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November 2, 2009

First Resale at 14 Townhouses

267-State-Street-103009.jpg
It had to happen sometime! The 14 Townhouses on State Street received a lot of attention, most of it positive, when they hit the market back in 2005. It took a little while (and some time off the market) to get the job done, but ultimately all of them sold for prices of between $2 and $3 million. More than four years after, we've arrrived at a milestone in the project's history: The first resale. The house in question is 267 State Street, the one on the corner of Smith Street. It's got more than 4,000 square feet of space and doesn't look any worse for the wear. The asking price? $3,600,000. We shall see.
267 State Street [Corcoran] GMAP
14 Townhouses, After Slow '06, Go Gangbusters [Brownstoner]
14 Townhouses Update: Slow Going, At Best [Brownstoner]




Posted by Brownstoner at 11:01 AM | Comments (40)
Categories: Boerum Hill, Properties

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Comments

3.6 yet there is no loo on the parlor floor, pass.

Posted by: DeLepp at November 2, 2009 11:03 AM

nice view of shcemerhorn from the bedroom. and i'm sure it never gets loud with that parking lot next door.

Posted by: randolph at November 2, 2009 11:05 AM

love love love those houses from the outside. Serious attention to detail. Every time I walk by I admire them. Look pretty nice on the inside too now that I've seen the photos.

Posted by: denton at November 2, 2009 11:10 AM

quote:
3.6 yet there is no loo on the parlor floor, pass.

perhaps there are people out there, shocking i KNOW, who dont want to subject their guests to OPPM?

*rob*

Posted by: Butterfly at November 2, 2009 11:14 AM

rob, true but unless you're running a bordello how many guests could one possibly have in a year. Probably more germs on their phone @ work.

Posted by: DeLepp at November 2, 2009 11:17 AM

lol delapp who knows, but according to every single one of those home and apt shows in HGTV all they talk about is entertaining guests, as if they do it all year round, and by the looks of some of those people on the shows im guessing they havent seen a guest in years and who are they fooling? much like these prices, who are they trying to fooL/


*rob*

Posted by: Butterfly at November 2, 2009 11:25 AM

rob aspiration is the term, which is why many vote republican.

Posted by: DeLepp at November 2, 2009 11:28 AM

I "entertain" a few guests every week.

Posted by: daveinbedstuy at November 2, 2009 11:29 AM

I know we went through the pricing debate a few weeks ago, but I feel compelled to say again that for $3.6 million, I'd personally buy in prime Brooklyn Heights or Cobble Hill. It won't buy me last week's HOTD on Grace Court, but this is the range of asking price for houses on Sidney Place, one of my favorite blocks.

Posted by: CarrollGardened at November 2, 2009 11:32 AM

I lived on state for 10 years, it's no 3.6 million block by any stretch.

Posted by: DeLepp at November 2, 2009 11:38 AM

I lived on Schermerhorn, just around the corner for years- DeLepp is right. Not that it isn't a great area- it is. But those prices? Crazy.

Posted by: bxgrl at November 2, 2009 11:44 AM

No, no, no. For $3.6m you buy this:
http://www.sifex.co.uk/PropertyFullDetail.asp?propid=17071

and use the change for a lifetime supply of flights.


If you've already got your own Gulfstream then you can push the boat out to this:
http://www.sifex.co.uk/PropertyFullDetail.asp?propid=17555

Posted by: the chicken at November 2, 2009 11:45 AM

There's sure some creative math going on with Corcoran claiming this house is 4,200 SF! Even if you count the cellar level (which you shouldn't), 16' 0" x 45' 0" x 5 floors equals only 3,600 SF, and that's without deducting the 180SF lost through the double height living area. True area (without cellar and open-to-below space) is 2,700 SF. Sure, square foot fudging goes on all the time; but by over 50%? Come on!

Price is crazy too (though, living a couple of blocks up State, I'd love to see them get it).

Posted by: johnife at November 2, 2009 11:51 AM

Fair game for the Case-Shiller calc if and when it closes.

Anybody know why they're selling so soon?

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 11:54 AM


ARE YOU FUCKING KIDDING ME!!

