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Last Week's Biggest Sales

Categories: Sales

lwbs%2012-01-2009.jpg
1. FORT GREENE $1,925,000
311 Adelphi Street GMAP (left)
This 4-family was listed for $2,050,000 in August, according to StreetEasy. Its listing said it had been extensively renovated. The seller purchased the 2,970-sf townhouse for $980,000 in 2006. Entered into contract on 10/29/09; closed on 11/20/09; deed recorded on 11/25/09.

2. FULTON FERRY $1,500,000
17 Old Fulton Street GMAP (right)
This building, which consists of two floors of commercial space and two floors with apartments, was a House of the Day in December, when it was listed for $2,950,000. Entered into contract on 4/23/09; closed on 8/4/09; deed recorded on 11/25/09.

3. SUNSET PARK $1,260,000
853 56th Street GMAP
This is a 3,198-sf, four-family house, according to Property Shark. Entered into contract on 8/13/09; closed on 11/10/09; deed recorded on 11/25/09.

4. SUNSET PARK $1,122,000
960 47th Street GMAP
This is a 3,640-sf, 4-family, according to Prop Shark. It last sold for $995,500 in 2007. Entered into contract on 8/15/09; closed on 11/6/09; deed recorded on 11/19/09.

5. MILL BASIN $980,000
226 Mayfair Drive North GMAP
This 2,320-sf, single-family house was listed for $1,299,000 in May and the price was reduced to $1,100,000 in June, according to StreetEasy. Entered into contract on 7/17/09; closed on 11/9/09; deed recorded on 11/27/09.

Photos from Property Shark.



By Gabby at December 1, 2009 11:30 AM | Comments (31)

31 Comments

By daveinbedstuy on December 1, 2009 11:33 AM

Is the Fulton ferry place the one that had the flooding issues???

By Petebklyn on December 1, 2009 11:37 AM

Sunset park is the new Gravesend.

By CGar on December 1, 2009 11:37 AM

I don't know about flooding, Dave, but it wouldn't surprise me. It's right next to Grimaldi's, and while impatiently waiting outside, I noticed major cracks in the bricks all over the facade, which would've scared me off.

By 11217 on December 1, 2009 11:41 AM

That row of buildings on Old Fulton are a mess...most of them looked cracked and on the verge of falling over.

With the entrance to the new Brooklyn Bridge Park right there though, at 1.5 million it's probably not a bad investment, even if they have to tear the place down in a few years and rebuild.

Would not want to live with the constant line of Grimaldi's right out my door though.

By 1842 on December 1, 2009 11:42 AM

Good price for a four family on Adelphi across from a school, with a very specific renovation style (i.e. specific to the tastes of the owner). I like that row of houses and the block, just surprised a four family would sell so well. I guess you could live there and rent 3 apartments...

By InsertSnappyNameHere on December 1, 2009 11:46 AM

**sorry to hijack this thread, but it will only take a moment**

BROWNSTONER HOLIDAY PARTY THIS THURSDAY, DEC. 3 AT 6PM AT BELL HOUSE! SEE THE FORUM POSTING FOR EVENT DETAILS!

**now back to our regularly scheduled programming**

By antidope on December 1, 2009 11:51 AM

brooklyn half off someone's dreams, hopes and aspirations. we've arrived (see fulton st).

otoh, there are plenty of outliers here from which we should glean absolutely no information about the current state of the market or its direction. two homes in sunset park over 1.1 mio including one that sold for 20% MORE than 2007 price? find me one of those idiot buyers, say the shadow inventory sellers...ft greene 4 family at a ps price; what are folks smooooking?

8/20/09 hotd 52 s oxford sold for 1.34 7% above widget.
329 adelphi will beat original widget probably by 10+% and revisited widget by 38%. there are at least nine other hotd in contract.

By CGar on December 1, 2009 11:55 AM

11217, check your email (seriously).

By wasder on December 1, 2009 12:02 PM

Go Fort Greene! That is a pretty big price tag. Very nice location though if you want to be in the thick of the action in this neighborhood so I guess that's a location buy. Sale price more than doubled from 2007 to 2009! Crazy.

By Brokedeveloper on December 1, 2009 12:08 PM

Adelphi owner bought for $980k, probably spent a good chunk on renovations, but very likely made a profit, which is much different from a lot of the 2006/2007 to 2009 flip jobs on this site.

Seems like a crazy price for a 4 family, but hey, congrats to the flipper.

By bitter_bubble_buyer on December 1, 2009 12:28 PM

maybe I should not be so bitter with what that Fort Greene house sold for?

By Nomi on December 1, 2009 12:34 PM

Yeah the Fulton Ferry place IS half off. Hmm.

