Sold! Lavish Bed Stuy Townhouse With All the Mod Cons Goes for $2.95 Million
The luxurious, Neo-Grec townhouse at 126 Hancock Street in Bed Stuy has been snapped up for $2,950,000. The broker, Peter Gordenstein of Corcoran, just revealed the sale to Brownstoner, which closed Monday, adding, “This is the highest price for a townhouse in Bed Stuy to date!” The price falls just short of the $3,000,000 paid for the five-story…
The luxurious, Neo-Grec townhouse at 126 Hancock Street in Bed Stuy has been snapped up for $2,950,000. The broker, Peter Gordenstein of Corcoran, just revealed the sale to Brownstoner, which closed Monday, adding, “This is the highest price for a townhouse in Bed Stuy to date!”
The price falls just short of the $3,000,000 paid for the five-story 242 Gates Avenue last year. But it’s still a significant fee for a home in the area, which has seen a steep increase in prices in the past several years.
Records indicate that the sellers, developers Sam Stern and Casey Schear, bought the home in 2012 for just $360,000. According to Gordenstein, the pair then spent the next two years renovating the four-story home.
When we wrote about 126 Hancock in May, readers described it as “gorgeous” and a “beautiful design.” More than one of our commenters saw the place in person, reporting that the open house was packed and that the home was indeed “a beautiful house on one of the nicest blocks in Bed Stuy.”
It was asking $3,195,000 when it debuted in May. Just up the street is the Kelley Mansion — the neighborhood’s priciest listing — currently asking $6,000,000.
House of the Day: A Lavish Brownstone With All the Mod Cons in Bed Stuy [Brownstoner]
Not a big fan of recessed lighting in brownstones.
Did anyone see this OH? I’m curious on thoughts about the kitchen- ours will be a very similar layout but slightly larger dimensions, interested in hearing peoples thoughts
The kitchen is nice but a major design pet peeve of mine is having an island that isn’t doing any work. Meaning it doesn’t have a sink or a stove- just kinda sitting there in the middle of the kitchen. Why not just opt for a table?
good call. We’re actually putting a prep sink in the island across from the stove, so we will likely use that quite a bit.
I hear that 101 Hancock will be coming on the market soon. They had it listed for $2.4M and went into contract for $2.5M but the contract fell through for some reason. With 126 Hancock selling for almost $3M, I wonder if they’ll price 101 higher.
Gorgeous. Wish I’d seen it at one of the OH’s.
I’d love to see your kitchen floor plan, Dave, if you’re ever into sharing. We also have an 8′ island planned and are struggling with determining the clearance around it.
So the ‘seller’ bought the property in 2006 for $700k. He took out two separate mortgages that add up to $700k (which makes it look like he didn’t put any money down). But then after the sale there is a satisfaction of mortgage for JPMorgan Chase (which was not listed before). So there may have been more. The developers, however, did take out a $1mil mortgage on the property one year after buying it.
I’m not entirely certain that the former owner was swindled. It seems that the former owner made this sale as a way to get out from under two mortgages and come out with a little money for himself. There is a contract of sale that states the buyers will take on whatever liens or money owed the property has. So I think the buyers paid off the mortgages in order to get this property. I have a feeling they approached the seller while the property was in pre-forclosure, and this was an easy way for him to get out of the situation. Also that means the buyers paid more than $360k for the property. There is never any record of mortgages paid or who gets what money in city records, so it’s hard to know exactly how this deal went down.