This place was sold for $2,100,000 on 5/16/2006. Now, the owner has decided that in slightly more than three years (including a collapse of the economy), his wonderful property is now worth SEVENTY ONE PERCENT more?!

$1,500,000 increase in three fucking years?

I'd also like to toss in the fact that the 0.17% property tax rate on this house is disgusting and the city leadership should be ashamed of themselves.

Posted by: tybur6 at November 2, 2009 12:00 PM

Good point about the square footage fudging, johnife.

3.6 seems crazy to me, too, though I realize that many want new and modern living in a convenient location, complete with exclusive bragging rights to modernity.

The location is not the most pleasing, I think (I must admit, I've never walked down that block of State Street. I will soon, out of curiosity.)

That block is Boerum Hill and not Downtown Brooklyn?

Posted by: Pigeon at November 2, 2009 12:01 PM

BHO -- My guess is they saw that the developers down the street are looking for the same price for larger houses, and decided to get in front of all the buying interest for over $3.5 million modern living. (Plus this has the benefit of being much closer to parking -- hah.)

Posted by: Boerumresident at November 2, 2009 12:02 PM

Strangely, Pigeon, that part of State Street north of Atlantic Avenue is considered Boerum Hill.

Posted by: CarrollGardened at November 2, 2009 12:03 PM

The photo tour looks like an episode of Ugly Betty (my wife makes me watch that garbage).

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 12:03 PM

BHO, my wife finally agreed to vote for Bill Thompson after I threated to withhold sex from her for the next year. We now need to get all the other bitter renters (lower class) to join our cause!

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: stevieb at November 2, 2009 12:15 PM

tybur, although I am bearish on property prices it does you a disservice to complain about the price of a property relative to what it went for at another point in time - it's all about what the place is worth today and a prospective buyer's alternatives.

Posted by: the chicken at November 2, 2009 12:15 PM


Chicken... point taken... sort of. Regardless of what perspective you want to look at this, it's completely nutso and properties selling (or even being put on the market) for these price tags DOES A DISSERVICE to everyone!

In "flush" times, this place was worth $2.1 million to a buyer (i.e., THE buyer... i.e., the guy who was willing to pay the MOST for this property). You're going to tell me that in three years, prospective buyers now look at this place and see something worth 71% MORE?!

Even without the historical information, this price take is patently absurd.... however, knowing the original sale price makes it all that much worse.

Also, we're not talking about apples to oranges comparisons here. The time frame is so short that this property is almost a comp *for itself*! (It's not a 1987 Brooklyn vs. 2009 Brooklyn) There hasn't been a 71% improvement in the neighborhood...

Posted by: tybur6 at November 2, 2009 12:25 PM

And yet, tybur, it's always possible that someone will come along, decide they just "love" THIS house in THAT location and pay close to ask. Happens all the time. (Before you pounce on me, remember I'm among those who thing the asking price is insane.)

Posted by: CarrollGardened at November 2, 2009 12:34 PM

tybur6, you know what the likes of 11217 are going to say. "There are rich people everywhere and they are not going to think twice about dropping $3.6mil on a condo"

Posted by: stevieb at November 2, 2009 12:37 PM

"BHO -- My guess is they saw that the developers down the street are looking for the same price for larger houses, and decided to get in front of all the buying interest for over $3.5 million modern living."

But Boerumresident, I thought a home was a place to live in and not an investment.

Magic stick, stevieb? Beware of DIBS. But why would renters be bitter in a time like this?

"it's all about what the place is worth today and a prospective buyer's alternatives"

Ha ha ha, chicken. A disservice to who? Alternatives? People have no choice but to buy into the collapsing MAB? Come on!

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 12:41 PM

CarrollGardened... I wouldn't pounce on you, but I would suggest that these folks with more money than sense should be either (1) drawn and quartered, or (2) required to give me, say, 1% of the purchase price. Either would make me happy.

Posted by: tybur6 at November 2, 2009 12:45 PM

I don't see how this house is comparable in price to a restored period house in Park Slope, which goes for about the same asking price. I guess it's apples and oranges. If I had the money, the oranges would win out, any day of the week. These are nice, if modern is your thing. Lots of light (I think the kitchen looks like a science lab.) Good luck to them, in this economy.

Posted by: Montrose Morris at November 2, 2009 12:45 PM

>>But why would renters be bitter in a time like this?

