Last Week's Biggest Sales
1. COBBLE HILL $1,615,000 137 Kane Street GMAP (left) This 3,264-sf, 4-family was listed for $1,749,000 in July, according to StreetEasy. Its listing said it had been gut renovated. Entered into contract on 10/19/09; closed on 11/20/09; deed recorded on 11/30/09. 2. PARK SLOPE $1,345,500 376 8th Street GMAP (right) This 2,520-sf, 2-family brownstone was…
1. COBBLE HILL $1,615,000
137 Kane Street GMAP (left)
This 3,264-sf, 4-family was listed for $1,749,000 in July, according to StreetEasy. Its listing said it had been gut renovated. Entered into contract on 10/19/09; closed on 11/20/09; deed recorded on 11/30/09.
2. PARK SLOPE $1,345,500
376 8th Street GMAP (right)
This 2,520-sf, 2-family brownstone was listed for $1,499,000 in July. Entered into contract on 8/29/09; closed on 11/24/09; deed recorded on 12/3/09.
3. MANHATTAN BEACH $1,308,000
271 Amherst Street GMAP
This is a 1,008-sf, ocean-block house, according to its listing. The property was asking $1,975,000 and last sold for $1,140,000 in late 2006. Entered into contract on 7/15/09; closed on 11/23/09; deed recorded on 12/4/09.
4. DUMBO $1,275,000
1 Main Street, #6K GMAP
This 2-bedroom condo in the Clocktower spent a long time on the market, according to StreetEasy: It was first listed for $1,750,000 in March ’07 and the price was cut several times, until it was ultimately asking $1,399,000. Entered into contract on 8/27/09; closed on 11/20/09; deed recorded on 12/3/09.
5. WILLIAMSBURG $1,181,170
1 Northside Piers, #PH-3 GMAP
This 1,688-sf unit in Northside Piers was first listed for $2,111,990 a year ago, according to StreetEasy, and the price was cut to $1,350,990 in February. Entered into contract on 10/1/09; closed on 11/17/09; deed recorded on 12/2/09.
Photos from Property Shark.
“kane st looks like a good price for buyer. wo any rent control and assuming 2500/apt rent, the multiple is 14x, well below most recent trades.”
Yeah dopey that’s hands down an excellent deal for the buyer if there aren’t any RC tenants…suspect you can get a little more per month in that location.
Yes, a major typo. Apologies.
$200K less.
As for $600/sq ft.:
Sweeney Apt 4G (2556 sq ft) sold for $1,750,000.
$684/ft
Sweeney Apt.3E (1270 sq ft) sold for $845,000.
$665/ft
1.615?! That’s it?!
***Bid half off peak comps***
“Three years later, it sold for $2 million LESS.”
Huh?
…trailofrenters is quite right about the “quick study.” look at 70 wash st #4B which is on non-view side. sold in july 09 for 930k for 759psf. originally sold for 875k in dec 05 9 (that’s 707psf).
market is off, no doubt, but it is not off 33%. and certainly not dumbo. yet.
Oh yeah, also I am fairly certain that much of the cost for park maintenance comes from payments in lieu of taxes at OBBP. Once the park is done it will only do more to enhance that building and the surrounding area.
The unit at One Main is 1414 sq. ft. It’s also not a 2 BR but a 1 BR with office. While, on its face, the sale looks promising (having brought $900/ft.), the truth of that sale is ugly. It speaks loudly about what is going on in Dumbo and particularly 1 Main.
That unit was purchased in 2006 for $1,485,000.
Three years later, it sold for $2million LESS. (HUH? That makes absolutely no sense, that would be $210,000 less or 15%)
If you bought into Dumbo after 2005 and paid more than $900/ft. you have LOST money. (No one loses money until they are forces to sell and realize that loss)
A quick study of Dumbo sales indicates that, for those without views, the price per sq. ft. is now hovering around $600/ft. (I would like to see that “quick study”. Friends of mine looking to buy in the area have certainly not seen that)
Add to the equation that Dumbo’s J51 tax abatement will soon expire and the real estate taxes should skyrocket, especially with park expansion.(abatements go for another 10 years or so on some of the buildings and then are phased in over time) Then add the rise of Dock Street, which will steal views, and the conversion of 25 Washington, which will hone in on the market of existing home sales. (25 Washington will be rentals as far as I know)
kane st looks like a good price for buyer. wo any rent control and assuming 2500/apt rent, the multiple is 14x, well below most recent trades.
before y’all scream 50% off, try this hypothesis: if one unit is rc, then the multiple is more like 17.5
The unit at One Main is 1414 sq. ft. It’s also not a 2 BR but a 1 BR with office. While, on its face, the sale looks promising (having brought $900/ft.), the truth of that sale is ugly. It speaks loudly about what is going on in Dumbo and particularly 1 Main.
That unit was purchased in 2006 for $1,485,000.
Three years later, it sold for $2million LESS.
If you bought into Dumbo after 2005 and paid more than $900/ft. you have LOST money.
A quick study of Dumbo sales indicates that, for those without views, the price per sq. ft. is now hovering around $600/ft. Which means if you bought into Dumbo without a view and paid $900/ft, you may never make back your money.
Add to the equation that Dumbo’s J51 tax abatement will soon expire and the real estate taxes should skyrocket, especially with park expansion. Then add the rise of Dock Street, which will steal views, and the conversion of 25 Washington, which will hone in on the market of existing home sales.