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February 17, 2006

In a Flash, So. Oxford Mansion Goes for $13 Mil

ft greene
That was quick. Within a few days of coming on the market at an eye-popping price of $13 million, the eight-bedroom mansion on South Oxford at Hanson Place has reportedly been snatched up by a developer. The good news? The historic 1830's home will be spared, though a neighboring two-family home and two carriage houses will have a date with the wrecking ball to make way for a 40,000-square-foot high-rise condo development. For the last decade the property has been owned and occupied by Belgian artist Marc Lambrechts. Given that the yellow house is not protected by landmark laws, we have to say we're pleased with any outcome that will preserve the house. And besides, its location is so close to the Atlantic Mall and Atlantic Avenue itself that a high-rise there may not end up feeling completely out of place. And, given the location and price, it's probably a safe bet that this won't be a Fedders building.
Developer Grabs Ft. Greene Home [NY Daily News]
Fort Greene Country House [Douglas Elliman] GMAP
Ft. Greene House Back on Market [Brownstoner]
Fort Greene Mansion: Watcha Got? [Brownstoner]

Comments

Someone with a bonus? I'd feel pretty dumb buying something that was $10 million not so long ago...

Posted by: Anonymous at February 17, 2006 9:04 AM

Oops, missed the developer part. Still would feel dumb. Glad the mansion stays, though a high rise next to it? Yuck.

Posted by: Anonymous at February 17, 2006 9:06 AM

the major selling point for the condos would be great views of atlantic yards arena to the south, fort greene park to the north, park slope to the west and clinton hill to the west..oh, and prospect park to the southeast...

this will be interesting..

Posted by: ltjbukem at February 17, 2006 9:12 AM

This still seems really pricey. Let's say the house can be sold off separately for $3M, that means the developer is paying $10M for the land/rights to develop 40,000 ft. That's $400 per buildable foot which is very expensive for Brooklyn.

I'm curious to know who the buyer is and more curious to see the designs. At the price they paid this will certainly be a high end development.

Posted by: Ben at February 17, 2006 9:28 AM

Maybe in contract but we don't know how much paying. House alone may be worth more than $3.
And we don't know what sort of height/size variance might be granted to build more than 40,000sqft.

Posted by: Anonymous at February 17, 2006 9:32 AM

What exactly will happen to the house? The nabe isn't landmarked - so if it is sold off, the new owner can do what he or she pleases with the place, I presume?

Posted by: Anonymous at February 17, 2006 9:37 AM

That is an insane price per buildable square foot. Maybe there is something about the zoning there that we don't know, and he's really able to build more than that.

Posted by: Shahn Andersen at February 17, 2006 9:47 AM

Sorry, I'm an idiot. Let's do some math: $10,000/40,000 = $250/ft.

Ok, much more reasonable.

Posted by: Ben at February 17, 2006 9:57 AM

that's $10,000,000/40,000 = 250

Posted by: Ben at February 17, 2006 9:57 AM

That's still a significant premium per buildable square foot over most other development sites downtown. Is this location really worth that extra $75 - $100 a buildable square foot, assuming of course that someone will buy that really nice mansion while a monster high rise is being built next door.

Posted by: Shahn Andersen at February 17, 2006 10:06 AM

shame on Marc for selling to a god damn developer. ugh. people have no sense.

Posted by: rebone at February 17, 2006 10:07 AM

Yes, it is a shame, but on the other hand, how many buyers are out there for an historic home that needs loads of maintenance, a two family house and several carriages houses.... Especially so near to the busy Atlantic Center. I think the main issue here is ensuring that somehow that house isn't razed. There is still ample opportunity.

Posted by: Anonymous at February 17, 2006 10:14 AM

Ben, House alone may be worth more than $3.???

why not more like 5., and they were asking 13. lets say setteld at 12.-5.=7.diveded by 41,562=$168 per bd, sqft. fairly decent for the area don`t you think?

Posted by: Anonymous at February 17, 2006 12:44 PM

The Scarano Tower is going here :)

Posted by: Anonymous at February 17, 2006 2:46 PM

^^ quite intriguing..it is on south portland. and perhaps scarano's description as being on a vacant lot will be true after they remove the 2 story..

Posted by: ltjbukem at February 17, 2006 3:00 PM

Interesting conspiracy theory, but why would the property even have come on the market if the developer already had been planning to build there for some time?

Posted by: Brownstoner at February 17, 2006 3:12 PM

The South Tower is supposed to be 80K sq ft. That lot only allows for 41K sq ft.

I'll add to the conspiracy theory a bit. Another likely site is the entire block bound by Fulton, South Portland, Hanson and a sliver of South Oxford.

Bascially from the hardware store(neighborhood business) down to Not Ray's Pizza(taking out several neighborhood businesses), then around the corner by the church, then back up to the hardware store taking out a couple more neighborhood businesses. All right on top of a G subway station.

Posted by: iac at February 17, 2006 5:36 PM

forget about scarano. the poor guy probably won't be able to sign drawings soon, that is, after his scheduled oath hearing.

Posted by: Anonymous at February 17, 2006 6:50 PM

this has been in contract for a while i believe.

Posted by: Anonymous at February 17, 2006 7:53 PM