have to be to allow a paltry $25k lien to be placed on your home for all to see?

  • people buying 8 million dollar homes pay all cash.

    they don’t need to worry about jumbo mortgages.

    that’s absurd.

    someone will come in, buy this place for 7 million cash and be done with it.

    this house will be worth 12 million in 10 years when downtown brooklyn is finished.

  • I find it astonishing that someone thinks that 8 milion for a house in Brooklyn is no big deal. There are a lot of rich people out there but they did not get that way by paying top dollar for things of by being loose with their wallets.

  • Seller is clearly playing into the hype, looking to catch a buyer with too much money and too little insight into the market. Even in Brooklyn Heights, which saw relatively lots of $5MM and up listings this year, you can count on one hand (and have fingers left over) the number that have actually sold for over that price point. Just because it’s listed high doesn’t mean the market’s gone up – only sales count. The actual stratospheric appreciation we saw in these neighborhoods earlier in the decade is over.

  • 5:05 I think the mtges total over 4.6 mill.

    Why the new deed on 3/9/07?

  • 5:12

    someone will come in, buy this place for 7 million cash and be done with it.

    this house will be worth 12 million in 10 years when downtown brooklyn is finished.

    That’s only a 5.54% annual rate of return – not particularly impressive.

    Now maybe your $12m in 10 years is right but I’d say you’re off a good $2m to $2.5m in the 2007 sale price. I fail to see how this can go for anywhere much over $4.5m.

  • You all make it sounds like this is Beverly Hills or Bel Air where every home is 5 million and up.

    This is a special property, thus priced accordingly.

    It will be bought by someone who loves the property, wants or needs the square footage and likes the idea of being a little removed from Manhattan, yet still very close.

    It’s not that absurd, really.

    This area is still booming. Once you get Trader Joe’s, Urban Outfitters (not my favorite, but still) and all the new development done along Atlantic Ave and downtown, this area is going to be even better.

    Brooklyn Heights sucks. Lots of people don’t want to live there for the same reason that lots of people don’t want to live on the Upper East Side.

    Too conservative and stodgy.

  • 5:17 yes your right (5:05 here)
    Mortgages are
    1,312,500
    55,000
    2,250,000
    250,000
    500,000
    250,000
    25,000

    Also the new deed was transferring ownership into joint names as previously only the husband was on the original deed from 2003.

  • 5:17 – you’re adding all the mortgages and ignoring the the satisfaction of mortgage you get when you refinance. He got a new mortgage for 2.250mm and paid off the earlier ones. Adding the later ones, total is about 3.3mm. So no matter what anyone thinks about why he got the 25k mortgage at 12%, looking at the low end of opinions here on price, he still clears nearly $1.5mm. Not bad.

  • People buying 8 million dollar home actually don’t pay all cash, or not always. I know this for a fact. (They want the tax deduction; they model out how well their money will outperform invested elsewhere, even after making large mortgage payments; and yes, some big swinging dicks are income rich but relatively cash poor, and need to borrow to live large.)

    The point is that the demand for such houses shrinks when no one –literally, no one –can finance the purchase with debt. That leaves a reduced market for super high priced homes, and so only those homes with perfect pedigrees will sell; anyone with eight million dollars and a brain ought to know all this going into negotiating a sale price. I think some of the big talkers here have never seen the inside of anything but a Chase branch, much less been granted real proximity to the culture of the very rich.

    I just walked by the warren street place, and it is entirely possible that someone, for occult reasons, will pay that price, or near it, to live in a nice townhouse and off-street park four cars. that’s a different question from: what will said house be worth in three, five, ten, twenty years? What would 8 mm have been worth, on those same time horizons, invested in gold, the DAX, ringgit, whatever? And, of course: what will the house actually sell for, if no greater fool emerges?

  • house is worth 2.75-3.15. carriage house in worth 1mm assuming you can build on it. 3.75-4.15mm. he’s asking DOUBLE.

    you can’t list a house like this and expect it to do anything but get stale.

    maybe he knows that ol’ Wall Street saying: bulls live, bears live, pigs get slaughtered.

  • This house will go for 20 million in 2015.

  • Hi 5:17 There is no sat for the first 1.312 mtge just the York mtge, at least as I read it. He gets the 2,250mm but pays off the York not the initial Merrill one.

  • We looked at this house when it was originally on the market about 2 years ago. It was 1.5M and needed a total gut, which the buyers obviously did, and now they are flipping it.

    8M is NOT unreasonable, as the yard is huge, and the carriage house, which is currently a 4 car garage, is zoned both for being a stand-alone house and for building an apartment on top of the carriage house.

    Not impressed by the reno. Then again, it seems this was an investment purchase, rather than a real home.

