672 st marks avenue crown heights 122014

An unnamed private investor has snapped up a 27-foot-wide mansion at 672 St. Marks Avenue in Crown Heights for $2,900,000, beating the neighborhood record by nearly $800,000. The sale closed Tuesday, Corcoran agent Chris Cavorti confirmed. The original asking price was $2,999,000.

The Renaissance Revival limestone was built in 1895 and designed by architect Peter J. Lauritzen. It is divided into five units and needs work. As far as we know, the previous record holder was 760 Eastern Parkway, a two-family home on a 40-foot-wide lot that sold last month for $2,108,902.

BK to the Fullest was the first to write about the sale.

Crown Heights Losing Its Mind: 672 St. Marks Avenue [BK to the Fullest]
House of the Day: 672 St. Marks Avenue [Brownstoner]
Building of the Day: 670-672 St Marks Avenue [Brownstoner]
Photo by Corcoran

Update: The story has been updated. Dixon is NOT the buyer of the mansion, Cavorti just let us know. He misheard us when we asked him twice if Dixon was the buyer, he said. An unnamed private investor bought the property.

dime savings clock

Owner JPMorgan Chase has decided to put one of its prime bank branches up for sale: The historic Dime Savings Bank at 9 DeKalb Avenue in Downtown Brooklyn. The 1908 Classical building looks like a Roman temple and sits next to Junior’s in a major development spot in Brooklyn that is currently seeing tons of high-rise construction.

The building is landmarked, so it will not be torn down or altered for development. No asking price has been named, but real estate insiders speculated it could fetch $100,000,000 or more, mostly for its valuable air rights, Crain’s reported.

Chase will move to 490 Fulton Street. The building would make a great event space, or possibly Apple might be interested in opening a store there, sources speculated to Crain’s. Massey Knakal is marketing the listing.

A planned tower at 340 Flatbush Avenue Extension could use the landmark’s 285,000 square feet of development rights to build an even bigger tower. The 100,000-square-feet bank has a gold dome on top; inside is a rotunda with giant marble columns, offices on the second floor, and an underground floor with vaults and a firing range. It was a Building of the Day in 2012.

Dime Savings Bank in DoBro Could Become $100 Million-Plus Buy [Crain's]

365unionave42011.jpg

Various LLCs associated with Forest City have been purchasing medium-size apartment buildings in Williamsburg, public records reveal. It’s not clear who exactly is behind the buys but we suspect it is not Forest City but the Ratner family. A spokesperson had no comment.

The addresses are:

*365 Union Avenue, a 14-unit building. Purchased by BPC Partners LLC for $11,000,000 on October 30.
*405-409 South 3rd Street, a 33-unit building, purchased by 281 Union BPC Partners LLC for $23,000,000 in August.
*69 North 6th Street, a 28-unit building, purchased by Olive Partners LLC for $28,750,000 in 2013.
*224 Wythe Avenue, a 20-unit building, purchased by Olive Partners LLC for $13,500,000 in 2012.

The signatory on the deed and the mortgage for 69 North 6th Street is Bruce Ratner. The authorized signatory for the other three is Sadie Mitznick, Forest City general counsel. Those three mortgages list the LLC as the owner and say “care of BR Family Management,” whose address is given as 1 MetroTech, same as Forest City. We presume “BR Family Management” refers to Bruce Ratner and may be the actual entity behind the deals.

Big real estate players formerly confined to Manhattan have recently started buying property in Williamsburg. With the high rents in the area, even a medium size building can bring in substantial revenue.

At least two of the sites were stalled during the downturn. The building at 365 Union Avenue, pictured above during construction in 2011, was designed by Scarano.

365 Union Ave Coming Back From the Dead [Brownstoner]
Silverstone Property Sells Fast-Renting ‘Burg Building for $28.75 Million [Brownstoner]
Cross-Shaped Building at 281 Union Avenue in Williamsburg Finishing Up [Brownstoner]
224 Wythe Avenue Rising [Brownstoner]

A very pretty house at 118 Rutland Road in Prospect Lefferts Gardens has sold for $2,400,000, setting a record for the area, as BK to the Fullest was the first to report. The house is 25 feet wide and comes with a detached garage. It sits on a corner lot and has windows on three sides, two front entrances and a porch.

