Last Week’s Biggest Sales

1. GRAVESEND $5,150,000
1996 East 5th Street GMAP
There isn’t a lot of information on 1996 East 5th Street. All we could pick up is that it is a 2,400-square-foot one family on a 4,000-square-foot lot. The Property Shark photo isn’t revealing much either. Entered into contract on 1/11/11; closed on 1/11/11; deed recorded on 1/18/2011.

2. GRAVESEND $3,385,000
2085 Ocean Parkway GMAP
This two-family home is big: 4,266 square feet on a 6,000 square foot lot. What do you make of it from the photo (on right)? Entered into contract on 12/3/10; closed on 12/30/2010; deed recorded on 1/21/11.

3. PARK SLOPE $1,536,392.81
638 President Street GMAP
This condo sale comes from the once-controversial development in Park Slope. There are four units in the building and StreetEasy shows two selling over $1M. This particular four-bedroom unit is a duplex with a private roof-deck and a balcony. It was listed for $1,749,000 in 2009 and got gradually price slashed. Entered into contract on 12/3/2010; closed on 1/7/2011; deed recorded on 1/20/11.

4. BOROUGH PARK $1,300,000
1618 51st Street GMAP
This is a two-family, two-story, 5,180 square foot house. Entered into contract on 6/3/2010; closed on 12/31/2010; deed recorded on 1/18/11.

5. PROSPECT HEIGHTS $1,095,000
1 Grand Army Plaza, #6D GMAP
This latest sale at On Prospect Park was for a one bedroom, two bathroom. That’s a lotta money for a one bedroom, but the layout does afford extra space with the possibility of a convertible bedroom. It first went to market for $1,500,000 then came down to $1,300,000. Entered into contract on 8/25/2010; closed on 12/30/10; deed recorded on 1/21/11.

Photos via PropertyShark.

0 Comment

  • order is restored as gravesend takes back the #1 spot. it was nice enough to LET brownstone BK get the spot light for a little while.

  • that apt @ 1 grand army plaza is a good deal. it’s really like a 2+ bedroom.

  • Why is it that On Prospect Park has a fucking tax abatement>?!!

    Fucking BULLSHIT. $1.3 million apartment and the fucking taxes are $240 a fucking year?!


  • Emily, how do you guys pick the biggest sales? I noticed on Streeteasy that there was a house sale recorded in Park Slope last week at around $2.4MM, but it didn’t make it into your list last week or this week. Just curious.

  • What new development doesn’t have a 25 year abatement?

  • The President Street condo is quite bullish given its $800 psf price for between 4th and 5th Avenue.

    On Prospect Park apartment sold for $750 psf. Not too shabby.

  • tybur6, if no such loonie abatements, city wouldnt have to ticket cyclists for the rev to plug budget gap

  • PSresident:

    I pull up all the deeds recorded in the past week via Acris, and then have to scan the deeds for biggest sales. Unfortunately you cannot organize the week’s sales according to price, so it may be possible that I just missed it. Also, do you know if the house was a four family? I try to stick to one, two, and three family homes.

  • House on the right looks like public housing.

  • “Why is it that On Prospect Park has a fucking tax abatement>?!!

    Fucking BULLSHIT. $1.3 million apartment and the fucking taxes are $240 a fucking year?!


    i can’t agree more, and have never understood the abatement thing when it comes to rich people who can obviously pay normal property taxes. i wonder how much the city loses each year to this BS???

  • If no such “loony” abatements, 10 years from now (I believe it is a 10 year abatement, not 25), the city would still be collecting zero dollars on the parking lot that used to be attached to the synagogue– which is now the Richard Meier building, because that project would not have been built, and wouldn’t now be 70% filled if not for the abatement.

  • Again, Randolph, it depends how you define lose.

    If On Prospect Park is never built, how much money would the city lose based on it instead being a parking lot?

    When that abatement goes away, the city will have increased its tax base by more than 100 million dollars.

  • Thanks, Emily. The house was a two family and actually a former HOTD on Montgomery Pl. The deed was recorded I think last week, but the closing was at the end of November, so maybe that’s why it didn’t show up in your ACRIS search.

  • how does the abatement help the developers and give them incentive to build? what i am saying is that the abatement is not the motivating factor for someone buying a 3 million dollar apartment. they can afford the taxes!

  • Seriously — the abatement on a true luxury development like this is absolutely NO motivator. It’s almost an accounting error to someone paying $1 to $4 million for a fucking fancy pants apartment.

    Oh, sorry, I should be careful. I forget, $1 million homes are basically considered “working class” on this blog.

  • Note that the rules for the 421(a) tax abatement program for new construction were changed effective june 30, 2008, to become much stricter. The project only needed to have ground broken by that date, however, which is why many “brand new” buildings are still trumpeting this abatement. Over time, however, there will be fewer such abatements, except in areas that actually need it.

  • Oh, sorry, I should be careful. I forget, $1 million homes are basically considered “working class” on this blog.

    Tybur6, glad it has finally sunk in. $1M is chump change

  • “$1M is chump change”

    we live in a sad and fucked up society.

  • Randi, if it aint chump change then how the heck is so many people splashing $1M like it IS chump change

  • what up y’all. what i disappear for a few months and the same folks and same comments. very soothing.

    btw, in this case 80-90% of the chump change comes from the chump, er, bank that is to say.

  • Move this up one spot and we can have the double dip headline on top of the news that butt ugly houses in Gravesend are selling right now for almost $3,400,000 – where’s the dip?

  • you’ve been slacking antidope. hey, one still has to pay off on that $1M (be it 80% or 90% of it) and the monthly is still a huge NUT to carry

  • Syrian Jews are recession-proof.

  • tybur6,

    the nerve, calling me a “potty mouth”. Clearly you take the cake on that front. Your “concrete” thinking limits your understanding of the motivation for the city to provide abatements. Look at the long term, just like your bike lane analogy…”long term benefits”.
    I just stumbled upon this one, but more confirmation about your abilities… keep up the good work