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]
If developer/contractor bought this bldg and did renovation ,IMHO did not cost anywhere close to $1.5m.
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.
To shine some more light on it:
The developer was Penson, if I recall. Frank Farricker took over his father-in-law’s business and tried to go all-out on the ‘luxury’ front. Then he got divorced from Ed Penson’s daughter and they started unwinding.
Everyone knew that the price was crazy. 3.5 M still seems like a lot, though the reno was very luxurious.
I hope I didn’t hurt anyone’s feelings. I wouldn’t want anyone to think I’m judging them for paying 3 times as much as they should for their renovations.
(Oh, wait, I am judging you.)
C’mon, tybur, the guys who repainted the Sistine Chapel were hacks!
Yes, CarrollG — I guess my “new leaf” doesn’t stayed turned over very well. I just find it totally effing amazing how strident folks are on hear about costs. “$1.5 million seems about right.” Are you joking?! This was a gut renovation…. the cheapest kind of complete renovation! You hire a bunch of guys for $9/hr to throw shit into a dumpster then you continue as if it’s new construction.
The restoration of the Sistine Chapel only cost $4.2 million! And took 14 years! In Europe by extremely HIGHLY PAID artists, conservationists and scientists!
True, Biff, but only because of the restraining order.
“I walk by this house every day,”
Staying a consistent 25 feet behind Gabriel Byrne.
Yes, schadenfreude undoubtably is what many of us are feeling.
Very funny, tybur6.
I saw this place before and after renovations. $1.5 seems about right. It’s huge and everything needed replacing. Plus it’s done pretty nicely.