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September 24, 2009

Brooklyn Sales: Under a Million

sales%20under%20a%20mil2%2009-24-09.jpg
Some of the sales recorded last week that went for $1 million or less:

$250K or under: SUNSET PARK
466 49th Street, #4; Price=$110,000 GMAP
This 550-sf, 2-bedroom co-op was originally listed for $135,000 in April, according to StreetEasy. Maintenance=$275/month. Closed on 8/28/09; deed recorded on 9/15/09.

$250-$500K Range: GREENWOOD HEIGHTS
643 6th Avenue; Price=$300,000 GMAP
This is an 884-sf, 2-family, according to Property Shark. Entered into contract on 4/21/09; closed on 9/3/09; deed recorded on 9/14/09.

$500-$750K Range: WINDSOR TERRACE
279 Prospect Park West, #2A; Price=$595,000 GMAP
This is a 1,196-sf condo, according to Property Shark, divided thus: main floor is 900 sf; smaller upper level has bedroom; and above that is a roof deck. The condo was first listed in the mid $600,000's, but by the time it wound up here was asking $599,000. Entered into contract on 7/28/09; closed on 9/11/09; deed recorded on 9/17/09.

$750K-$1 Million Range: PARK SLOPE
323 7th Street; Price=$850,000 GMAP
This is a 2,346-sf, 3-family house, according to Property Shark. There's no listings trail, but it was definitely an estate sale. Entered into contract on 7/9/09; closed on 8/26/09; deed recorded on 9/17/09.

Photos from Property Shark.




Posted by Gabby at 11:00 AM | Comments (27)
Categories: Sales

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Comments

whoa! 2 bedroom for 115K? that's kinda awesome price, no?

*rob*

Posted by: Butterfly at September 24, 2009 11:10 AM

"This is an 884-sf, 2-family"

What the....
This might be the smallest 2-family in Brooklyn.

Posted by: Expert Textpert at September 24, 2009 11:10 AM

That greenwood house is cute.

Posted by: dirty_hipster at September 24, 2009 11:11 AM

i hate how houses are classified by how many "families" it has. such a stupid outdated concept. what does that even MEAN it's "two family." ugh why can't it just be called two dwellings? oh i do think i know the reason...

*rob*

Posted by: Butterfly at September 24, 2009 11:17 AM

Was the GH building in terrible shape? The price puts it at under $350/sf.

Posted by: DitmasSnark at September 24, 2009 11:29 AM

i would like to live in that greenwood heights house.

Posted by: Santa at September 24, 2009 11:30 AM

Yeah, Sunset Park condo super cheap but note small square footage. Probably really a one bedroom somehow divided into two. But still cheap. $115K is about the price of a studio these days.

I was chatting last night with a friend who has a similar size apt (one bedroom) she bought for $62,000 in 1998. It's on Gramercy Park and she has a key to the park. Ay yi yi. Reminds me also of the friend who owns a sprawling and elegant very fancy place with coffered ceilings in midtown (not a great location) and he bought that for only about $200,000 the same year, when there were drug dealers and prostitutes living in the building. Now the same size apt in Queens will cost you slightly more.

Posted by: mopar at September 24, 2009 11:35 AM

I know those coops in Sunset Park. It's one bedroom, not two. Unless you use the living room as a bedroom.

Posted by: southbrooklyn at September 24, 2009 11:44 AM

see what happens when you chase away drug drealers and prostitutes, people? you price yourself right outta good neighborhoods.

*rob*

Posted by: Butterfly at September 24, 2009 11:46 AM

That does look like some cheap digs for somewhere half commutable.

Posted by: the chicken at September 24, 2009 11:47 AM

That sunset park apartment is a one bedroom and most probably building is original coop like most of them and doesn't have proprietary lease and shares so had to be bought ALL CASH. I don't have time today to research this particular coop but about 90 percent of these type of building in Sunset Park follow that co-op structure and banks wont give mortgages on them unless you get private financing of some sort. The ones that are bank approved and can get financing, are substantially higher in price. Good thing about these SP co-ops is that most have their underlying mortgages paid off and their maintenance is somewhere between 200-300 bucks a month for a one bedroom. I know 4 people who live in these co-ops (different buildings) and none of them pay over $300 a month.

The greenwood house price seems great. Maybe it's in a bad condition or structural damages. Let's see if anyone has an inside scoop.

WT condo seems like a good price as well.