In the early 1960s, my father lived in the top corner apt. above where Pete's is now. I do not think ANYTHING has been done to the upper floors of that building since. Really, it looks exactly the same except worse than pictures from when he lived there, and then pictures I took as a kid in the late seventies when my mom was showing us where he lived. Same paint even. He found nice old furniture in the attic up there that the landlord let him have cause it looked like junk. (Was it a seaman's hotel at one time?) But he stripped off layers and layers of paint leaving great old wooden pieces. My mom still has them.

By GowanusGirl on December 1, 2009 12:44 PM

I just can't take it. Adelphi: how does this place DOUBLE in 3 years? Even with renovation? Are the floors made of gold? And PS - what do all these brownstoner owners do for a living that they can afford a 10k+ monthly mortgage? Please, explain this to me so I can start applying for new jobs.

By Brownstones Half Off on December 1, 2009 12:56 PM

"Sunset park is the new Gravesend."

Buddist temples?

***Bid half off peak comps***

By Petebklyn on December 1, 2009 1:08 PM

BHO, from names of buyers, perhaps.
And 47th street sold for 13% higher than late 2007.

By pierre de taille on December 1, 2009 1:14 PM

"Go Fort Greene! That is a pretty big price tag".
Ditto that wasder. Our hood is really something these days. Even with the recession and downturn prices here have been really strong.
Hey dope, thanks for your stats on FG...okay still bearish here but those are some impressive #s especially considering that house faces the school and playground.

By homey on December 1, 2009 1:39 PM

Adelphi house is 3,960 sq. ft, not 2,960. I know a few folks who bought houses that big on nice blocks for 1.8 unrenovated in 2007. So, it maybe that someone really fell in love with the reno.

By mopar on December 1, 2009 1:44 PM

Gowanus, this has been well covered. Please pay attention. People sell their Upper West Side one bedroom condos for $10 billion, and then they buy six $1 billion houses in Brooklyn Heights (one for the maids) with plenty left over for renovations.

By Brokedeveloper on December 1, 2009 1:50 PM

3960 sq/ft would make a lot more sense.

By antidope on December 1, 2009 1:58 PM

there is a very interesting spiral staircase to nowhere in the adelphi pl. weird.

By Minard Lafever on December 1, 2009 3:05 PM

adelphi street is not a house it is a multiple dwelling. It is a four-unit building.

By BrooklynGreene on December 1, 2009 3:08 PM

That row of brownstones on Adelphi is very handsome.

The sale price for a Fort Greene house seems very "strong" to me...but that's me. Maybe this sale price is actually a discount to what it would have sold for a year and a half ago.

A decade or two ago our minds would have been absolutely blown by these kind of numbers!...but I guess between inflation, the "mutant asset real estate bubble" and the improvements in Fort Greene, people are very much willing to pay good prices for our area.

Good.

By Petebklyn on December 1, 2009 3:17 PM

gowanus,
records are showing mortgage of 490k....that isn't going to cost 10k a month. And you really don't know the deal with condition or terms of last sale (where seller held mortgage).

By joeingowanus on December 1, 2009 3:20 PM

haha pete. fine they won't have to pay 10k a month. BUT! they did have to come up with 1.5 mil. sheesh. count me as another dumbfounded poster in gowanus.

By GowanusGirl on December 1, 2009 3:52 PM

The house was purchased for 1,925,000. W/20% down, that's around 9k for monthly mortgage...did I miss something?

By Brokedeveloper on December 1, 2009 3:55 PM

"The house was purchased for 1,925,000. W/20% down, that's around 9k for monthly mortgage...did I miss something?"

Yes. You missed the fact that it wasn't 20% down. Acris shows a $490k mortgage, per Pete's e-mail.

By 1842 on December 1, 2009 4:05 PM

Not everyone only puts down 20%, in fact I would venture to guess that with higher priced properties, 20% down is the exception, with more people putting down a lot more than 20%.

By Kensingtonian on December 1, 2009 4:23 PM

Gowanus, you're still young. Just marry rich...

By Petebklyn on December 1, 2009 4:32 PM

gowanus, Kens just proposed to you.

By ltjbukem73 on December 1, 2009 6:01 PM

i know someone who lived in that adelphi place. the townhouse had a fire in it and the 'mayor' of adelphi owned it at the time. he sold it to the current owner, with a private mortgage, from what i can tell. so the 980 was a fire-sale price, literally. in better condition it would have sold for 1.3+, i'm guessing. so they didn't really double their money.

the reno's on each floor were of varying quality. the garden floor was very basic, just some new plaster, but still had their pocket doors. the parlor was a lot nicer with a huge kitchen in the back.

there's also a huge garden in the back that spans the width of 3 townhouses, since back then the 'mayor' knew everyone on the block and decided he would make a huge space.

By GowanusGirl on December 1, 2009 11:08 PM

thank you teachers, i have so much to learn :)

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