An 1880s Queen Anne on one of Bed Stuy’s best blocks attracted lots of media attention in March when a flipper bought it for $1,200,000 and then turned right back around and listed it for $1,850,000, “grotty kitchens and all,” as a Brownstoner commenter saw it. The house at 196 Hancock Street, originally an estate sale dripping with original detail but in need of work, closed at $2,100,000 all cash Friday, or $250,000 above ask, Halstead agent Ban Leow told us. He declined to say anything about the identity of the buyers and whether they plan to live in the house.
The location of the house played a big part in its final price, said Leow. “I think prices in Bed Stuy are going to soar over the summer,” he continued. “Not for all properties, but for trophy properties, depending on the size and location. The fact of the matter is Bed Stuy has never been expensive and now we are tagging a price worthy of the property.”
Brick Underground was the first to note that the house had spiked 54 percent, or $650,000, in price in only three days. In an article in The New York Daily News, investor-flipper Eric Mann justified the price increase by saying he paid tenants to leave, cleaned up and removed a partition wall.
The final sale price is edging close to the all-time record for a townhouse in Bed Stuy. So far, no sale has eclipsed the record holder, 254 Gates Avenue, a Parfitt Brothers-designed beauty, which sold for $2,200,000 back in January of 2013. But, crucially, that house was renovated and in perfect condition as well as dripping with details. The house at 196 Hancock is unrenovated but sold for only $100,000 less.
Would a renovated house sell for more, do you think? Given that top-of-the line townhouses sell for $4,000,000 in Park Slope and just under $2,000,000 in Crown Heights, what do you think the final sale price shows about the Brooklyn real estate market?
House of the Day: 196 Hancock Street [Brownstoner]