85 State's Roller Coaster Ride
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order: 9/2005: The house trades hands for $2.5 million in an estate sale. 3/2006: Only 6…
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order:
9/2005: The house trades hands for $2.5 million in an estate sale.
3/2006: Only 6 months later, the 5,000-sf property flips for $3.2 million to a developer.
1/2007: The house is placed on the market by Corcoran for $5.8 million.
5/2007: Brown Harris Stevens takes over the listing and prices it at $5.95 million.
1/2008: The listing jumps to Halstead and is priced at $5.75 million.
2/2009: A series of price cuts brings the asking down to $4.2 million.
6/2009: Warburg takes over marketing but doesn’t cut the price further. Listing now says: “Offered at less than cost! Stunning XXX mint Brooklyn Heights townhouse…the home has just undergone a complete renovation from top to bottom.”
10/2009: The house finally sells for $3.4 million.
House of the Day: 85 State Street [Brownstoner] GMAP
85 State Street [StreetEasy]
Zimbabwe is better off! They don’t have Nancy Pelosi to contend with.
Hannible,agreed. Bernanke is ruining our
economy by destroying the dollar through money printing.
He is
stealing money from the prudent savers
and giving it to the reckless and greedy.
He is clinically insane and needs to be
locked up
someone stop him before we become
the next zimbabwe
Well dandel who is going to write or call Cuomo and tell him to take action against Greenspan and now Bernanke who will not raise interest rates as to not let the value of homes to come down anymore. We get pennies for keeping our money in the bank while speculators and greedy jerks live the life with our money? Are we idiots not to do the same?
i agree with you; real estate brokers and bankers belong in the same category.
Real Estate are also parasites on society; they add little value but get paid a lot of money and they do whatever it takes to thwart the introduction of any system that brings transparency to the real estate market. I don’t know why the Cuomo isn’t investigating the anti-competitive nature of the new york real estate market. Moreover, real estate brokers were the enablers of the real estate bubble. They fabricated a sense of urgency and got many people to buy into the real estate mania/frenzy. Many people subsequently got hurt financially in a big way. These real estate brokers have blood on their hands. I hope their conscience prevents them from enjoying all the money they made from the real estate bubble.
Bankers that work at investment banks that received tax payers’ money are getting paid big bonuses again. These same people were responsible for creating the financial crisis that the nation is facing today. The Washington-Wall street partnership is resulting in the rewarding of a lot of incompetent and undeserving bankers, while punishing the prudent and the savers with the trillions of dollars printed. These same bankers with their fat bonuses that are being paid with bailout money are continuing to buy houses in desirable neighborhoods in brooklyn and pricing hard working families out of places to raise their kids.
Hannible, it is time that the middle class stand up for the rights. The past 30 years have led to the widest gap between the rich and poor since the second world war, while real wages for the middle class have stagnated. It is time for us to let our government know that we are not going to stand for this injustice any more.
Amen to your words dandel! Put real estate brokers and bankers in that catagory too. Our prayers will be answered as soon as that idiot of Bernanke starts raising interest rates and stops printing money and giving it to speculators for free.
Looks like it cost a mil to fix up: http://www.horrigancompanies.com/85state.html
So developer had 4.5 into it + carrying costs for 3.5 years… Classic example of chasing the market down, but I think the buyers done good.
Posted by: tricks73 at November 6, 2009 9:02 PM
Love it!! The greedy developer-flipper lost a million dollars plus carrying cost from taking on $3.4Mil of debt for 3 years!! That is going to leave a mark.
Greedy developer flippers are the scum of the earth. They prey on hard working families looking for a good place to raise their kids by jacking up prices of houses.
Hopefully, this will serve as a lesson to these parasites of society. Karma is a bitch sometimes.
Is it true that there are “hit the peddle water wahing ass” toilets in the bathrooms?
Looks like it cost a mil to fix up: http://www.horrigancompanies.com/85state.html
So developer had 4.5 into it + carrying costs for 3.5 years… Classic example of chasing the market down, but I think the buyers done good.
“the Carroll Gardens Amity Street Horror?”
Which one was that mopar?