The New York Hotel Trades Council and the Hotel Association of New York City have bought a parking lot in the BAM Cultural District and plan to build a health center for their hotel workers on it, the New York Observer said. The paper speculated that the group may intend to sell its existing facility at 68-80 Schermerhorn Street in Downtown Brooklyn to be developed as apartments. In any case, they paid $19 million for the parking lot at 620 Fulton Street, which PropertyShark lists as 253 Ashland Place, and they plan to spend about $90 million constructing the new building. Income from retailers on the first floor will go into the employee benefits funds.
$90M Hotel Worker Health Center Coming to Downtown Brooklyn [NY Observer]
Photo by Christopher Bride for PropertyShark GMAP
1. FORT GREENE $1,930,000
256 Adelphi Street GMAP P*Shark
A pre-Civil War three-story home. Here’s the old listing. It hit the market in March for $1,750,000, then went up to $1,800,000 later that month. Deed recorded on 5/15/2013.
2. PARK SLOPE $1,650,000
309 Third Street, #1J GMAP P*Shark
A two bed, two-and-a-half bath condo unit in a newish Park Slope build. It sold for $968,857 back in 2009 and was listed for $1,650,000 this February. Deed recorded on 5/14/2013.
3. CARROLL GARDENS $1,650,000
34 Second Place, #1 GMAP P*Shark
A duplex condo unit in a Carroll Gardens brownstone. It hit the market in January for $1,650,000 and entered contract less than a month later. Deed recorded on 5/16/2013.
4. DITMAS PARK $1,575,000
1717 Ditmas Avenue GMAP P*Shark
Here’s the listing for this impressive home, which is listed as a one- to three-family with a store or office space. It was asking $1,595,000.Deed recorded on 5/13/2013.
5. WILLIAMSBURG $1,513,400
60 Broadway, #9G GMAP P*Shark
A two-bedroom unit at the Gretsch building with a tenant in place until next year. (According to the listing, the rent brings in $6,500 per month.) It was listed in November for $1,500,000. Deed recorded on 5/13/2013.
The brick rowhouse at 44 Monroe Street that was asking $1,650,000 — and whose interior was made over by its architect owner with an urban rustic vibe – has entered contract, as a commenter in the Forum pointed out yesterday. You can still see the photos on Streeteasy. When it was a House of the Day back in July, we said, ”Overall, looks like a nice effort. The bigger question in our minds is whether a three-story house (and one with relatively modest proportions, at that) in this location can command a price of $1,650,000 but we’ve learned our lesson about betting against the Minsk!” Did they get their ask? Well, it’s not so simple. We don’t know because, strangely, the sale has not yet hit public records, although the contract was signed in January, according to Streeteasy. Ominously, right about the same time, a lis pendens was filed against the property by the mortgage holder, although the amount is not listed in PropertyShark. (The mortgage was only $150,000.) Could title problems be holding up a sale? In the meantime, prices have really taken off in this corner of Bed Stuy. What do you think the property is worth now?
If you’ve got Brooklyn property to sell, fantastic. It’s a seller’s market. People are clamoring for Brooklyn property. Your listing may even ignite a bidding war. You will probably be sitting on a lot of cash after you sell. But then what do you do? Hopefully you’ve got plans to move to, say, Kansas, because buying another place or even finding a rental in Brooklyn is going to be very, very, very difficult, according to DNAinfo. ”Right now is a horrible time to be a buyer or a renter,” said Catherine Witherwax, director of sales for Stribling’s first Brooklyn office. ”There’s very little on the market. We’re seeing unprecedented interest in Brooklyn and people staying in Brooklyn. And we’re seeing a large international component. The borough’s popularity goes beyond New York City and the metropolitan area.” Buyers will need perfect credit and enough funds to win a bidding war with all cash. The story gives an overview of the market in four neighborhoods with tips and deets on prices in each: Crown Heights, Bushwick, Bed Stuy, Dumbo. Crown Heights, for example, “is really starting to boom” with prices for renovated homes in the $1.2 to $1.5 million range. Rents are 10 to 30 percent cheaper than in Manhattan, with studios going for $1,200 to $1,500. Depressed yet? The article has some advice: If you’re priced out, try Queens.
