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November 19, 2008

Last Week's Biggest Sales

top-sales-11-19.jpg

1. COBBLE HILL $2,190,000
127 Congress Street, Unit 1 GMAP (left)
2,300-sf, 3-bed, 2.5-bath duplex unit in a brownstone. In addition to noting that there's a pond in the backyard, its listing said the parlor floor has "13 foot ceilings inclusive of open living and dining rooms, both centered by period mantelpieces. There is a wood burning fireplace in the living room. A powder room, large kitchen and add'l room adjacent to the kitchen suitable for a home office complete the upper floor layout." According to StreetEasy, Corcoran first listed it in mid-August for $5,000 less than its closing price. Deed recorded 11/13.

2. BROOKLYN HEIGHTS $2,100,000
One Brooklyn Bridge Park, Unit 429 GMAP (right)
As with many of the One BBP sales, no online specs easily available for this unit. Deed recorded 11/10.

3. WINDSOR TERRACE $1,400,000
1518 10th Avenue GMAP
This is what a buyer ponied up for the building that replaced "The Charming Paint Peeler" of Windsor Terrace. The building is slightly under 2,000 square feet, says StreetEasy. Deed recorded 11/13.

4. BROOKLYN HEIGHTS $1,285,421
One Brooklyn Bridge Park, Unit 327 GMAP
This one included a parking spot. Deed recorded 11/13.

5. BOROUGH PARK $1,200,000
814 59th Street GMAP
3,288-sf, two-family brick townhouse. Deed recorded 11/14.

5. BRIGHTON BEACH $1,200,000
60 Oceana Drive West, Unit 8D GMAP
1,743-sf condo. Deed recorded 11/13.

5. SOUTH SLOPE $1,200,000
451 11th Street GMAP
2,295-sf, three-family house. Deed recorded 11/10.

127 Congress photo from Property Shark.




Posted by Gabby at 10:57 AM | Comments (24)
Categories: Sales

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Comments

that's an impressive price on the cobble hill place, especially since it went into contract mid-meltdown.

Posted by: z at November 19, 2008 11:06 AM

127 Congress St -
$2.2mil for the lower duplex. Whouah ! That would bring the whole house value to about $3.5mil (if you discount for the upper floor and no outdoor). Go Cobble Hill !

Posted by: brownie77 at November 19, 2008 11:10 AM

Anyone know more about the South Slope place? I'm very intrigued by that one, and wish I'd seen the listing. Know who sold this?

Posted by: Miss Muffett at November 19, 2008 11:10 AM

Cobble Hill - WOW!!!!!
Looks like an imaginary price.

Posted by: bayridgegirl at November 19, 2008 11:13 AM

Looking good folks.

Posted by: sebb at November 19, 2008 11:27 AM

I say this as a homeowner myself, Sebb...a sick part of me CAN'T WAIT till next year this time when your home is worth half of what it is today.

You are so stupid, it's not even funny anymore.

Posted by: 11217 at November 19, 2008 11:31 AM

Cobble is very impressive.

Posted by: troll at November 19, 2008 11:32 AM

1.2MM for a 3 fam on 11th between 6th and 7th is very, very interesting. I feel like that comp alone can reconfigure a whole set of multifamilies in the South Slope.

Posted by: fishmonster123 at November 19, 2008 12:12 PM

Why is that fishmonster123?

Do you know anything else about the house? The condition...anything??

If so, please share.

I'd love to know how you can correlate this one house to an an entire neighborhood without seeing one picture.

For all we know, it was a shell.

Posted by: 11217 at November 19, 2008 12:23 PM

My guess on the 11th St. house is it needs a LOT of work--still, it is an interesting comp. However, we still have comps of just a month or 2 ago of $1.995 on 14th btw. 4th/5th so comps are all over the place!

Posted by: ssloper at November 19, 2008 12:25 PM

No - no inside info. You're right - it could be a shell. It's just that I know that block pretty well, and it just surprises me, that's all. It is a desirable block, in an excellent school district.

