85 State's Roller Coaster Ride
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order: 9/2005: The house trades hands for $2.5 million in an estate sale. 3/2006: Only 6…
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order:
9/2005: The house trades hands for $2.5 million in an estate sale.
3/2006: Only 6 months later, the 5,000-sf property flips for $3.2 million to a developer.
1/2007: The house is placed on the market by Corcoran for $5.8 million.
5/2007: Brown Harris Stevens takes over the listing and prices it at $5.95 million.
1/2008: The listing jumps to Halstead and is priced at $5.75 million.
2/2009: A series of price cuts brings the asking down to $4.2 million.
6/2009: Warburg takes over marketing but doesn’t cut the price further. Listing now says: “Offered at less than cost! Stunning XXX mint Brooklyn Heights townhouse…the home has just undergone a complete renovation from top to bottom.”
10/2009: The house finally sells for $3.4 million.
House of the Day: 85 State Street [Brownstoner] GMAP
85 State Street [StreetEasy]
I will cede my log-in name to the Developer if he/she asks.
they were lucky to get 3.5. The location of the house is excellent of course but the reno was terrible. Even the exterior browstone work looks crappy.
The new owners should hire a good local architect and re-do the house. It is potentially a showcase Greek Revival home.
2.5 plus 1.5 = 4.0
3.2 – 4.0 = -.8
bummer
I walk by this house every day, and this has been my favorite house listing to follow. IMHO, unbridled greed and utter insanity – by the developer and the brokers. My pea brain simply fails to comprehend the logic behind raising the asking price of an already overpriced house when it fails to sell at the lower price. As for “Stunning XXX mint Brooklyn Heights townhouse”, are you kidding me? This has to be one of the most hideous renovations I’ve ever seen. I personally like a mix of original details and modern touches. But, not only did the developer do a totally modern renovation inside this once beautiful 19th Century house, but the modern renovation is hideous! So, again IMHO, not only did the house NOT sell for so long because it was vastly overpriced, but it didn’t sell because it’s FUGLY. (Thank you for letting me get that off my chest. It’s been building for awhile.)
The renovation was easily $1.5m.
Makes feel pretty good about my prediction the Midaugh place will go for $2.8m.
Don’t even know where to start with the hubris of that pricing history. when looked at in absolute terms in sold for 2.5 in 05 and 3.4 in 09 which seems still like a pretty solid rate of appreciation. but to price at 6 million! What a joke.
The downside of greed.
ouch.
merry christmas
Lost
My
Shirt
and winter’s coming.