Schloss Connelly In Contract

Holy profits, Batman!

Posted by: guest at June 27, 2008 10:03 AM

If this were in Carroll Gardens, it'd be 50 million.

Fuhgeddaboudit!

Posted by: guest at June 27, 2008 10:06 AM

I also see that the $5.75MM duplex a block away at 19 PPW is also in contract.

http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1013933

Posted by: guest at June 27, 2008 10:18 AM

10:18 Correct me if i'm wrong but I think it's either 35,27 or 9 PPW you reference. I don't think 19 goes that high...

Posted by: guest at June 27, 2008 10:22 AM

I heard a high-powered lesbian couple bought the place.

Posted by: guest at June 27, 2008 10:30 AM

This is great news. I'm glad to know someone loved that house enough and will take good care of it. I think it's a testament to the desirability of Park Slope as well.

Good news.

Posted by: guest at June 27, 2008 10:39 AM

Damn...there goes my lottery dream

Posted by: guest at June 27, 2008 10:42 AM

10:22 you're right, whichever one is at the corner of Garfield & PPW

Posted by: guest at June 27, 2008 10:42 AM

"If it went for the ask, it means anybody who is expecting the top houses in prime areas to take a significant haircut is dreaming."

This house was a "top house". There are no other houses like this on the market now, and I don't recall any in the recent past. So, those who think their house is "top" shouldn't get too excited either.

Posted by: guest at June 27, 2008 10:49 AM

I heard Tiger Woods bought it and is planning on Buying Prospect Park and building a private 18 hole golf course in the Long Meadow.

Posted by: guest at June 27, 2008 10:50 AM

The luxury market is quite different from everything else. That said, it might start to suffer too eventually - there have been numerous articles recently about how even the rich are cutting back. But maybe it will take them longer, or maybe they will be the only ones immune, though with stocks sliding, economic news getting worse each day, it's hard to see how. Anyway, this house is an anomaly that can't really be used as a baromater of what's happening in the larger market, since it's truly a one-of-a-kind property.

Posted by: guest at June 27, 2008 10:51 AM

The new owners are going to gut it and strip it of all it's details and turn it into a modern glass and steel box.

Posted by: guest at June 27, 2008 10:53 AM

'cept they don't have corner limestone mansions in Carroll Gardens. Just brownstone and brick.

Posted by: guest at June 27, 2008 10:54 AM

I can't believe some one is buying that house, cause some of the bedrooms don't have enough closet space.

Posted by: guest at June 27, 2008 10:57 AM

You know what other place sold....there was a condo on the corner of Montgomery Place and 8th Avenue also listed with Sothebys for some insane amount...I want to say 2.1 million or something.

I believe that place sold also...

Posted by: guest at June 27, 2008 11:07 AM

That Montgomery Place condo sold only after significant price cuts.

Posted by: guest at June 27, 2008 11:10 AM

10:54

The Carroll Gardens ref is an ongoing Brownstoner joke...

Posted by: guest at June 27, 2008 11:11 AM

yeah, i think the Montgomery place started at 2.4 and eventually sold for 2.1.

not bad for a 3 bedroom in park slope...

Posted by: guest at June 27, 2008 11:21 AM

Are they moving back to Manahttan?

Why?

Posted by: guest at June 27, 2008 11:23 AM

never mind those tiny closets.
Master bath does not have double sink and there is no powder room on parlor floor.
And for 8.5m - and don't include pics of kitchen and baths makes me suspicious needs upgrade.
Good thing taxes are only 10K on $8.5 house.
Since my place is worth only 10% of that - does that mean my taxes should be just of 1k?
Or maybe not just the horrible rent-controlled tenants getting subsidized by the public but also the rich landowners?

Posted by: guest at June 27, 2008 11:26 AM

"Are they moving back to Manahttan?

Why?"

They had to downsize. Their new Manhattan place was only 7 million. Guess they aren't getting enough work...

Posted by: guest at June 27, 2008 11:32 AM

They must be sooo relieved to be moving back to civilization.

