« Storefront Turnover on 7th Avenue Co-op of the Day: 125 Eastern Parkway, #6F »

February 17, 2009

Last Week's Biggest Sales

1. COBBLE HILL $4,900,000 (left)
Yep, it's the house that Norah Jones bought: A 4,100-square-foot, 6-bedroom, single-family townhouse. Entered into contract on 12/5/08; closed on 1/27/09; deed recorded on 2/9/09.

2. PARK SLOPE $4,100,000
21 Lincoln Place GMAP (right)
This 5,076-sf, four-family last sold for $2,050,000 in 2006, according to Property Shark. Entered into contract on 1/29/09; closed on 1/29/09; deed recorded on 2/11/09.

3. GRAVESEND $4,000,000
2005 East 4th Street GMAP
A 2,535-sf, single-family house on a 4,000-sf lot. Took two years for the sale to close. Entered into contract on 2/7/07; closed on 2/5/09; deed recorded on 2/13/09.

4. PARK SLOPE $2,400,000
576 4th Street GMAP
This 2,559-sf single-family was listed for $2,850,000 when it was an Open House Pick in August. It last sold for $1.99 million in mid-2004, according to Property Shark. Entered into contract on 12/3/08; closed on 1/26/09; deed recorded on 2/10/09.

5. PARK SLOPE $1,725,000
365 4th Street GMAP
A 2,740-sf, two-family house, per Property Shark. Entered into contract on 11/19/08; closed on 1/27/09; deed recorded on 2/11/09.

Photos from Property Shark.

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/8450

Comments

Except for Gravesend, all post-Lehman. Team Bear, we're ready for your insightful analysis.....

Posted by: daveinbedstuy at February 17, 2009 11:34 AM

sweet mother.

Posted by: 11217 at February 17, 2009 11:34 AM

I'm pretty impressed. Still team bear though.

Posted by: dittoburg at February 17, 2009 11:38 AM

Ha ha ha, rich people still have money. Good Luck on your search for pre-90's priced Brownstones, might want to try Pittsburgh heard they have a vibrant downtown.

Posted by: billyboomer at February 17, 2009 11:47 AM

Brownstoner: Property Shark and ACRIS say that 21 Lincoln Place sold for $2.85 milllion on 1/29/09. Where did the $4.1 million number come from?

Posted by: bk14 at February 17, 2009 11:51 AM

"rich people still have money"

Another inadvertent Yogi Berra. I do love the comical loons on this site.

Posted by: dittoburg at February 17, 2009 11:51 AM

ditto - ditto

Posted by: landlord at February 17, 2009 11:54 AM

Wow, as a long standing member of the Bears, I must admit, the numbers especially Lincoln Place, are incredibly bullish. Somebody either sold for way too little in 06, paid too much in 09, it's an outlier, or the Bears are facing a much more formidible opponent that we thought. If I were shorting the Park Slope housing market I be thinking hard about using some market stops. On the other hand, we've had quite a few weeks of considerably less bullish numbers.

Posted by: Brooklynnative at February 17, 2009 12:05 PM

j'adore me some lincoln place ... but 4mm is too much for a thin, out-of-place building that looks more like four apartments than a classic brownstone, from the front. Are we sure that's the right number?

Posted by: cwbuecheler at February 17, 2009 12:25 PM

"Entered into contract on 1/29/09; closed on 1/29/09"

Now that's some cash for yo' ass. Contingent, of course, upon bk's claim at 11:51 AM.

***Bid half off peak comps until NY Case-Killa YOY passes through zero***

Posted by: Brownstones Half Off at February 17, 2009 12:27 PM

Hey BHO The implosion is here. There was a major dislocation in the F/X last night in Asia and equity markets are tanking worldwide. I think the fun and games is over and people will witness the full impact of the MAB...

The What

Someday this war is gonna end...

Posted by: Return of The What at February 17, 2009 12:39 PM

Hey BHO The implosion is here. There was a major dislocation in the F/X markets last night in Asia and equity markets are tanking worldwide. I think the fun and games is over and people will witness the full impact of the MAB...

The What

Someday this war is gonna end...

Posted by: Return of The What at February 17, 2009 12:40 PM

21 Lincoln Place has been a start and stop renovation for over 2 years. It was and will remain a 4 family which now has a new penthouse and the first floor unit will duplex into the basement given the amount of dirt removed from the basement. Have to check ACRIS but perhaps some new investors have entered the picture to complete the rehab. Street has just been dug up for new utility and/or plumbing service. The footprint of the property is very long, so it will be a challenge to eliminate the railroad flat layout. Assuming acquisition and construction costs beyond $3. million its hard to see much profit in this baby.
ps: I'm selling my 905 s.f. 3 bedroom, 2nd floor apt. directly across the street at 16 Lincoln Place for $635k, or 700 per s.f. My property was renovated 20 years ago and faces the front running the entire width of the property with no long hallways. Anyone interested drop me a line at: marion11217@aol.com

Posted by: MarionG at February 17, 2009 12:57 PM

"Hey BHO The implosion is here."

The implosion (controlled demolition) came and went. This is now an explosion. The situation is out of control.

"I'm selling my 905 s.f. 3 bedroom, 2nd floor apt. directly across the street at 16 Lincoln Place for $635k"

Oh no you're not. Not for $635k. (reno 20 years ago - you serious?)