Posted by: Kensingtonian at September 24, 2009 11:55 AM

Kensingtonian is probably correct about the Sunset Park place/

I know somebody who lives in one of those "Finn Town" co-ops. I believe she bought it in the late 80s, all cash, for about $10,000. The maintenance is low, but you better have your own cash reserve, because when work needs to be done, an assessment is charged.

Posted by: DitmasSnark at September 24, 2009 12:00 PM

c'mon Kens, who DOESN'T have $120k in walking-around money these days?!

Posted by: the chicken at September 24, 2009 12:28 PM

Finnish did know how to build good sound buildings. My friend's coop on Finlandia Ave AKA 40th street is a very solid and structurally sound building. She has a good layout in her 1 bedroom apt. I have a couple of beefs with these coops though. Hers is self managed and a bit of a dictatorship even though she is very loved by the board and doesn't have any problems. Also, its a rotating board and everyone in the building HAS to serve at some point. Also, you have to go through a pretty rigorous board approval. First you have to interview with the board, and then meet ALL tenants at the shareholders meeting and everyone votes whether you can live there or not. That's just a bit too much. I don't know if the rest work that way but hers does.

Posted by: Kensingtonian at September 24, 2009 12:47 PM

oh barf, so it's like high school student council all over again? no thanks


*rob*

Posted by: Butterfly at September 24, 2009 12:53 PM

Fascinating on the Sunset Park coops. But how can it be a coop without a proprietary lease and shares?

Posted by: mopar at September 24, 2009 1:11 PM

mopar they were built as original co-ops in 1920s and just stayed that way. I don't know the legalities of it but back then there was no proprietary lease or shares. They are registered as corporations though. Because of lack of shares and leases, banks don't want to give financing. I guess they are grandfathered and follow more of a condo structure but still listed as a corporation since the corporation technically owns the land and building.

Posted by: Kensingtonian at September 24, 2009 1:18 PM

Mopar, what Kens said. I've come across 3 or so such coops in my house hunting days. Dont think they're precluded from issuing shs or proprietary leases - ie something they can get done via engaging a lawyer

Posted by: more4less at September 24, 2009 1:45 PM

Bad link on Windsor Terrace, by the way.

Try ...

http://propertyshark.com/mason/nyc/Reports2/showsection.html?propkey=137785

Posted by: serpentor at September 24, 2009 2:04 PM

M4L, you are correct on that part. My friend mentioned that her building is working with an attorney to form a proprietary lease and then might look into the legal process of issuing shares.

Posted by: Kensingtonian at September 24, 2009 2:41 PM

Mopar, the price on the Gramercy Park place sounds awfully low for 1998. I was looking in 96-97, and 1 bedrooms in that area were in low 100s (in estate condition) and higher if renovated; and that's without the keys to the park. There must have been something wrong with the building (a crazy maintenance?) or maybe she was a tenant and got an inside price on the coop when the building converted.

Posted by: kensingtonka at September 24, 2009 3:41 PM

Park Slope 323 7th Street seems cheap. What gives? Estate condition + no broker listing = under market sale? Zillow has it at $1.15 and they are not known to overestimate townhouses.

Posted by: Mr Joist at September 24, 2009 3:59 PM

Mr Joist, if that 7th st house is a few houses over, it would be within the boundaries of our $1k wager. Told U, all it takes is a whacky transaction

Posted by: more4less at September 24, 2009 4:19 PM

Kens, the Gramercy apt was inexpensive for the time. It was a sponsor unit and in not-great condition.

Posted by: mopar at September 24, 2009 4:49 PM

I think the 6th ave house is an inside sale. They have just been doing a lot of illegal work on it for the past 6 months.

Posted by: wagongrrl at September 24, 2009 6:44 PM

M4L:
True … but didn’t I specifically exclude all wacky transactions outside the boundaries of my preconceived notions of value? :-)

Seriously though, maybe I should have rephrased to include only deals available to the "general public" … not sales to family members and the like. Not sure if this was that type of deal but seems likely given the price. If this WAS listed somewhere, Muffett is bummin’.

Posted by: Mr Joist at September 24, 2009 6:56 PM

The Sunset Park apt is not a subdivided 1BR, but a 2BR. You can see the floor plan here: http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1537475 Yes, the rooms are small, but the floor plan is pretty good. It's not one of the famous Finnish co-ops as this co-op was erected in the 1950s (if I remember well). There are shares etc. Reason that it's "all cash" is because the co-op doesn't have proper insurance.

Posted by: SunsetSunday at September 25, 2009 4:41 AM

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