Posted by: guest at June 27, 2008 11:50 AM

On a very different level, but do you'all know that the Prospect Place house (bt/w Vanderbilt and Carlton...just about 6 doors down from Vanderbilt) is in contract?

It was on the market at 1.4m (and needs a ton of work if not a big, detail-heavy renovation) for ONE week. Plus, Corcoran is saying they have 10 alternates...

WHA'? This is like the market two ago: Open House on Sunday, handshake within a week after too many offers.

I guess it probably went for over-ask.

Any ideas/insights?

There go our idea of a B&B on Prospect Place. Oh well.

Posted by: guest at June 27, 2008 11:51 AM

Stop hijacking the thread, 11:51!!!

This post is about Park Slope!!!

Posted by: guest at June 27, 2008 11:56 AM

Hijacking? Please...

Just showing how it's still a vibrant market. All those recently-sold-in-Manhattan buyers, Brooklyn-recent-sellers-trading-up and various wealthy people are keeping the market suprisingly bouyant im Braunsteinlande.

A PH house a block or so away from PS selling in a heartbeat relates to any area sales.

Let's not be so limited in our conversation.

Posted by: guest at June 27, 2008 12:31 PM

i heard that a developer bought it and is going to build a 15 story glass penthouse on top of it. thats going to look sick.

Posted by: guest at June 27, 2008 12:31 PM

BTW, this thread's title should be corrected:

"Schloss Connelly" would be the proper way to name it.

Posted by: guest at June 27, 2008 12:33 PM

12:31...it was SARCASM!

Whenever any thread has someone comment about Park Slope, they are immediately called out for hijacking the thread.

I agree that a broader scope of conversation is perfectly fine, and helpful, even.

Sorry to hear you lost out on that house.

There were two houses on Berkeley Place which we were interested in when the owner died this past year. They had contracts on them within a day and we were really disappointed to have missed them. Especially considering the asking price of 1.1 million and 1 million.

For one of the most prime blocks in Park Slope.

Sigh...

Posted by: guest at June 27, 2008 12:39 PM

"yeah, i think the Montgomery place started at 2.4 and eventually sold for 2.1."

Started at $2,499,000. Closed for $2,025,000.

Listed as 2,162 ft² or $971 per ft².

Posted by: guest at June 27, 2008 12:42 PM

Holy shit!!!

A 3 bedroom in Park Slope sold for over 2 million dollars?? And this house for 8.5 million? And those other 2 three bedrooms for 1.4 million earlier this week? and the Prospect Park 5 million whatever..? Where was I when all this happened!!???

Posted by: guest at June 27, 2008 1:00 PM

Odd. I heard a high lesbian power couple bought the place.

Posted by: guest at June 27, 2008 1:29 PM

11:51: I loved the Prospect Place house. I went to the open house and while it did need a lot of work, it was full of gorgeous detail and still in its original single family layout. I would have loved to keep it as a one family- for my family : ) Guess I'm not the only one! 10 alternatives- whew! Would also love to know what it went for...

Posted by: guest at June 27, 2008 1:41 PM

oil is at 142, who the hell wants all that space to heat. even for a rich person the heat bills next winter are gonna kill us all.

Posted by: guest at June 27, 2008 2:03 PM

The prices in Park Slope are downright shocking. I agree, 1:00!

Have to admit though...I do think it's probably one of the most beautiful neighborhoods in all of NYC.

Posted by: guest at June 27, 2008 2:28 PM

most beautiful house in brooklyn.

good for them.

Posted by: guest at June 27, 2008 2:54 PM

12:39 - "There were two houses on Berkeley Place which we were interested in when the owner died this past year. They had contracts on them within a day and we were really disappointed to have missed them. Especially considering the asking price of 1.1 million and 1 million."

WTF?!?!

Two park slope HOUSES for 1 and 1.1? Is this true?

Why would the owners sell for such a low price?

Posted by: guest at June 27, 2008 2:58 PM

"Why would the owners sell for such a low price?"

