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October 14, 2009

Last Week's Biggest Sales

lwbs%2010-13-2009.jpg
1. GRAVESEND $5,002,000
2021 East 5th Street GMAP (left)
Humble-looking house, big-ass price: Property Shark says it's a 2,016-sf one-family. Entered into contract on 3/16/09; closed on 9/24/09; deed recorded on 10/6/09.

2. COBBLE HILL $1,945,000
51 Cheever Place GMAP (right)
This 3,360-sf 3-family townhouse was first listed for $2,200,000 in June, according to StreetEasy. Entered into contract on 8/7/09; closed on 9/30/09; deed recorded on 10/8/09.

3. PROSPECT HEIGHTS $1,700,000
388 Sterling Place GMAP
Second go-round for this house on a Biggest Sales list: It sold for $1.6 million a little over a year ago. This time the 4-story, 4-family was first listed for $2,195,000 in March and was eventually asking $1,795,000 before it went into contract, according to StreetEasy. Entered into contract on 8/26/09; closed on 10/1/09; deed recorded on 10/9/09.

4. PROSPECT HEIGHTS $1,665,000
On Prospect Park, Unit 10B GMAP
StreetEasy says this unit in the Meier-designed condo is a 2,125-sf 3-bedroom. Entered into contract on 5/27/09; closed on 9/15/09; deed recorded on 10/8/09.

5. DUMBO $1,450,000
1 Main Street, #5L GMAP
This 1,655-sf condo was listed for $1,699,000 in July, according to StreetEasy. Entered into contract on 8/21/09; closed on 9/24/09; deed recorded on 10/5/09.

Photos from Property Shark.




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

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Comments

Question. I now know the reasons these Gravesend homes end up selling for so much, but I wonder about the financing aspect. Are these cash purchases? If not, how do you get a bank to back a price that high when generally the comps are not supporting it on the whole? Or are the banks appraising these properties at or near these astronomical sales prices?

Posted by: InsertSnappyNameHere at October 14, 2009 11:04 AM

Once again my "hometown" of Gravesend kicks butt!!!

Note to Mr. B.: before your advertisers start to drool over me, note that I came from the DECIDEDLY more downscale western half of Gravesend.

Posted by: benson at October 14, 2009 11:05 AM

OK, what the hell goes on in Gravesend that I am missing?

These prices outpace even the best most high-end Manhattan has to offer...

There is definatley some conspiracy out there, or perhaps a giant gold mine underneath the homes that people are quietly mining from their basements?

Posted by: newsouthsloper at October 14, 2009 11:16 AM

For that money I would rather buy in Mill Basin or like 10 Tudor row houses in the decidedly quieter Marine Park

Posted by: Joe from Brooklyn at October 14, 2009 11:18 AM

I'm never going to able to afford to live in Gravesend. I'm just going to have to let that dream go.

Posted by: dittoburg at October 14, 2009 11:18 AM

Basically, if you're buying a 5 million dollar house you are not taking public trans, that's why I would rather be in a quieter area.

Posted by: Joe from Brooklyn at October 14, 2009 11:23 AM

There is nothing mystical about Gravesend prices if you understand the community around it - tightly knit Syrian Jews. They are more than likely cash deals or with personal loans through their own banks.

As part of that community you are expected to live within specific locations. This means limited housing choices, thus higher prices. They are not shopping for houses in Park Slope, Bay Ridge or even the immediate neighborhoods even though they are less than 10 minute car drive. They want and NEED to stay in Gravesend. It is as important as marrying another "pure" Syrian Jew (no other kind of Jew BTW - even many orthodox from other countries).

Google. Even NY Times had several articles regarding the cultural traditions of this community. New Jersey has one too.

Posted by: crimsonson at October 14, 2009 11:24 AM

this is one of the many examples of how RELIGION (all of them) are WHACK!