  • Wall Streeters w/ real money live in Greenwich, CT – the thought of Brooklyn living does not enter their minds.

    Anyway, only one or two firms will be paying bonuses for this year, the rest of them will payout gaurantees only and stock options. The young wall streeters are not getting paid this year, as they have not delivered!

    Only the entertainers will entertain this house and location. Still IMO the property is simply too richly priced! But, I hope it get’s it or close to it, because that would be great for my pocket down the line.

  • the garage alone is worth a million bucks.

  • priced double the market

  • no way a 22yr old just out of school makes a million bucks at a hedge fund
    that just retarded

    and i know since i work for one

  • 5:23–
    “This is a special property, thus priced accordingly.”

    You sound like a broker.

    “Brooklyn Heights sucks. Lots of people don’t want to live there for the same reason that lots of people don’t want to live on the Upper East Side.

    Too conservative and stodgy.”

    Forget “lots of people” – guess what, the people who can afford $8.75 million DO want to live in Brooklyn Heights or the UES.

  • 5:22pm and others, not to be snarky but I see this math error all the time and I think it needs to be corrected.

    You said: if it was worth $7MM now and $12MM in ten years, that’s a 5.54% annual rate of return.

    That is mathematically correct but all any homeowner (or investor) cares about is return on EQUITY, not return on ASSETS (your math).

    Assume a 70% mortgage – 30% equity structure. That’s 30% x $7 million = $2.1MM of equity invested at closing with a $4.9MM mortgage (70% x $7MM).

    If he sells for $12MM in ten years, he gets $12MM – $4.9MM mortgage (assuming no amortization) = $7.1MM cash payday.

    That’s an annual rate of return of 13%! Better than the average return of the stock market … not bad!

    I still think it’s waaaay overpriced but we should all be using the same math.

  • anyone know what happened with the Pierrepont co-op FSBO? wondering if it sold

  • 5:35 – Release probably didn’t get recorded properly. Happens. Happened to me and I had to get another release from the original bank when I sold. Otherwise WaMu couldn’t have gotten a first mortgage which is what they have.

    And 5:22′s point makes the gain even bigger as he put less than 500k down when he bought the house.

  • Beautiful home. Most of the homes/condos sold are not worth their asking price so I do not blame the owner for asking 8 million, join the rest of the bunch,why not?And who the hell is Parker Posey?

  • 5:48 – yes, but a 25 year old 3 years out of school can. seen it many times.

  • Both the Merrill Lynch & the Wamu mortgages are listed as concurrent on the deed to the National Architectural Trust.

  • How do you think the price setting occurred on this listing? Owner-led or broker-led? Just wondering…

  • Greedy brokers and flippers once again… I hope this sits on the market long enough for both the flipper and the owner to go bankrupt.

  • 5:49 – actually Tribeca and the west village are now more expensive than the UES. I know because I have a friend who just bought on one of the fanciest blocks on UES because downtown was too expensive. The tides have turned – everyone wants to be “hip”. (not saying that Cobble Hill is, but certainly more so than Bk Heights)

    And whoever said big money would never consider Bklyn is absolutely wrong. I know a couple of hedge fund managers in Cobble Hill.
    I know many many more are in Greenwich and manhattan, but still, the tides have turned a bit in that regard as well.

    But of course price does seem pretty crazy.

  • The big sharks are all in BH. Some of the more “bohemian” sharks have even bought in Park Slope. Cobble Hill? A group of four 30-something Manhattan bankers who live in my building, and who I was just having a cigarette with, asked me where Cobble Hill was when I mentioned this HOTD… go figure.

  • This pricing reflects the egomaniacal, testosterone-overload that prevails in the I-Banker world. It’s the omnipotent frat-boy mentality at its finest. Good luck bud.

  • Why do brokers sponsor this site when their clients’ listings are relentlessly trashed?

  • those mortgages would not resolved. they are all currently outstanding. he is 5mm in debt on this place.

  • Mickey Mouse just went into contract on this place. Heard Daffy Duck will shack up with the Mick. Guess Mini was just his beard.

  • If the house doesn’t sell, do you think he’d let me have that foosball table for a hundred bucks?

  • Maybe A-Rod will buy it after he signs his new contract.

  • Post 7:23: just out of curiosity, where do you live? High on the hog, huh?

  • It could get as much as 6 million, but this price does seem way too high. I don’t even think the renovation is so great — parts of it look a bit tacky/generic, the kitchen is sort of dreary and dark, and there are no pics of bathrooms. The floor plan also wouldn’t work for me: dining room on different floor than kitchen, dark and basically pointless garden floor.

  • Maybe for that price you can get the seller to throw in a Ferrari or a Bugatti. I recently saw that someone trying to sell their Soho townhouse is throwing in a Mini Cooper!

