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February 10, 2009

Last Week's Biggest Sales

top-sales-02-09-2009.jpg

1. BROOKLYN HEIGHTS $6,322,711
One Brooklyn Bridge Park, Unit 1214 GMAP (left)
As noted last week, Elizabeth Stribling closed on her purchase of a penthouse at One Brooklyn Bridge Park. The pad sprawls over 3,442 square feet (with 1,900 square feet of outdoor space), according to a Real Deal article. The purchase price recorded in public records is a few hundred thousand below the $6.6 million Stribling was reportedly paying for the unit plus a parking spot. Although Stribling's purchase was billed as a record-breaking condo sale, the most expensive condo to ever sell in Brooklyn was a $7 million Dumbo unit that traded last year. Entered into contract on 3/29/07; closed on 1/29/09; deed recorded on 2/5/09.

2. PARK SLOPE $1,841,400
466 5th Street GMAP (right)
Back when this 3,600-sf three-family was a House of the Day last January, it was asking $2.2 million. It appears to have been re-listed in the middle of last year, according to StreetEasy, for $1,995,000. Entered into contract on 9/22/08; closed on 1/30/09; deed recorded on 2/6/09.

3. BOROUGH PARK $1,600,000
1206 59th Street GMAP
This 2,880-sf townhouse (on a 6,000-sf lot) was marketed as a potential development site and first listed for $2.9 million last February. Entered into contract on 8/18/08; closed on 11/12/08; deed recorded on 2/4/09.

4. BROOKLYN HEIGHTS $1,552,831
One Brooklyn Bridge Park, Unit 936 GMAP
Entered into contract on 8/16/07; closed on 1/14/09; deed recorded on 2/2/09.

5. FORT GREENE $1,399,300
122 Fort Greene Place, Unit 4 GMAP
1,403-sf, 2-bed, 2-bath condo in a 4-unit conversion. The remaining three units in the building, covered as Condos of the Day last September, are still on the market, with prices ranging from $999,000 to $1.2 million. Entered into contract on 11/17/08; closed on 1/28/09; deed recorded on 2/3/09.

477 5th Avenue photo from Property Shark.




Posted by Gabby at 11:30 AM | Comments (15)
Categories: Sales

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Comments

Mostly all post -Lehman, team bear. Comments???

I think we've gotten beyond the usefulness of the pre & post Lehman comparisons.

Posted by: daveinbedstuy at February 10, 2009 11:35 AM

Wow, $1000 per sq ft for Ft Greene condo. That's proper, brotha. I'm close to this place on Washington. I see my property value rising because of this. Good for Fort Greene.

Posted by: PropJoe at February 10, 2009 11:46 AM

Hi DIBS,
I think "Last Week's Biggest Sales" section does not give us an accurate reading of the general RE market.

Posted by: Gravis at February 10, 2009 12:00 PM

Well what does then, Gravis??? I think when you string a bunch of Last Week's Biggest Sales sections over the course of many weeks, it might be some indication.

Please explain what data points you would use.

Posted by: daveinbedstuy at February 10, 2009 12:02 PM

Sorry, gravis...that may have sounded like I wanted to be confrontational which was not my intent.

Posted by: daveinbedstuy at February 10, 2009 12:15 PM

DIBS - On behalf of team bear I'd like to know if the 1BBP price was for the entire building.

Posted by: dittoburg at February 10, 2009 12:15 PM

After Geithner's comments, uber-inflation (somewhere between regular inflation and hyperinflation) is on the cards - making me flipflop between Team Bear and Team Bull on the nominal prices....

Posted by: the chicken at February 10, 2009 12:20 PM

DIBS - I don't think we've "gotten beyond the usefulness of the pre and post Lehman comparisons."

The 1BBP units went into contract in 2007. Not relevant.

The Boro Park townhouse was also pre-Lehman. Not relevant.

The Park Slope 3 family was signed 9/22 - just days after Lehman, but before the October crash - so it's relevance is debatable.

The only one that is genuinely interesting in terms of today's market is that Fort Greene conversion, signed in November - seems like a good sign for Team Bull, if taken in isolation. Let's see if they can sell the other 3 units.

Posted by: Paul C at February 10, 2009 12:37 PM

park slope chop from 2.2 mil to 1.8 mil

and then a 2.9 mil to 1.6 mil

whatevs. I rent and rent is down

Posted by: Santa at February 10, 2009 1:12 PM

6.3 mil and your apartment number is 1214 - how British huh? Inner city Birmingham British, that is.

Posted by: infinitejester at February 10, 2009 2:04 PM

"inner city Birmingham British"....oolala! Someone is into trans-Atlantic class snobbishness. Well, well, see you at Ascot I'm sure.

Posted by: sam at February 10, 2009 2:36 PM

DIBS,
I take it as a valid argument. I would look at some statistics that says "average of the last week" or "best value of the last week" and track it over a period of time, but I agree that it's hard to get that information in one report.

Posted by: Gravis at February 10, 2009 2:43 PM

how about you do the cheapest sales of the week?

Posted by: Santa at February 10, 2009 3:19 PM

I agree with Santa. Please start a "Last Week's Smallest Sales" column. Cellar apartments, house boats and winnebagos don't count.

Posted by: iz at February 10, 2009 4:57 PM

"Mostly all post -Lehman, team bear. Comments???

I think we've gotten beyond the usefulness of the pre & post Lehman comparisons." ~ Dibs

Dibs, you continually astound me with your stupidity. I mean, if anybody wants to argue with you one should just let you do all the talking. You do know when Lehman/oct crash went down right? This is not hard. Then again, I have to keep reminding myself that you DID speculate in the ghetto. Keep the pipe dream alive!

Posted by: cornerbodega at February 10, 2009 7:46 PM

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