Carlton Mews Sells Again
Straight from the Property Shark Blog comes the news that the Carlton Mews, the property made of three separate parcels of land (and an old church) from Carlton to Adelphi Avenues between Dekalb and Willoughby Avenues, has resold for $4.1 million; the transaction closed on October 22. If you recall, it changed hands for $5,756,240…
Straight from the Property Shark Blog comes the news that the Carlton Mews, the property made of three separate parcels of land (and an old church) from Carlton to Adelphi Avenues between Dekalb and Willoughby Avenues, has resold for $4.1 million; the transaction closed on October 22. If you recall, it changed hands for $5,756,240 in January of this year after plans for a new townhouse development fell through. Before that, it was supposed to be Brooklyn CoHousing’s experiment at group development. According to the deed, it was bought by “231 Carlton Avenue LLC” which doesn’t give any hints as to what it will become, but we do hope this is the final push to get things moving here. Importantly, the deal does include the amazing townhouse at 237 Carlton, implying a land value of $1,600,000 or more.
Carlton Mews Changes Hands Yet Again [Property Shark Blog]
Carlton Mews Changes Hand [Brownstoner]
Carlton Mews Back on Track [Brownstoner]
Carlton Mews ‘On Life Support’? [Brownstoner]
LPC Gives Go Ahead to Carlton Mews [Brownstoner]
M4L, the two $5,000 listings were just updated/reduced; now for rent at $4,775 and $4,875.
Who knows? Rental brokers are not always very good at cleaning up listings. Streeteasy shows 1 out of 3 rented (the $2,800 place on the top floor.)
Maly, those werent rented. thought last time Mr B posted then as ROTD, someone mentioned they were rented already. I do think one of them (ie if the one to the right of the entrance is one of the big ones) got rented as I saw people unpacking.
M4L, did I miss something? The two $5,000 rentals at 447 Clinton Avenue are still available on Streeteasy. The cheaper one rented, but not the expensive ones. Or were there other $5,000 rentals on Clinton Avenue?
rentals in that renovated church on Clinton Ave got their $5k ask super quick. if they can do the same with this church (ie if not going condo route). and I think this is a better location.
not lotto winings but maybe some other type of windfall. no facts, just making an educated guess. Most of the seasoned real estate professionals (developers, not brokers) are still warning that it is still too early to get back in the game – credit is extremely hard to come by for development projects. This project is of a size that implies some economies of scale but not so much as to interest the bigger developers. Most of the smaller players are hovering around the $1M mark for redevelopment acquisitions, all cash. So this deal falls in between and I view it as an economic anomoly of sorts – not indicative of improving credit markets. Potential upside and profit for new owner may be avaiable but proper management and marketing of the project are critical.
Really? That woman who won the mega millions a few weeks ago? Do tell!
Boerum – your last sentence is interesting and possibly ironic in that I sense that is what may be going on here with this new owner.
Damn near -30%. Ouch!
***Bid half off peak comps***