  • My guess is it will sell for about 5.5. Maybe 6. I have been seeing more wall street types around here with snazzy cars and snazzier suits. Of course, they dress down for the weekend.

  • there is no question that a buyer could get a jumbo mortgage.if you have excellent credit (as most multi-millionaires do), income of $1 million a year and assets in the millions you could easily get a multi million dollar mortgage, and it’d be less than 7%. i make nowhere near any of that and i just qualified for $1.5 mill loan at 6.67%. but this house will never appraise for anywhere close to this price, i doubt it’d even appraise over $4.5. no matter how nice it is, there just aren’t any comps to support it, and that’s what appraisals are based on. the house could be made of gold and it wouldn’t appraise for that high cause no other house in the neighborhood has ever sold for anywhere near that high. i think the cobble hill record is $4.4. so no matter what the buyer has to put down a few million, even if it sells for $6 million

  • I think it is totally worth every penny the area is surrounded by nothing but yuppies and uber wealthy.

  • Just because someone is filthy rich doesn’t mean they will overpay and throw their money away. This house = overpaying.

  • The Foer house on Second St. wasn’t quite as wide I believe, but it had a much bigger lot and much grander details: marble, terazzo, a gorgeous conservatory. This is just a big wide house. And that was a much better location (not for everyone, but generically speaking.) They paid less than 6, so I don’t think prices ahve gone up that much in 2 years.

  • You’re right, 10:38. The Foer house is a much grander house in EVERY sense of the word. Just comparing that facade to this one says it all. It was also a longer double lot (by 50 ft). And a better address, and right off the park. No comparison. This house is blah.

  • as a custom cabinet designer recently told me, the REAL money hasn’t even gotten to brooklyn yet – these prices may not be out of the realm of possibility – 100-200K cabinet orders all the time from manhattan and long island – never to rarely from brooklyn. the wall st money comments are all true – hard to imagine what they pay these guys on an annual basis.

  • Here’s a house that ISN’T overlooking the park, as stated, DOESN’T have a carriage house as stated, but rather a garage, DOESN’T seem to have 7000sq ft living space as stated. Makes you kinda wonder, huh?

  • I far prefer a simple clean lines of a brick townhouse than the ornate brownstone of the Foer House. Would also prefer to be able to jump in a taxi and get to wall street in fifteen minutes. The neighborhood is just more convenient than the slope.

  • The Foer house??!! Foer makes me wanna wretch almost as much as the smug people of Park Slope in general who insist on bad mouthing every neighborhood that threatens to shatter their Sloped sense of paradise.

    “Better neighborhood generically speaking” ????
    Errr, what exactly does that mean?

  • Seriously – people are on crack the way they always insist that PS is more desirable than Cobble Hill. CH is SO SO much closer to Manhattan and for SO many Manhattanites now considering Bkln, that is absolutely the most important thing. I know MANY people who simply will not consider anything further out than Cobble Hill

  • Cobble Hill or Park Slope–whatever. The price on this bland house and garage is still ridiculous. Only a fool would pay sticker price on this place.

  • you’re an idiot, 12:48.

    most people in manhattan have never heard of cobble hill.

    they’ve ALL heard of park slope, and I guarantee you, most prefer it.

  • Believe what you want 1:16. If you lived anywhere outside of Park Slope, you would understand how many people would never consider living there.

  • i don’t live in park slope.

  • Having lived in Manhattan UWS (1999-2001), Park Slope (2001-2005) and since 2005 in Cobble Hill I feel qualified to speak on each area’s desirability. And I can say with out a shadow of a doubt Cobble Hill is way way way preferable to me and my family than Park Slope. It’s not that we have anything against PS it’s just that CH has everything and more than PS and is so much closer to Manhattan and will become closer still once AY is built.

    The commute into Manhattan is a good 15-20 minutes less from CH than PS by either car or Subway.

  • Different strokes and all anecdotal anyway. House overpriced by millions.

  • cobble hill is a tiny enclave. not even a neighborhood.

    it’s just a little tiny patch of homes sandwiched between more established neighborhoods.

    comparing it to park slope or the uws makes you look like a moron.

  • Forget cobble Hill & fort Greene – Bed Stuy rocks!

  • Gee if I’m a moron how’s that chip on your shoulder? I’ve lived in both PS as well as CH; you I take it haven’t.

  • There are many good reasons to prefer Cobble Hill. But it doesn’t affect the fact that the park blocks of Park Slope are always going to have more inherent value than Warren St & CLinton

    I would much prefer living on the lower east side than the upper east side, and probably so would many others on this blog, but it doesn’t change the fact that the best parts of the UES will maintain their value better.