100 Clark Street Sells

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100 Clark Street earned notoriety over the past decade for its poor condition and the failure of its owner to do anything about it. The issue came to a head in 2008 when the DOB ordered the long-time tenants to vacate their way-under-market rent-stabilized apartments because the condition of the building had become “imminently perilous.” In fact, it was determined to be so perilous that DOB tore down a portion of the building, a move that resulted in the owner suing DOB, LPC and a couple of contracting companies with a $18,000,000 lawsuit. (Pleasant.) In April of this year, the suit was dismissed by New York State Supreme Court. The owner put the property on the market in April, initially without a listing price and then for $2,000,000. Massey Knakal, the listing broker, just announced yesterday that the property had sold in an all cash transaction for $1,250,000.
100 Clark Street Listing [Massey Knakal] GMAP
100 Clark Street Hits the Market [Brownstoner]
What’s Up at 100 Clark Street? [Brownstoner]
Emergency Repair at 100 Clark While Court Fight Continues [Brownstoner]
Emergency Demo at 100 Clark Clears Tenants [Brownstoner]
‘Dereliction of Duty’ in Brooklyn Heights [Brownstoner]

0 Comment

  • They seem have their math wrong in the press release. Looks to be $156 per buildable sq ft, not $186. But whatevs. Good for the neighborhood to have this thing in new hands

  • Maly

    Can the DOB recovers what the taxpayers spent fixing the stupid owner’s mess?

  • Donald Brennan

    Ringo – ‘good for the neighborhood’ how so? what do you know about the buyer and what their plans might be?

  • daveinbedstuy

    It is Landmarked, Donald.

  • more4less

    1.25M is a sweet deal.

  • so they can’t knock this POS down and start over?

  • NYGuy7

    “Can the DOB recovers what the taxpayers spent fixing the stupid owner’s mess?”

    It would probably cost tax payers more in legal fees than the actual cost to fix the place.

  • Donald, how could it be worse? It’s lucky nobody got killed. I suspect whatever they get approved will at least be stable. For years, when upper floors were still there, I wouldn’t even walk on that corner.

  • Donald Brennan

    New hands doesn’t necessarily mean better hands. I am interested to see who stepped up to the plate on this mess. Definitely an eyesore and safety hazard but path to completion is not so straight forward. While an acceptable margin currently exists btwn acquisition price (as reported) and what an end product like a small 4-unit condo bldg or single-family home might yield the developer(not so sure about a rental property scenario), the soft costs associated with liens/tenant issues could be significant. If they balloon, well then corners may be cut elsewhere.

  • more4less

    Donald, so you think the tenants have the right to resume occupancy at similar arrangements as before?

  • I agree that 1.25 isn’t a great deal considering all they have in front of them. I wish them luck. This corner has been so bad for so long.

  • the squatter/renters who had to be kicked out by the DOB are still clamoring for their buyouts. I wonder if their claims were settled as part of this deal?

  • NYGuy7

    I wish the city was crack down more on dilapidated building owners.

  • Donald Brennan

    more4less – I don’t know what rights the tenants have nor do I have first hand knowledge of what they are looking for, if anything. I do know that the property was being marketed with open tenant issues. Also, I believe that tenants would have maximum leverage over the new owner if their issues were not addressed and/or resolved prior to the property trading hands.

    on a different matter – i heard parking spaces at the Love Lane Mews condos were going for $250,000. Anyone else here that?

  • Donald, I haven’t heard that, but I’m dying to see the prices on those units. CGar heard they were looking at 1500 psf. I love everything about that project but that is pricey.

  • Donald Brennan

    I walked thru the Love Lane project last week with the selling broker. Large units with pricing ranging btwn $1,000 to $1,300 psf. I am interested to see how they are received by the market/buyers.

  • bfarwell

    I hope most of the money goes to the tenants, and the owner doesn’t get to profit from running his building (and their home) into the ground while simultaneously getting around an inability to evict low-rent peeps.

  • more4less

    with open tenant issues, 1.25M is definitely not a juciy deal. might still be a deal but NOT juicy

  • McKenzie- those renters are not squatters. And if they were no longer paying rent, it would have been because of dangerous conditions. We can only imagine the condition of the apartments.

  • Hopefully the renters were given a fair settlement. It really was a crime the way that the building was allowed to deteriorate to such a dangerous state.

    I stopped by Love Lane last week and got pricing. Even the 2BR’s are starting at 1.4m. Great reuse of the buildings, but very pricey.

  • the squatters in these buildings were pure scumbag extortionists. they were demanding million dollar buyouts.
    they are the reason the building was not restored. taking their side is fuzz-brain idiocy.

  • Donald, if you toured the building why didn’t you get the garage prices? I did, and they’re not $200,000. They’re $250,000. The smallest 1 BR unit starts at a almost a million. Some units with incredible ceilings and design layouts, some not so hot(especially the penthouse which has a purely nutty layout.)

    on 100 Clark, unless someone had their head up their arse, the only way $1.25 mil made sense was to have settled with the existing statutory rights tenants in place at contract.

  • Donald Brennan

    i said 250,000

  • my bad. I use to be able to read.