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]
I know the guy who sold it to the developer. A true gentleman and a scholar – professor in CUNY. He didn’t try to make a killing, asked a reasonable price at the time and was glad to sell it. I am so happy for him and it shows that by not being greedy you sometimes end up with so much more.
tybur, you’re back! (New leaf? LOL.)
Seriously… how could interior renovations of this place cost a million dollars? This seems fucking retarded. If that’s what the contractors are charging and you are willing to pay them, Jaysus H Christmas. The contractors are very happy (rich) folks and you are a bunch of idiots.
There I said it.
If this is the case, you could find an amazing contractor and crew from ANYWHERE else… rent them all apartments in the city for 9 months to a year… buy all of your wood and supplies in Virginia… buy lunches every day… and still costs less than $1 million.
So dumb.
I remember back when a million dollars could buy you a lot of stuff. These days all it seems to get you is the inside of a house (exterior not included).
I wasn’t being entirely serious with my cost estimates.
I think a million two to a million four should be enough to undo the bad work and transform this into a fine, genteel townhouse. Not everything needs to be redone.
Snappy, I don’t have a link. I had previously seen photos posted on all 4 brokers’ websites, and I got an in person look at the garden and parlor floors.
Is there a link someone can provide that shows the renovations? The Halstead ad is gone.
“The new owners should hire a good local architect and re-do the house.”
I agree with you Minard. Fixing the exterior is easy enough. But where on earth would you even start trying to restore the interior of this house? Your renovation costs would push the overall price back up to $6 million!