85 State's Roller Coaster Ride
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order: 9/2005: The house trades hands for $2.5 million in an estate sale. 3/2006: Only 6…
The pricing of 85 State Street in Brooklyn Heights sure has been interesting to watch, and now that the renovated five-story townhouse’s sale for $3.4 million has been recorded in public records, a trip down memory lane seems in order:
9/2005: The house trades hands for $2.5 million in an estate sale.
3/2006: Only 6 months later, the 5,000-sf property flips for $3.2 million to a developer.
1/2007: The house is placed on the market by Corcoran for $5.8 million.
5/2007: Brown Harris Stevens takes over the listing and prices it at $5.95 million.
1/2008: The listing jumps to Halstead and is priced at $5.75 million.
2/2009: A series of price cuts brings the asking down to $4.2 million.
6/2009: Warburg takes over marketing but doesn’t cut the price further. Listing now says: “Offered at less than cost! Stunning XXX mint Brooklyn Heights townhouse…the home has just undergone a complete renovation from top to bottom.”
10/2009: The house finally sells for $3.4 million.
House of the Day: 85 State Street [Brownstoner] GMAP
85 State Street [StreetEasy]
Interesting. Anyone know what happened to the Carroll Gardens Amity Street Horror? Are there homeless people camping in there now with the granite counters?
ditto.
just do it.
Antidope – your sarcasm is adorable.
i suggest that given your experience you have identified a previously overlooked niche in the market. you could probably build a multibillion dollar reno biz while operating with fair trade principles and wipe out the rest of the scoundrels who are actively colluding to fleece the tax-payer stuffed pockets of the stupid (rich) buyers.
the beauty of the business is that it is very low capital intensity. in other word, you’ve got no excuses. get on it before someone else figures it out.
(and of course I meant 40 hrs/week)
$1 million = 16 men X 6 months X 40 hrs/day @ $60/hr
So, in other words, a million bucks is an army of men laboring on your house FULL-TIME for 26 weeks, making a very healthy wage (even if you subtract benefits etc).
Really?
P.S. I have been involved in A LOT of renovations… just not in this retarded city where $1.5 million doesn’t seem to warrant even a second thought.
>>Perhaps they might charge some no-nothing bulging pockets
finance type that much because they would know most don’t care how much or too stupid to know it shouldn’t.
Agreed, they are not spending their own money anyways, so why would they care? They are spending tax payers’ money and there is a lot of that around.
I saw this house twice, and there were some truly great things about it. However, it does need renovation, and it is currently not set up as a glorious single family with a rental below in a way that makes sense. That being said, it has beautiful details and although I think the buyers got a great deal and will have absolutely no regrets. I believe the last listing was with prudential elliman and it was $3.8 or $3.9. I thought it would go for $3.6, so I think they did well.
tsix and rob are ‘stoner’s two pet cranks?
when was the last gut reno project you undertook? that’s what i thought. never. your gut tells you a gut reno should be cheaper. ooookay. have you even priced a bathroom reno?
having missed the fotos, but judging by comments and 5000 sqft, i’d wager that 1.5 is correct plus/minus 300.
but at least tsix’s posts are quasi-entertaining rages against the machine.
good for the cuny professor. developer took a risk (equals greed?) and lost. next.