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November 9, 2007

Commercial Sales in Brooklyn

260-262st.james.JPG
CLINTON HILL $4.1 million
260-262 St. James Place GMAP
The 10,000-square-foot, 20-unit rental building was built in 1930. The deal closed on October 24th. The property's buyer was the Dermot Company, the developer of One Hanson Place.

FORT GREENE $3.4 million
37 Lafayette Avenue GMAP
The 4,500-square-foot, 4-story building was purchased by a White Plains-based LLC named "Across From BAM." The new owner also acquired air rights from an adjacent property.




Posted by Gabby at 11:56 AM | Comments (14)
Categories: Sales

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Comments

isn't 262 where biggie grew up?

Posted by: guest at November 9, 2007 12:21 PM

Clusterfuck! I wonder, would they do that deal today? I bet you the numbers don't jive. This building will be a foreclosure.

Plus your boy Benanke is asking congress to raise loan limits on Fannie Mae. The funny part he want the US to guarantee them.

Idea of Jumbo-Loan Guarantee Is Floated
http://online.wsj.com/article/SB119455499562686966.html?mod=hpp_us_whats_news

The What

Someday this war is gonna end....

Posted by: guest at November 9, 2007 12:33 PM

Seems like a steal to me. 20 units .....4 million. Hmmm.

Posted by: iluvclintonhill at November 9, 2007 1:02 PM

that is a steal, where can i find deals like this.

plus where does one look for commercial realty?

Posted by: armchairwarrior at November 9, 2007 1:31 PM

Why is this a steal?

Posted by: guest at November 9, 2007 1:44 PM

260-262 St. James Place sold at something like a 4.5% CAP rate. If that's a steal, I'm sure there are a lot of people in Brooklyn that would like to have their buildings "stolen" from them.

Posted by: Shahn Andersen at November 9, 2007 2:00 PM

260-262 St. James Place is all rent stabilized 1-bedroom apartments.

Posted by: guest at November 9, 2007 2:04 PM

260-262 also does not look like it was built in 1930.

Posted by: WBer at November 9, 2007 3:35 PM

and now the people are going to be kicked out and turn the building into luxury condos! don't we all know that?

Posted by: guest at November 9, 2007 5:20 PM

good luck

Posted by: guest at November 10, 2007 5:36 PM

I dont get this sale i have been at this bldg before they sold it and wanted to buy it.
Must be some Hedge fund or looking for 1031 exchange tax relief otherwise this sale dont make any sense.......

Posted by: guest at November 10, 2007 9:17 PM

260 (the "Portland") and 262 (the "Dekalb") where designed/built by J.S. Ashley in 1890, not 1930.

I'd love to know what the plans are. Is it true they are rent stabilized now? Will they be redeveloped into condos? I see there are guys outside cleaning old rust off the fire escapes in preparation for repainting.

Posted by: guest at November 12, 2007 12:14 AM

Posting on Craig's List for apartment for rent at 262 James Place placed on 11/29/07:

http://newyork.craigslist.org/brk/abo/493708832.html

$1350 / 1br - OPEN HOUSE FRIDAY 12noon Fully renovated. 5th Fl walk up- very sunny
Reply to: hous-493708832@craigslist.org
Date: 2007-11-29, 7:30PM EST

apurtell@dermotcompany.com

OPEN HOUSE 262 St. James Pl. call Amy when you arrive 646-235-5449 cell
Available Immediately!

Great building, great location, great management company!

-High Ceilings/ Exposed Brick/ Very Sunny

Beautiful Renovations
- All new appliances - new kitchen and bathroom
-close to subway and laundry

-steps from Cafes and Restaurants
-Heat and Hot Water Included

5th Floor walkup

Posted by: guest at November 29, 2007 8:30 PM

>

No. He 'grew up' on the block between Fulton and Gates. Then he sold drugs to the citizens of his community, then he rapped about it and made a fortune glorifying violence and misery, then he got shot and killed in the prime of his life.

No wonder he's a hero to the community. MLK would be proud!

Posted by: guest at December 19, 2007 10:27 AM

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