*rob*

Posted by: Butterfly at October 14, 2009 11:27 AM

"Through their own banks"
I don't think they're THAT rich... talk about conspiracy theories...

Posted by: Joe from Brooklyn at October 14, 2009 11:31 AM

I believe the potential bride/groom has to prove for 3- 4 generations back that they are 100% Jewish...

Posted by: Joe from Brooklyn at October 14, 2009 11:33 AM

That little house would not be worth as much if it were situated in the middle of Central Park.

Posted by: newsouthsloper at October 14, 2009 11:34 AM

Money laundering

Posted by: LilBitOfLuck at October 14, 2009 11:35 AM

A 2,000 square feet one family's not what I would call "little."

Posted by: Joe from Brooklyn at October 14, 2009 11:40 AM

so any scoop on Sterling Pl...anyone see it? or see a listing? or notice any work being done in last year?
Speculation last time sold was tax sale.
We see increase in price in little of year of 6%.

Posted by: Petebklyn at October 14, 2009 11:54 AM

Yo Joe, how do you think so many Koreans found the money to invest in opening up delis - by borrowing the money through informal banks operated within the Korean community. Is that a conspiracy? Many ethnic groups operate such institutions, nothing conspiratorial about it.

Posted by: Brooklynnative at October 14, 2009 12:17 PM

Mr B failed to mention the Gravesend house has a basement full of cocaine.

Posted by: dirty_hipster at October 14, 2009 12:23 PM

Snappy, if there is a mortgage, the public records don't seem to reflect it.

Posted by: jessibaby at October 14, 2009 1:09 PM

Most of the SJ's in Gravesend also have vacation type places in Deal, NJ. Name any apparel company and the chances are pretty good that a SJ owns it, or is close to buying it. All the money is family money. If you can manage to rid yourself of common negative stereotype's it is actually pretty impressive.

Posted by: Gross at October 14, 2009 1:55 PM

Both Crimson and Gross are correct.

Posted by: Kensingtonian at October 14, 2009 2:04 PM

As noted Kens- Gross & Crimson are in the know.

If you have ever shopped at Century 21 or Rainbow Shops & several others, you are unknowingly contributing to exclusionary faith based programs as well as exclusionary "market making" real estate practices, which create ethnic/xenophobic nonsense transactions, as noted above on East 5th Street.

Posted by: Crescent Hill at October 14, 2009 3:11 PM

Crescent, you can add JC Penney, WalMart, Kmart to that list as well. Most of their store brands or cheap inhouse brands are produced by manufacturers owned by Syrian Jews.

Posted by: Kensingtonian at October 14, 2009 3:49 PM

thank god i dont shop at those riff-raff stores then!

*rob*

Posted by: Butterfly at October 14, 2009 3:57 PM

pretty ridiculous at that gravesend sale. if you zillow that address it seems like all the homes on that block are worth 2-3mill+. something doesnt seem right!

Posted by: guikazoid at October 14, 2009 4:26 PM

Kensingtonian, Wal-Mart has thousands of suppliers and most products are made in China. So how do you figure the companies are all owned by Syrian Jews?

Also, anyone know if Jewish businesses in Sheepshead Bay are ever related to the Syrian Jews of Gravesend, or is that a completely separate community?

Posted by: mopar at October 14, 2009 6:57 PM

mopar, I know cause I worked for them. They are middle men who get contracts and then outsource products to China and work with Chinese manufacturers. Also I have a very good inside on this BUT I can't disclose it. You'll just have to take my word for it if you wish.

Sheepshead is mostly Ashkenazim Jews. Syrians don't mix with those. Completely different community. Syrian Gravesend community is VERY small and everyone literally knows everyone else. Not so much with Ashkenazim community (which I am a part of).

Posted by: Kensingtonian at October 14, 2009 11:08 PM

Thanks, very interesting.

Posted by: mopar at October 15, 2009 6:46 PM

Now -- know anything about RFID?

Posted by: mopar at October 15, 2009 6:47 PM

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