Rent vs. Buy: Navigating Brooklyn’s Tight Real Estate Market [DNAinfo]
The Bed Stuy house with an unusual renovation and price tag to match that we featured as a House of the Day in December sold in April for $1,050,000. Thanks to BK to the Fullest for alerting us to the sale. Back when it was HOTD, we said we’d be surprised if it went for more than $850,000. (The ask was $1,150,000). How wrong we were! Also, is it just us, or does the stair and underside of the loft look kind of like the Starship Enterprise cruising through space?
Closings of Note: Short Supply in the West, Value in the East [BK to the Fullest]
House of the Day: 442 Hancock Street [Brownstoner] GMAP P*Shark
1. BOERUM HILL $3,200,000
118 Wyckoff Street GMAP P*Shark
Here’s the listing for this Boerum Hill one family, which was owned by Corcoran senior vice president Deborah Rieders. According to the Real Deal, Rieders purchased the home for $999,000 in 2005. It was asking $3,200,000. Deed recorded on 5/10/2013.
2. PARK SLOPE $2,800,000
592 3rd Street GMAP P*Shark
Here’s the old listing for this one family. It was listed in December 2012 for $2,850,000 and entered contract by March. Deed recorded on 5/8/2013.
3. FORT GREENE $2,775,000
11A South Elliott Place GMAP P*Shark
An Open House Pick in March. It was listed in February for $2,750,000. The home’s a looker, check out the old listing here. Deed recorded on 5/9/2013.
4. WILLIAMSBURG $2,316,518.75
20 Bayard Street, PHB GMAP P*Shark
Here’s the listing for this three bed, two-and-a-half bath condo unit. It was listed in January for $2,250,000. The new owner got a parking space in the deal. Deed recorded on 5/7/2013.
5. COBBLE HILL $2,150,000
253 Pacific Street, #1 GMAP P*Shark
This is the last unit to sell at the modern build 253 Pacific Street. It went right at ask. The other two units sold for $2,495,528 and $2,647,450. Deed recorded on 5/7/2013.
This Brooklynian post caught our eye with a rumor that the large lot on the corner of Bedford and Eastern Parkway has sold. But the Massey Knakal brokers in charge of marketing the site reported that they just recently listed the property and it is still available. According to the listing, the lot, occupied by a gas station, is 19,200 square feet and allows for 38,400 square feet of buildable space. It’s currently zoned C8-2, which accommodates modest commercial buildings, but Massey Knakal is marketing it as a development/conversion site. The deadline for the first round of development bids is May 30.
The Greystone Company snatched up a five story Williamsburg building at 137-143 North 10th Street, currently a half finished conversion project. The Real Deal reports that the buyers paid $16 million for the site, an offer the previous developer “couldn’t pass up.” Previous plans called to convert this building into a luxury condo development, although the new developers haven’t announced if they’ll build out condo or rental units. It’s also unclear if the building designer will change or not. The estimated completion date for this one is the summer of next year.
Greystone Buys Williamsburg Conversion for $16M [The Real Deal]
A four-story, single-family brownstone at 36 Rutland Road is in contract for $1,850,000 in an all-cash deal, a tipster tells us. The building is semi-detached and includes an adjacent lot with a detached two-car garage. The ask was $2,100,000. If the sale goes through, it could set a record for the price of a single-family house in the area. As far as we know, the highest-recorded Prospect Lefferts Gardens sale is 52 Midwood for $1,665,000.
36 Rutland Road Listing [Fillmore]
Photo by Fillmore
1. PARK SLOPE $3,750,000
174 Garfield Place GMAP P*Shark
A developer totally renovated this crumbling Park Slope brownstone last year. They paid $975,000 for the home in 2010. It was on the market for a decent while priced at $3,990,000. Not a bad flip at all. Deed recorded on 5/3/2013.
3. FORT GREENE $2,750,00
81 Willoughby Avenue GMAP P*Shark
A HOTD this February. We noted, “Except for the new wood floors on the parlor floor, this two-family house at 81 Willoughby Avenue looks chock full of old-timey goodness along with the right touches of modernization. The corner house also has an unusually large front yard for Fort Greene as well as a side yard and side exposure.” It was asking $2,250,000. Deed recorded on 5/3/2013.