There was an elderly guy who owned 3 brownstones on Berkeley Place between 7th and 8th. He recently passed away and the wife or ex wife needed to unload them fast. They were listed with Prudential, but literally were gone within days. I posted the info about them a while back and no one seemed interested.

In my opinion, they were incredible deals. They need TONS of work, but even if you sunk a million into each one, they are easily worth 3 million (one gorgeous one on Berkeley sold for 3.4 million this past year if you recall).

There is one more (193) Berkeley which they are holding onto, I believe...

If I had the money, I would have bought one in a heartbeat. You can't even get a shell in Harlem for a million bucks anymore!!!!

Posted by: guest at June 27, 2008 3:05 PM

Too funny that no one has taken the bait after 2 anonymous references to the house having been purchased by a "power lesbian couple".

Regarding the Prospect Place house now in contract, what's unusual to me is to see a really significant discount off the market price for a house of this size, with this much detail, in this location. In recent years, "estate" condition houses or handy-man specials, have not been priced sufficiently under market to be attractive to most buyers. After the cost of renovation, most buyers end up spending more than they would have for a house in good condition. This house sold so fast because it was priced to reflect the cost of a top-flight renovation on top of the purchase price. This could one ofn the silver linings of the falling RE market.

Posted by: guest at June 27, 2008 3:40 PM

3:05--yes, you have been talking about those houses for a while now. What you never say is that they were chopped up into 8-10 units and had stabilized tenants. Even the Prudential listing made this explicit. So, please, stop with the hyperbole.

Posted by: guest at June 27, 2008 4:25 PM

Thanks 4.25.

3.05 ... shame on you for not mentioning the stabilized tenants ... that explains it.

Posted by: guest at June 27, 2008 5:18 PM

Yes, they did have stabilized tenants. It's my understanding that a few have been bought out, as I've already seen moving trucks in front of those houses.

I still think they were a good deal regardless.

The margin for profit is extremely high. If you spent 500k to buy them out and another 500K on the renovation, you still stood to make a million dollars.

In this market, that's pretty darn good with probably little appreciation going to happen in the next 5 years...

I didn't intentionally leave that info out.

Posted by: guest at June 27, 2008 5:29 PM

we looked at the berkeley houses. they are on a beautiful stretch on a nearly perfect block. they did need substantial work, but i agree that they were a good bargain since we've seen a couple houses like this in other less desirable areas (with stabilized tenants) for quite a bit more than they were asking. we literally missed bidding on one by a day.

not meant to be...

Posted by: guest at June 27, 2008 5:44 PM

Yes, 3:40, I'm the one who posted about the Prospect Place house originally, what do you mean a significant discount?

The house needs a major overhaul and is not that huge. We went by to look at it. I guess it might have sold two years ago at 1.6 maybe...Is that what you mean? I’m sure most people don’t feel the narrowness of the 19-foot lots, especially people who live in 16-foot wide houses. But, our house is on a slightly wider lot with higher ceilings, feels airier and with the mid-1800's mouldings (which, frankly I prefer) feels like it links back to a much earlier period. We have the wheel-turned and frosted glass pocket doors. We didn't like the rather ugly replacement "French" doors on the parlor floor. I guess for those who don't mind 1920-30's additions the doors were fine. Too bad whoever replaced the original doors didn't stop himself beforehand. So, ultimately I’m glad people who like that later 1800’s style got the house. And though I don’t like the look, I certainly hope (and kind of assume) the buyer will not rip out a lot of the detail.

We thought about the Prospect Place house b/c it might have been possible to make a swap and keep a good chunk of change out of the deal. But, I'm sure we would have poured a ton into even a rudimentary fix-up. Also didn’t know if we liked that spot. It’s across from a big driveway, apartment houses and just in from Vanderbilt…I know, sour grapes…but I’m kind of glad someone got it and we didn’t make an impulse buy.

I have a feeling the 1.4 asking was key to getting a lot of people out to see it and get into a short-lived bidding war. I wonder if the family (survivors) simply wanted to get a fast deal done and get out before the market tanks. Maybe it went for only a little over ask...we'll find out eventually maybe...though money does change hands in other ways.