Compare this with similar prices between 4th and 5th, and it seems like a good deal, for now. Could be even better next year.

Posted by: fishmonster123 at November 19, 2008 12:39 PM

on 11th street, a lis pendens filed in march 2008 and there is no note that it was released or that the mortgage was satisfied. so perhaps the sale was with the lien?

Posted by: i disagree at November 19, 2008 12:46 PM

^^with the lis pendens (not the lien).

Posted by: i disagree at November 19, 2008 12:48 PM

127 Congress St -
$2.2mil for the lower duplex. Whouah ! That would bring the whole house value to about $3.5mil (if you discount for the upper floor and no outdoor). Go Cobble Hill !

-

i can see the top of this place, which seems to have a pretty extensive roofdeck. big trees, fence, etc. so upper unit will have nice outdoor space with city view. so maybe even more? by the way, there's 2 more floors above this unit.

Posted by: RobertMosesJr at November 19, 2008 1:37 PM

Comps are kind of waste of time unless you've seen the inside of these houses.

Posted by: billyboomer at November 19, 2008 1:56 PM

Those of you wanting to use 11th street as a comp - I would be a bit hesitant.
Transfer was from Shahbain, Issam M to Alesayi, Fadhel
and Shahbains haved owned since 1977.
No proof that this was not an open market sale - but since a bargain and buyer and seller both have very foreign sounding name with same nationality I would question.

Posted by: Petebklyn at November 19, 2008 2:34 PM

Comments on WT?

Posted by: MR at November 19, 2008 3:30 PM

"...and buyer and seller both have very foreign sounding name..."

Last time I checked, "Smith" was a "foreign" name on these shores at one time.

By "very foreign" do you mean non-Anglo?

Sigh.

Posted by: BrooklynGreene at November 19, 2008 3:32 PM

Shahbain

Alesayi

Those names aren't foreign in Brooklyn.

Posted by: MR at November 19, 2008 3:41 PM

foreign as in immigrant 1st generation to live in america.

Posted by: Petebklyn at November 19, 2008 4:05 PM

The "foreign-sounding" name comment is very strange and though this may not have been the intent, sounds xeno-phobic...

Anyway, a reminder that the "biggest sales" and "open houses 6 months later" feature will only really start to reflect the new reality when it reflects properties hitting market/contracts that were taking place post Sept 18ish... So, we're talking late Dec/January at the earliest. Even though the writing was on the wall before the crisis and NYC housing market was starting to show plenty of cracks before, there is a huge chasm that separates pre-crisis and post-crisis sales.

Posted by: Miss Muffett at November 19, 2008 4:07 PM

A seven handle on the Dow, an out and out crash; and some people are still talking about "comps"? We've cycled through every possible rationale for buying at these prices --mispriced credit, panic (buy now, it'll double in eighteen months!), European demand, Upper West Siders who just sold etc etc., and now we're just descending into name calling and myth. Why if every asset in the world is now at a fifty per cent discount from six months ago is a brownstone in Brooklyn worth four times more than it was five years ago? Momentum takes over in both directions: "It'll be cheaper in a year" is going to send a lot of big mouths on this blog to drink. No pity here, frankly.

Posted by: Whuh at November 19, 2008 5:53 PM

petebklyn's point was somewhat clumsily made but it is valid. those names are arabic. arabs (or arab-americans) make up roughly 1% of the population of new york city. thus, the odds of two arabs being on both sides of a real estate transaction purely by chance are roughly one-hundredth of 1%, or 1 in 10,000. yes, it's possible, but it's much more likely that the parties were related in some fashion.

Posted by: z at November 19, 2008 6:25 PM

comments on the names was regarding the fact that he called them foreign. That was plane ignorant.
The argument was valid

Posted by: dutchman at November 30, 2008 11:48 PM

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