4. DUMBO $2,090,000
100 Jay Street, #28A GMAP P*Shark
Here’s the old listing for the three bed/two-and-a-half bath condo at the J condo building. It last sold in 2007 for $1,507,090, then was listed early this year for $2,100,000. Deed recorded on 5/2/2013.
A couple of big ‘Burg sales popped up in the news this morning. The first is a huge acquisition of three adjacent properties along North 3rd Street between Berry Street and Bedford Avenue for $51.5 million. The Real Deal reports that SL Green and Magnum Real Estate Group purchased 44 condominium units at 195 Berry Street for $19.58 million, 28 condos at 248 Bedford Avenue for $14.1 million, and 12 townhouses at 129 North 3rd Street for $17.8 million. SL Green and Magnum also own the retail space under the apartments, which they bought in 2010 for $20.8 million. The buyers plan to rent the apartment units and put the 12 townhouses up for sale. MNS will begin marketing them within the next several months. And the Wall Street Journal reports on another massive sale by Waterbridge Capital LLC for nearly the entire block bounded by Bedford, Driggs, North 3rd and North 4th streets (pictured). The developers have been picking up property along the block in five different transactions for a total of $30 million. This parcel is currently home to a former bagel store, a hookah bar, Foodtown grocery store, and Kings Pharmacy; the only businesses the developers have not purchased are two corner properties. Not surprisingly, the developers are aiming to bring “high end retail” into these spaces.
SL Green, Magnum pay $52M for Newly Constructed Williamsburg Residential Portfolio [TRD]
Block by Block in Brooklyn [WSJ]
Photo via Google Maps
It looks like Whole Foods will not buy the historic Coignet stone building on the corner of 3rd Avenue and 3rd Street after all. The New York Daily News reports that a number of national retailers, local stores and nonprofits are eyeing the property, which hit the market this January. The 140-year-old year old landmark is asking $3 million. Whole Foods is still under agreement to restore the exterior of the rundown building and plans to finish the window and façade repairs after the store has opened, hopefully this fall. They have finished work on the roof. For good measure, the Daily News gets a comment from an upset resident who does not think retail space is appropriate “at the foot of a toxic waterway.” Whole Foods has agreed to build the store 8 feet above the 100-year flood plain.
Historic Coignet Building Attracting Interest From Retailers [NY Daily News]
3rd Avenue’s Coignet Stone Company Building up for Sale [Brownstoner]
Photo via PMFA
1. BROOKLYN HEIGHTS $7,650,000
40 Willow Place GMAP P*Shark
The sale of this modern Brooklyn Heights property got its own post last week. The home was asking $7.95 million after selling for $7.35 million last summer. Deed recorded on 4/24/2013.
2. COBBLE HILL $3,100,000
132 Kane Street GMAP P*Shark
Here’s the listing for this unique property, which includes a three-story row house at 132 Kane Street, a single-story storefront at 6 Cheever Place, and a three-story house at 8 Cheever Place. The property was asking $4,500,000, then $3,995,000. Deed recorded on 4/23/2013.
5. CLINTON HILL $2,600,000
556 Washington Avenue GMAP P*Shark
For your daily dose of Brooklyn brownstones selling over ask: This one was asking $2,225,000. (This sale beat out 32 Hicks Street, a home in the Heights that sold for $2,475,000.) Deed recorded on 4/25/2013.
A huge “historic compound,” in the words of Corcoran, is up for sale in Fort Greene just outside the historic district. It includes an Italianate townhouse and carriage house at 164 South Oxford Street — the lot spans the entire width of the block — as well as a garage at 171 South Portland. The interior of the townhouse is quite grand, and the carriage house is cute too. The townhouse is configured as a double duplex with a studio apartment; the brick carriage house contains two one-bedroom apartments, a commercial studio, and a large garage. The listing notes the property also comes with development rights from a next-door lot, for a total of 38,500 buildable square feet. Considering that and the price of $8,950,000, do you think the whole thing is likely to be bulldozed and replaced with a giant apartment building?
