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February 21, 2007
Lot for Sale: Don't Mind the POS Next Door
When the monstrosity at 220 Greene Avenue (at left) was getting built, we would periodically feel sorry for the poor bloke who owned the lot next to him, whose value was being destroyed with every new block of Jerusalem stone. Now that the lot's on the market and we've taken a look at the property's history, we feel a little less sorry for the guy. He got the lot from the city, according to Property Shark, for nothing back in 2001. Corcoran's 2006 Brooklyn Rookie of the Year broker Philip Henn has the listing, which just hit the web at $650,000. If you want a real eye-opener, check out the photo of the property from, we guess, the 1970s. Grand Avenue looks like a wasteland. Update: We just heard that the owner of this lot is the one who sold the next door two years ago.
218 Greene Avenue [Corcoran] GMAP P*Shark
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Comments
according to ACRIS he paid $46K for the lot, still not a bad little profit he stands to make on it. ah, to have had that kind of foresight then! but what could anyone build on that lot, besides another Hall of Doom like next door?
Posted by: Jimmy Legs at February 21, 2007 10:44 AM
I felt sorry for Eddie next door.
Posted by: donatella at February 21, 2007 10:46 AM
Best case scenario, the new owner builds something decent looking and just high enough to hide as much as possible of the carbuncle next door.
Posted by: Anon at February 21, 2007 11:17 AM
$267 a buildable sq ft!!! that's crazy. the only way this maes sense is for an end user who wants to design their own house. the costs associated with putting up a new building are hardly worth it if all you can build is about 2500 sq ft, unless you got the land for free, and $650k ain't free.
residential brokers like corcoran never know how to price land, halstead has a vacant lot on the lower east side for $450 a buildable and that's just crazy. at least 25% over the going rate.
Posted by: anon at February 21, 2007 11:43 AM
Speaking of the POS at 220 Greene, anybody know its status? Meaning has that very special buyer shown up to inflict this property upon himself?
Posted by: Bob999 at February 21, 2007 12:06 PM
If you buy the lot at ask ($267 psf) and build a 2,500 sf building for $300 sf your in for about $1.4 million. Add in about another $100K for carry during construction and your in for $1.5 million. I don't know the nieghborhood, so I can't say whether a completed building would be worth that. If you were in Park Slope, BH Carroll Gardens, Cobble Hill, Boerum Hill etc., I'd say yes.
Posted by: Anonymous at February 21, 2007 1:46 PM
when we bought our house 3 years ago, lots in CH were going for 180K. I am shocked by 650 for this tiny crappy corner lot next to that hall of shame.
PS Eddie says he's been getting a lot of offers soon one may be too good to refuse...
Posted by: clinton hillbilly at February 21, 2007 2:13 PM
Dear Clinton Hillbilly,
About Eddie, I'll believe it when I see it. He says that, but he loves what he is doing. He just needs a vacation.....in my humble opinion. At least I hope so; I don't want him to close.
Posted by: donatella at February 21, 2007 4:17 PM
me and the wifey went to target the other day and purchased some snazzy new ice cube trays and well i have to say that....the price is right architecturally speaking these buildings are like the perfect ice cube tray....you can make as many cubes as you want and drink whatever iced drink you want
and i also hear that roadrunner dsl is offered at that location ...hot!!
Posted by: Anonymous at February 21, 2007 5:04 PM
the land is optimized by market inflation in the proper percentage curve zone and quarterly yeilds of 20% per square foot of usage bi annually
therefor development profit margins are acceptably lucrative if there is a proper exploitation factor implemented in the construction strategy
Posted by: Anonymous at February 21, 2007 5:09 PM
anon 5:09-- you forgot about the lateral deflation and the upper limit to the marginal supply curve for buyer protection.
Posted by: Anonymous at February 21, 2007 5:11 PM
While I've reluctantly come to accept the Soviet-era aesthetics of most new construction in Brooklyn, 220 Green St really takes the biscuit. Let me guess who the architect was: the GC's 2nd grader with a big box of crayons?
Posted by: NeoGrec at February 21, 2007 6:08 PM
The architect for 220 Greena Avenue was:
BANJI AWOSIKA ARCHITECT P.C.
140-23 QUEENS BLVD, JAMAICA, NY
Their website is:
http://www.banjiarchitect.com/
They apparently specialize in tract housing of the soviet-era variety.
Posted by: Anonymous at February 21, 2007 6:30 PM
One of the "architects" (Awosika) was educated at, of all places, Pratt, according to his website. What an unmitigated slap in the face to the community.
Posted by: Archiefina at February 21, 2007 8:56 PM
That building will fall down in about 10 years. I watched it from time to time when they built it. It is god awful. Another small nail in the demise of NYC.
Posted by: Anonymous at February 21, 2007 10:50 PM
ur all anti-Semitic terrorists
Posted by: Jeremy at February 22, 2007 1:10 AM
This is not Soviet architecture, it's post-Soviet or modern Turkish.
Awosika must have really hated his time at Pratt...
Posted by: bill_stickers at February 22, 2007 10:19 AM
I lived on Greene and Cambridge in 1986 and believe me, Grand was a wasteland. I used to walk down that street to the laundromat on Lafayette, and it was not a pleasant walk. Anyone who invested money then and stuck it out through bad times in Clinton Hill deserves to turn a profit.
Posted by: bigmissfrenchie at February 22, 2007 10:52 AM
tear it down it's disrespectful.
Posted by: Anonymous at February 22, 2007 10:22 PM
holy crap! banji is the guy responsible for the 90 foot steps in front of buildings! holy crap! pratt! great detective work gumshoes
Posted by: ANP at February 24, 2007 4:52 PM
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