It is landmarked, so a developer will not be tearing down this extra-wide limestone to turn it into an apartment tower.

The house was asking $2,995,000 when it was a House of the Day in March. Corcoran, which represented the seller, has it listed on its website as selling for $2,500,000, but public records say it traded for $2,400,000. The deal closed in November.

The record is not a huge bump up from the previous one. In August, a house at 66 Midwood Street sold for $2,300,000, as we reported at the time.

Another Lefferts House Breaks $2 Million: 118 Rutland Road [BK Fullest]
118 Rutland Road [Corcoran]
House of the Day: 118 Rutland Road [Brownstoner]

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The nine Townhouses of Cobble Hill have sold out after hitting the market over a year ago at 110-126 Congress Street, according to PR reps for developers JMH Development and Madison Estates. The Morris Adjmi-designed homes debuted in May 2013 with asking prices ranging from $3,650,000 for a three-bedroom, five-bath house to $3,875,000 for a five-bedroom, five-bathroom one.

Meanwhile, in Prospect Lefferts Gardens, the four new-construction townhouses at 274-280 Hawthorne Street (above) are all in contract less than a month after listings appeared, Q at Parkside reported. The three-story, three-unit homes hit the market in mid-November, priced from $1,495,000 to $1,695,000.

That is very fast. The Q speculated the buyers are investors who plan to rent out the three-family houses. Based on the floor plans, prices, and the patterns we see in the area and elsewhere, we would have to agree.

274-280 Hawthorne [Q Parkside]
New-Construction Townhouses in PLG Start at $1.495 Million [Brownstoner]
Townhouses of Cobble Hill Coverage [Brownstoner]

954 bergen street crown heights 112014

Brookland Capital’s latest condo development, Bergen House at 954 Bergen Street in Crown Heights, has launched sales. Prices start at $355,000 for a 407-square-foot studio and go up to $459,000 for a 617-square-foot one-bedroom.

No two-bedrooms have been listed yet, although we found some floor plans for the larger units. The 36-unit, six-story building was designed by Brookland Capital favorite Issac and Stern. Construction began earlier this year.

Interiors feature white oak floors, bright red kitchen cabinets, black granite countertops, glass subway-tile backsplashes and stainless steel appliances. The design choices are definitely bold. What do you think of the look and the pricing? Click through to see more interiors and floor plans.

954 Bergen Street Listings [Aptsandlofts.com] GMAP
The Bergen House [The Bergen House]
954 Bergen Street Coverage [Brownstoner]
Renderings via Aptsandlofts.com

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242 gates avenue bed stuy 62014

Prices of townhouses in Bed Stuy are quickly catching up to Clinton Hill and Park Slope. A townhouse at 242 Gates Avenue in Bed Stuy — not far from the Clinton Hill border at Classon — closed for $3,000,000 in recent weeks, eclipsing the previous record of $2,250,000 at 22 Arlington.

The sale has not yet hit public records, but the listed price and status of the listing on the Corcoran website changed Wednesday. A listing agent did not respond to a request for comment.

The house at 242 Gates was asking $2,650,000, so the sale was for $350,000 over ask, although the house is only 16.67 feet wide. It featured an unusual renovation by seller Eli Fernald of Ground Architecture & Building, according to BK to the Fullest. We described the vibe as “brownstone meets factory in the woods” when it was a House of the Day in July.

It is a few doors down from another record setting house, a very large Parfitt Brothers-designed Queen Anne townhouse at 254 Gates Avenue that appeared to be in perfect original condition with updates when it sold for $2,200,000 in 2013.

The house at 242 Gates Avenue previously changed hands in 2007 for $749,000, before the current renovation. GMAP

Update: We just heard from Corcoran agent Zachary Stackell, who let us know the sale closed Wednesday, November 26, and confirmed the sale price was $3,000,000.

oosten front rendering

Reps for the Chinese-developed and Dutch-designed The Oosten in South Williamsburg tell us that 55 of the building’s 216 condos, or nearly 25 percent, are in contract. The luxury development at 429 Kent Avenue released its first 75 units for sale in September, with prices ranging from $710,000 for a one-bedroom to $3,635,000 for four-bedroom, 3.5-bath townhouses.

The units in contract include a townhouse, but no penthouses because they haven’t been listed yet. When we checked in with the construction last month, the complex had risen to three stories. Piet Boon and WASA Studio designed the project, and Xin Development Group is the developer. 

