244 and 246 Hall Street Finally Sell
You’ve got to hand it to the owner of 275 Washington Avenue. He managed to buy the huge double-wide, through-lot property from Pratt back in 2007 for a mere $3,000,000. He then subdivided the property at 275 Washington/244-246 Hall Street from the empty lot at 269 Washington/238 Hall Street and shortly thereafter sold of the…
You’ve got to hand it to the owner of 275 Washington Avenue. He managed to buy the huge double-wide, through-lot property from Pratt back in 2007 for a mere $3,000,000. He then subdivided the property at 275 Washington/244-246 Hall Street from the empty lot at 269 Washington/238 Hall Street and shortly thereafter sold of the empty one for $3,850,000. That alone was a pretty sweet move. But he then proceeded to subdivide the mansion lot further, putting the two smaller brick houses at 244 and 246 Hall Street on the market in mid-2009. Then finally, last month, both houses finally closed for $1,185,721 and $824,782, respectively. This dude’s looking like a genius!
House of the Day: 244 Hall Street [Brownstoner]
Still for Sale, 275 Washington Goes Reno Route [Brownstoner]
House of the Day: 275 Washington Avenue [Brownstoner]
The people involved with this piece of real estate are corrupt to say the least. We had a contract to buy the 244 carriage house in June 2009. The drawings of the finishes and what the developer promised were great. After accepting our offer, the developer, through his lawyer (who we later found out was accused of mortgage fraud in the past–but never found guilty) kept asking us for more money, otherwise they would sell the place to someone else. They stalled on signing the contract, then told us we needed to pay closing costs (which was not usually done on new construction last summer). After agreeing to a price of almost $100k more than I see they ended up closing for, they still wouldn’t sign the contract, so we gave up. A few weeks later they came back asking us if we were still interested and offered to get a new lawyer. We brought a contractor by the house and he ran away screaming saying it was the worst renovation job he had ever seen. He also said it wouldn’t be completed in September 2009 as they promised. We walked away, and after another contract fell through last summer, we closed on a townhouse nearby last January and are moving into our renovated home September 30! I guess good things come to those we wait. Good luck to whoever bought this place.
Of course this guys deserves props.
nycdelisauce, do you ask your boss to give you a paycut, tiny raise, etc? would you feel guilty, bad for society, etc if you asked and got a massive raise? if you aint labeling the dude a genius, are you willing to label Pratt an idiotic org for selling pkg for ONLY $3M and/or that the buyers are also complete idiots for paying these subsequent prices?
I dont fault the ASK parties but fault the BID parties.
someone is making money and paying taxes on it so all the NYC loafers can carry on loafing.
The guy can be a genius whether or not you admire or appreciate the way he made his money. I mean to turn that initial investment into what he has is pretty incredible, given the overall market. So love it or hate it, his moves sound pretty genius-y as describe above, at least as relates to profit.
firms, sorry.
Not at all – See my comment on the rptt he paid.
Also, that guy who sold those properties paid approx. $37K in rptt on the last two sales alone to NYC and NYS – that does something for society, just as do the taxes paid by people and frims on Wall St – maybe they’re not paying enough, I agree, but it’s still a big chunk of the city’s and state’s budgets!
I knew I shouldn’t have mentioned wall street. My original message was completely ignored.