Renters are bitter because the government keeps giving money to undeserving financial institutions like skank of america and shitting bank, key bank, wells fargo, etc who turn around to pay record bonuses and that money find its way into brownstones. Renters get priced out as a result.

Posted by: stevieb at November 2, 2009 12:50 PM

By the way Chicken -- just looking at a few of the Chateaux on that www.sifex.co.uk website makes almost ALL properties in NYC look effin' ridiculous. You can get a 17th century stone chateau with 20 acres for $1.5 million...

Location, location, location only brings you so far!

Posted by: tybur6 at November 2, 2009 1:05 PM

"the kitchen looks like a science lab"

LOL!

"...and that money find its way into brownstones...Renters get priced out as a result."

Hmmm. That's not what I keep reading in the forums, stevieb ("Wah wah wah!!! I can't rent out my apartment!!! It used to be so easy!!! Heeeeeelllllp!!!!). And Brooklyn Brewery got priced back in.

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 1:10 PM

BHO, the government will find a way to screw the prudent, the savers, the middle class tax payers, and the renters. They are going to continue to award the undeserving tarp bankers with record bonuses while their firms continue to lose money. It is time the middle class wakes up and stand up for their rights!

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: stevieb at November 2, 2009 1:19 PM

"Location, location, location only brings you so far!"

Ponzi finance snatches the baton but snaps back before the finish line if you don't bail out in time.

***Bill Thompson for Mayor (TOMORROW!!!)***

Posted by: Brownstones Half Off at November 2, 2009 1:20 PM

BHO, I think the middle class have been PWNED by the rich.


***Bill Thompson for Mayor (TOMORROW!!!)***


Posted by: stevieb at November 2, 2009 1:24 PM

I agree with my 19th century colleague Montrosse. One can purchase a gorgeous period home in Park Slope or Brooklyn Heights for this price. To me, this combines the warmth and character of a modern condo with the ease and services of a brownstone. In other words, the worst of both worlds.
Also, one would think a modern house would have a place to keep the family car, at least that would provide an amenity rarely found in historic city homes other than carriage houses.
bon chance!


Posted by: Minard Lafever at November 2, 2009 1:26 PM

I think they really playing fast and loose with the square footage, as Johnlife noted. These houses are nothing special, and I can't imagine paying that price for them. They have no real character to speak of. If you want modern, buy something in Ft. Greene for much less and make it modern (we have seen those houses on this site before). I really think this is one of the most overpriced houses we have seen on this site.

Posted by: homey at November 2, 2009 1:38 PM

Nice house, ok location, NOT a 3.6 million dollar house.

They'd be lucky to get what they paid for it.

I don't like the modern look in general but this looks fine if you're into that sortof thing.

Posted by: 11217 at November 2, 2009 1:46 PM

Seriously... if you are willing to pay $3.6 million, buy ANY brownstone for $2 million (most with a better location) and rip its guts out and make it to look exactly the way you want. It adds 4 or 5 months to the process, but you'll probably save $500,000.

Posted by: tybur6 at November 2, 2009 2:04 PM

The owner has a good as chance of getting 3.6M as
****Bill Thompson***** has of being elected mayor - i.e. slim and none


Posted by: fsrg at November 2, 2009 3:24 PM

If you smoke enough miracle whip I am sure 3.6 looks feasable

Posted by: hannible at November 2, 2009 5:27 PM

I think we are violently agreeing tybur. This place is not worth the asking price - both fundamentally and on the relative comps.

That the asking price is so much higher than their own purchase price makes the potential schadenfreude that much sweeter.


"Ha ha ha, chicken. A disservice to who? Alternatives? People have no choice but to buy into the collapsing MAB? Come on!
Posted by: Brownstones Half Off at November 2, 2009 12:41 PM"

BHO, I think my Bear credentials are fairly widely recognised. Just because I have an opinion on which way I think prices are heading doesn't mean I don't allow for other differing opinions though. I will only be proved right (or wrong) in the future with the benefit of hindsight. So my point is that for someone who does want to buy property now, you can buy similar properties for less or you can buy nicer properties for the same price.

Posted by: the chicken at November 2, 2009 5:29 PM

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