Oosten Coverage [Brownstoner] GMAP
Rendering via Halstead

112 suydam street bushwick

It looks like another Brooklyn church is likely to become apartments. Calvary Spanish Pentecostal Church, aka Calvary Assembly of God, has sold seven properties on Suydam and Hart Streets to an LLC with a Madison Avenue address for $2,980,000.

The lots include the church’s main building and a neighboring frame house at 112-116 Suydam Street, as well as a parking lot made of five adjacent lots at 118-120 Suydam and 605, 609 and 611 Hart Street, according to a deed filed yesterday. The church and frame house alone have a buildable square footage of 17,314 on a 75 foot by 95 foot square lot.

The whole parcel is a sizable piece of land in the middle of Bushwick, about a block from the Central Avenue M train stop. GMAP

Photo by Nicholas Strini for PropertyShark

531 vanderbilt avenue 1

Brookland Capital’s Clinton Hill condo project has hit the market, and prices are well under a million bucks. The 18-unit building has studios, one- and two-bedrooms priced from $399,000 to $594,000, marketing reps from Aptsandlofts told us.

The building, at 531 Vanderbilt Avenue, is close to Atlantic Avenue, and as Curbed pointed out, the apartments are relatively small, sized from 411 to 564 square feet. Some units will have private terraces or ground-floor outdoor space, and interiors feature herringbone oak floors, granite countertops, radiant heated floors in the bathrooms and deep soaking tubs.

Issac and Stern designed the seven-story project, which broke ground earlier this year. Click through for more photos.

We like the simple cabinetry and the herringbone floors. What do you think of the design, location and pricing?

531 Vanderbilt Avenue Listings [Aptsandlofts] GMAP
Renderings via Aptsandlofts

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304 north 7th street willliamsburg

Three big developers have snapped up a crumbling Williamsburg factory for $18,300,000, Crain’s reported, paying a near-record price in hopes of building condos on the site. Adam America, Naveh Shuster and Slate Property Group recently bought the large, L-shaped property at 304 North 7th Street. It faces the BQE and has close to 200 feet of frontage on both Meeker Avenue and North 7th Street, for a total of 22,325 square feet.

The final sale price works out to $432 per buildable square foot, for a property that could accommodate up to seven stories and 60,278 square feet of development. The lot last changed hands for $9,450,000 two years ago, meaning that the previous owners flipped it for nearly twice what they paid.

The developers are confident about the condo market, an exec from Slate said. Condos in Williamsburg are relatively scarce, with 256 condos in development versus 3,725 rentals, according to TerraCRG data quoted in Crain’s. TerraCRG brokered the deal.

The development trio is also working on several other projects in Brooklyn, including large developments at 535 4th Avenue, 470 4th Avenue, and 275 4th Avenue, as well as a six-story rental in the Broadway Triangle. And just a block away, Adam America is  building two seven-story buildings housing 169 units at 247 North 7th Street

Williamsburg Warehouse Fetches Near-Record Sum [Crain's]
Adam America Coverage [Brownstoner]

Photo by Christopher Bride for PropertyShark

colony 1209 bushwick 062014 bushwick daily

Spruce Capital Partners wants to flip the recently opened Colony 1209 in Bushwick, asking $81,500,000 for the five-story luxury rental building at 1209 Dekalb Avenue, according to The New York Observer. Spruce bought the 127-unit development in April from developer Read Property Group for $58,000,000. Rents are high for Bushwick, ranging from $1,775 for a studio to $2,975 for a two-bedroom at Colony, where amenities include a “speakeasy,” a gym, screening room, common roof terrace and a shared backyard.

The building’s marketing team has caught some flak for the name of the building and its marketing copy, which bills the development as “homesteading, Bushwick-style” and a place where one can find “like-minded settlers.” The building is located in an area of Bushwick that has been densely residential for more than 100 years, and is lined with 19th century row houses and mansions, not a “vibrant industrial setting,” as the copy claims. Massey Knakal is marketing the 120,000-square-foot building, which has 41 parking spaces and 12 years left on a 421-a tax abatement.

Controversial Bushwick Rental Building Hits the Market for $81.5 Million [NYO] GMAP
1209 Dekalb Avenue Coverage [Brownstoner]
Image via Bushwick Daily