65 Hope Street, the 126,000-square-foot loft building just off the BQE in Williamsburg, may provide the perfect illustration for the rise and fall of the area’s real estate market over the last several years. After sitting in the same hands for decades, the building sold for $14,200,000 in December 2004; less than 20 months later, in August 2006, it traded again for $26,115,000. Now, just two months ago, as noted by Curbed yesterday, it sold again for $12,000,000. Someone just lost a lot of money. Assuming this can be converted into condos, $100 a foot may have been a pretty good buy! GMAP
Photo from Citynoise