Regarding the houses in PS that went for a million and a little more: the RE agent told me directly that they were not for the weak-at-heart, needed a ton of work AND had legacy tenants. She kind of let me down easy by implying I'd escaped a little bit of a nightmare. I guess RE agents deal with lots of disappointed buyers who call after a house or apartment (and even a rental) has gone into contract prior to the phone call.

I'd bet that if those houses in PS had been vacant...even a shell sitting there...they could have gone for much, much more. I would bet a shell in prime FG or the better side of PS would go for more than a mil right now as well. There are many, many gut renovations going on in FG right now. Seems like every block has one, two or three in full swing. Regular brick rowhouses that need WORK have gone for 1.7. What is the final cost after the renovation, I’d like to know.

Ho’hum…Friday late day.

Have a good weekend all and, mein Herr Braunsteiner, I hope the rain holds off for the Flea.

Posted by: guest at June 27, 2008 7:04 PM

Where's Nokilissa? She has been silent...I wonder if she bought this house or the Schloss Connelly or the more diminutive Schloss Prospect Place...I bet she and the family got the Prospect Place House!

FGG

Posted by: guest at June 27, 2008 7:32 PM

Power 'Beans and Pride!

Posted by: guest at June 27, 2008 7:44 PM

I had no idea Americans could be such snobs

Posted by: guest at June 28, 2008 2:10 AM

Park Slope is a POS nab with boring people. Anyone of interest or value always moves back to Manhattan.

Posted by: guest at June 28, 2008 8:06 AM

Then why did Jennifer Connelly and Co. move back?

Posted by: guest at June 28, 2008 12:50 PM

Park Slope may be boring, but apparently it's now more expensive than Tribeca.

Posted by: guest at June 28, 2008 12:50 PM

"I had no idea Americans could be such snobs"

I've lived in Beverly Hills, and I know very wealthy people in Tribeca where the Bettany's are moving, and Park Slope is the most snobby place of all those places. It's just all a bit hidden behind casual clothes and a semi-hippy lifestyle.

Most non-snobby place in America: Pacific Northwest. I'd go there in a heartbeat if we could earn the same kind of income there as we do here.

Posted by: guest at June 28, 2008 2:15 PM

I always thought snobby just meant better.

Posted by: guest at June 28, 2008 3:09 PM

i don't find park slopers snobby at all. i find some of them a bit dazed, some a little hippy dippy and others pretty down to earth.

guess i've had good luck not running into the snobby ones.

all depends on the circles one travels in, i think.

if you come into contact with a lot of snobby people, it reflects more on your own personality than it does on a neighborhood.

Posted by: guest at June 28, 2008 3:28 PM

Price per square foot in TRIBECCA is much more than 99% of Park pos Slope.

Posted by: guest at June 28, 2008 10:24 PM

Plus, all the stroller moms in Tribecca are younger and much better looking.

Posted by: guest at June 28, 2008 10:26 PM

AND the kids in the strollers are actually infants, not 8 year olds with senior parents.

Posted by: guest at June 28, 2008 10:27 PM

you all WISH you could afford to live in park slope.

obviously people paying over 8 million dollars to live in this house signifies that it's a pretty desirable neighborhood, overall.

get a clue, haters.

Posted by: guest at June 28, 2008 10:59 PM

Paying a lot of money to live somewhere does not equal desirable. Well, maybe in your book. Bet you drive a Subaru. Trump towers are very expensive - guess everyone wants to live there.

Posted by: guest at June 29, 2008 8:57 AM

what's a Subaru got to do with it?

Posted by: guest at June 29, 2008 9:48 AM

"if you come into contact with a lot of snobby people, it reflects more on your own personality than it does on a neighborhood."

How does one's personality determine what the neighbors are like? Don't get it.

Posted by: guest at June 29, 2008 9:56 AM

God bless the cut and paste. What would a 15-year-old do with his time, otherwise, right 6:23?

Posted by: guest at June 29, 2008 10:21 PM