164 South Oxford Street [Corcoran] GMAP
We’re kind of late to the news, but it’s still a big deal: The Real Deal reported that the Jehovah’s Witnesses, currently in the midst of selling off their Dumbo and Brooklyn Heights properties, just unloaded a three huge lots in Dumbo for $30,600,000. The lots are located at 173 and 177 Front Street as well as 200 Water Street. They total 30,463 square feet with nearly 150,000 potential square feet of development. The contiguous plots are zoned for hotel, residential and community use, and our guess is the buyer will want to put up a new residential build, considering how quickly those are selling out in Dumbo these days. The two Front Street parcels are empty, and the Water Street lot holds a three-story warehouse. The Real Deal said it appears, based on loan documents, that the buyer is Brooklyn developer Shelly Listokin of Urban Realty Partners.
Jehovah’s Witnesses Sell Dumbo Development Site for $31M [TRD]
Photo via Gmap
The Gretsch building, an old guitar factory turned condo building in Williamsburg, just had a crazy week: Crain’s reports that three units sold in all-cash transactions, each one setting new highs on a per-square-foot basis. The units in questions were two adjacent two-bedrooms on the ninth floor, selling for $1.4 million and $1.5 million, and a larger two-bedroom on the 10th floor selling at $2.5 million — all at an average of $1,150 per square foot. “It needs to be cash, it needs to be over ask, and (the listing) will never see the light of day,” the broker had told all the buyers. According to Crain’s, Williamsburg condos are currently averaging $794 per square foot, with high-end condos like Northside Piers bringing in closer to $1,050 per foot. The broker who handled the Gretsch sales at 60 Broadway can’t seem to believe it herself: “It’s unbelievable what’s going on out there,” she told Crain’s. Our question is, can the high sales we’ve been seeing lately be a bubble based on low mortgage rates if the buyers are paying record-setting prices with all cash?
3 Condos Sold in Williamsburg at Record Prices [Crain's]
Photo via PropertyShark
A tipster forwarded along news that 105 Sterling Place entered contract after 19 days on the market at the asking price of $2,800,000. At 3,060 square feet, that would make this three-story home worth $915 per square foot — condo-worthy numbers, but increasingly the norm for houses in Brooklyn’s established brownstone belt. Anybody check out this property during the open house earlier this month? We’re guessing a number of bids went in right then and there.
105 Sterling Place [Corcoran] GMAP
What a wild ride it’s been for 40 Willow Street, the 45-foot-wide modernist home built in the ’60s in Brooklyn Heights. The last sale closed last summer for $7.35 million. Then Curbed noticed the house was back on the market for $7.95 million about four months ago; it entered contract about a month later. Yesterday Curbed picked up on the newest sales price: $7,650,000. As Curbed says: “Not exactly a huge flip, but a nice little profit for the sellers, who spent less than a year in the highly modern townhouse.” This is Brooklyn’s most valuable townhouse if you’re going by the highest tax assessment. Here’s a link to the most recent listing.
Brooklyn’s Most Valuable Townhouse Sells (Again) for $7.65M [Curbed]
Another Massive Sale for Brooklyn Heights [Brownstoner] GMAP
The townhouses are getting snatched up at Sackett Union, now that all 32 condo units are spoken for. A sales rep reports that five of the 11 townhouses have already sold. The homes range from a five-bedroom asking $3,300,000 to a six-bedroom priced at $4,025,000. You can view floor plans of the remaining seven townhouses at the developer’s website and check out renderings here. The condos, priced from $1,105,000 to $3,100,000, sold out in February. As you can see, the facade on the condo portion of the building is almost complete. Buyers are expected to be able to occupy the development this fall.
Sackett Union Sells out, Plus New Townhouse Renderings [Brownstoner]
Renderings and Listings Appear for the Sackett Union [Brownstoner]
Sackett Union Condos Are Selling Fast [Brownstoner]
Recent sales are pushing prices up in Bed Stuy east of Malcolm X, public records show. One block east of Stuyvesant, 421 Decatur Street (between Patchen and Malcolm X) sold for $789,000 in January. Previously, it had entered lis pendens and changed hands for $50,000 in July. An updated brownstone with an unusual amount of pristine original detail that was a HOTD sold for $675,000 in December. It is located at 534 Decatur Street between Howard and Ralph. (The photos can still be seen on Streeteasy.) As you travel further east toward Broadway, prices drop. In August, a house at 615 Decatur between Saratoga and Howard sold for $570,000. We were surprised to see that the wood frame house at 770 MacDonough Street is in contract, following a price drop from $675,000 to $669,000. (more…)