***Bid half off peak comps***

Posted by: Brownstones Half Off at February 17, 2009 1:16 PM

"The implosion (controlled demolition) came and went. This is now an explosion. The situation is out of control."

ROTFLMMFAO!!!!!!! You are correct! My Bad!! LMMFAO!!! Yes yes yes!

Have you noticed something, where are all the Retards at????!!!

The What (Obama is going to buy me a pony)

Someday this war is gonna end...

Posted by: Return of The What at February 17, 2009 1:22 PM

Here's another interesting sale in Park Slope at 145 Park Place from Streeteasy:

02/10/2009
Listed in StreetEasy by Stribling at $1,050,000

02/10/2009
Stribling listing sold

Posted by: 11217 at February 17, 2009 1:48 PM

bears.. bulls.. bluecbips.. you people are seriously talking some crazy slang these days.

*goes back to google, once again!*

*r*

Posted by: PitbullNYC at February 17, 2009 2:03 PM

I'm thinkin' bullchips.

Posted by: SnarkSlope at February 17, 2009 2:17 PM

What you call the performance of big cap stocks over the past year = Blue Chip Dip.

Posted by: Biff Champion at February 17, 2009 2:23 PM

What...the new currency expert!!!!

Posted by: daveinbedstuy at February 17, 2009 2:27 PM

All Bears have been caught in a Bear trap.

Posted by: sebb at February 17, 2009 2:38 PM

Buy YCS

Posted by: daveinbedstuy at February 17, 2009 2:38 PM

What a weird group of sales. Does certainly look like some ammo for Team Bull. I'd discount the Norah Jones house just since insanely rich musicians aren't really notorious for making considered real estate decisions and the Gravesend listing went into contract so long ago. With what's left, the 21 Lincoln place listing seems like a sign of real strength, though an all-cash deal doesn't reflect the current difficulty of getting financing and unemployment concerns.

576 4th, though, is close to 20% below ask off of the August list.

I wonder if a "Last Week's Median Sales" would be more representative of the market; the movements of the high end seem so dependent on unique buyers than anything else.

Posted by: 2br_or_bust at February 17, 2009 2:48 PM

I don't believe the price on Lincoln place. I don't mean I'm astonished, I mean I actually do not find it credible. I don't know what the story is (how could I possibly - I don't know the seller or the buyer or the realtor) but I don't believe this is a real transaction between a market buyer and a market seller. That kind of money gets you a prime place on a park block in PS 321. Why someone would spend $1 million per floor on this block - well, I don't think it actually happened.

Perhaps I am just so out of touch that I am refusing to believe something that goes against my view of the market, but I don't think that's it. Something is wrong with this picture.

Posted by: lechacal at February 17, 2009 2:48 PM

Lechacal, I think you are correct. According to Streeteasy, it sold for 2.850 on 1/29.

We're waiting for Mr. B to see where the 4.1 million figure came from, I believe.

Posted by: 11217 at February 17, 2009 2:53 PM

OK, well I see the comment that it has been renovated, and it's over 5,000 sf, so.... maybe? I don't know. It just seems like a huge stretch to me. I guess if someone did a great reno job this could happen. Obviously the numbers are on the public record, I just question whether this is a real market buyer and a real market seller.

Posted by: lechacal at February 17, 2009 2:55 PM

Thanks 11217. 2.850 I can believe.

Posted by: lechacal at February 17, 2009 2:56 PM

20 million? So if shes' gettin 10% at 15$ a pop that giver her $3mill. So she'll still have to get a job serving coffee or something.

Posted by: dittoburg at February 17, 2009 2:59 PM

Mr. B is correct, look at the second to last page of the ACRIS filing (real property transfer report) - shows a "full sale price" of $4.1 million with no other special conditions, for just the one parcel
(The contract and sale dates are both listed as 1/29 but I think that's less reliable for the actual contract date)

Posted by: NorthHeights at February 17, 2009 3:01 PM

Singers like this make the bulk of their money from touring.

A singer like Norah Jones could easily bring in 10 million net from a single 2 month tour.

Posted by: 11217 at February 17, 2009 3:03 PM

ditto-

Her first album sold 22.5 million copies. At 15 bucks per, that's approx 330 million bucks gross for her to draw her 10% from. Her second album sold about 13 million copies.

Add to that 11217 point that touring provide's the lion's share of musicians' bottom line, well you get the idea.

Long story short, 4 million is chump change for her.

Posted by: 2br_or_bust at February 17, 2009 3:29 PM

Thats fine, I was responding, rather clumsily, to a post in the actual thread about her house that shes sold X number of albums therefore she must have the money.

Posted by: dittoburg at February 17, 2009 3:30 PM

just because some people are willing and able to pay high prices for properties in Brooklyn does NOT mean that Brooklyn real estate is not due for a major correction ... take a look at the stock market today ... we headed for a long economic decline but if people don't want to negotiate significant price reduction below ask then I want to offer congrats to the lucky sellers

Posted by: ZooLander at February 17, 2009 5:15 PM

Maybe no one is reading on here now at this hour, but I wonder if what is happening with some of these strong prices is that people are plunking their money into urban real estate after pulling it out of the stock market...and don't know what to do with it at this point.

Thoughts from the peanut gallery?

Posted by: BrooklynGreene at February 17, 2009 5:53 PM

« Storefront Turnover on 7th Avenue Co-op of the Day: 125 Eastern Parkway, #6F »

February 17, 2009

Last Week's Biggest Sales

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions