Park Slope

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How far has the market between 4th and 5th Avenues in Park Slope moved up in the last three years? According to the seller of Apartment 2F at 316 2nd Street, more than 60 percent. Back in early 2005, the seller paid $670,000 for a 1,310-square-foot apartment in the newly constructed building. It’s now back on the market for $1,095,000. Since the high price certainly can’t be being driven by the aesthetics of the building’s exterior (yuck!), all we can guess is that the seller’s banking on the fact that there’s great demand for “family-sized” apartments in the Slope. (To be fair, the interior looks perfectly nice.) Since this has three real bedrooms, it certainly qualifies. Or maybe it’s just the first example of the Olive Garden premium! Either way, there’s an open house on Sunday from 2 to 4 pm.
316 2nd Street [Corcoran] GMAP P*Shark

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Developer David Angel wasn’t going to win any popularity contests in the South Slope and Greenwood Heights before last week’s tragic accident at his development site at 639 6th Avenue. Strike 1: After failing to get the foundation of the 6th Avenue building in place in time to be legally grandfathered under the old zoning codes in 2005, Angel went whining to the BSA and was, shockingly, given a free pass under the “hardship” clause. Strike 2: In January of this year, when some tree branches from the adjacent Mayrose Park interfered with his building plans he adopted the “cut now, pay later” approach. Strike 3: After racking up 3 DOB violations, 7 ECB violations and 17 complaints, real disaster struck at 639 6th Avenue last Tuesday. Towards the end of the workday, a young Ecuadorian worker fell from the 6th-floor scaffolding as it was being dismantled. There’s no official word on whether he died but, according to one nearby resident, the other workers on the scene said it did not look like he was going to survive. Has anyone heard about his condition? Update: According to the 72nd Precinct, Rogelio Villanueva, a 25 year old from Port Chester, fell from the collapsed scaffolding and suffered a cut to the head and “severe” back and head injuries; he was taken to Lutheran Medical. The police report says he fell only from the second story—an assertion that conflicts with eyewitness accounts.
Preview of 639 6th Avenue [Brownstoner] GMAP P*Shark DOB
Where Does a Tree Stand in Development Hierarchy? [Brownstoner]
BSA Makes a Mockery of Itself in Two Rulings [Brownstoner]

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We’re not exactly sure why this was a front-page article the the NY Times Sunday Real Estate section—seems more like City section material to us—but, there it was, another article making light of the number of strollers (and implicit bourgeois existence of their pushers) in Park Slope. The fact that there are a lot of young families (some of whose matriarchs aren’t averse to a little public nursing) in Park Slope just ain’t news anymore, so let’s just settle the fight for the soul of the slope once and for all in the hopes that another article never has to be written on the subject. In the words of The Times article, is Park Slope “Hipster Hell” or “Parent Heaven”? Update: As of 4:30 today, there were 216 votes for Parent Heaven and 158 votes for Hipster Hell.

The Park Slope Parent Trap [NY Times]
Photo by Kansas Liberal

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With new Boymelgreen buildings spreading like the clap, it’s hard to say that the arrival of an Olive Garden will make Fourth Avenue less classy but it certainly ain’t gonna help. You can take some solace in the fact that the future tenancy of the Italian food chain at Isaac Katan’s new development at 500 4th Avenue is still classified as a rumor by blogger Five of Toast.
Summer Shows/Rumors [Five of Toast] GMAP

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The second quarter market report from Brown Harris Stevens was released yesterday. It’s pretty thin on the Brooklyn data, which only the neighborhoods of Brooklyn Heights and Park Slope covered. Compared to the skyrocketing prices in Manhattan, the Brooklyn numbers are relatively blah. Townhouse prices in Brooklyn’s two fanciest nabes edged up just one percent, according to the report, to $578 a foot; meanwhile, studios were up 4 percent, one-bedrooms rose 2% and two-bedrooms dipped 4 percent. The $578 number sounds very low to us and has be getting dragged down by the South Slope since all the good stuff in prime Park Slope and Brooklyn Heights is more in the range of $700 to $900 a foot. More interesting than the year-over-year number, however is how Q2 compared to more recent quarters. According to the BHS report, average per square foot for townhouses in these two areas spiked to over $700 in 3Q 2006 before falling to $634 in the fourth quarter and $568 in the first quarter of this year. The second quarter number was almost two percent higher than the first quarter. But what about all the neighborhoods that are left out of the report? We suspect that there was something of a bifurcation of the market in which neighborhoods that were perceived to have made it safely over the gentrification hump saw prices bid up faster than those with greater perceived risk. Overall, we would expect to see more bullish results for the borough as a whole than the Slope and Heights numbers, which makes sense if you think of these two areas as the safe, low-beta blue-chip stocks.

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It was only recently that we realized that part of the Montauk Club had been converted to condos several years. From what we can piece together, it looks like there are only six residential units, of which this 2,000-square-foot three-bedroom duplex is one. The interiors look pretty nice in a modern way—no evidence though of any of the hardcore wood paneling that defines the lower floors. And clearly the location and views rock. So how does the $1,545,000 asking price strike you?
25 8th Avenue [Brown Harris Stevens] GMAP
Photo by gmpicket

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When Two Trees opened a real estate brokerage arm a few weeks ago, we assumed it was to primarily sell its own properties in Dumbo. As today’s House of the Day demonstrates, though, they’ve branched out to selling brownstones in other parts of the borough. The three-story house at 293 8th Street between 5th and 6th Avenue in Park Slope is just up the hill from yesterday’s HOTD. The house only has a little over 2,000 square feet of living space so the asking price of $1,599,000, though low on an absolute basis for the neighborhood, isn’t particularly cheap. And although the listing claims that there are plenty of original details, it frustratingly withholds any photos to back it up. Has anyone gotten a look at the interior yet?
293 8th Street [Two Trees] GMAP P*Shark
Photo by Kate Leonova for Property Shark

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After a year and a half of inactivity (except for flooding its neighbors) in the wake of the Board of Standards and Appeals rejection, our old buddy 614 7th Avenue aka the Minerva building is springing to life again. Last Tuesday, the owners (one of which is the charmer behind 338-342 42nd Street) filed plans with DOB for 11 new single-family buildings on the 100-by-100 lot—all with curb cuts for parking! This is a head-scratcher on several levels: 1) The 11 buildings total about 30,000 square feet of space and the 2.0 FAR for this lot only allows 20,000 square feet as of right; 2) Squeezing 11 buildings into this corner lot would make it impossible for every house to have a 30-foot rear yard as required by code; 3) The 40-foot-high buildings on 23rd Street would most likely violate the agreement that the former owner made (and that remains attached to the deed) not to block the view of the Statue of Liberty from Minerva in Green-wood Cemetery; 4) The 11 curb cuts would eliminate virtually all street parking on this entire corner. Are the developers purposefully trying to waste DOB’s time?
BSA Denies Vesting App for Minerva Building [Brownstoner] GMAP P*Shark
Yesterday’s BSA Hearing on Minerva Building [Brownstoner] DOB

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Brooklyn Properties and Brown Harris Stevens are sharing the brokering duties on a new 15-unit condo listing at 710 Sixth Avenue in Greenwood Heights with an illustrious past. The six-story (plus setback) building just slipped under the wire of the rezoning in 2005 so it’s no surprise it doesn’t exactly blend in. There were lots of violations during construction including weekend work. To cap it off, the architect of this place is the charmer who told members of CB7 that “all your crappy little houses will be gone in 5 years replaced by my beautiful buildings.” Beautiful ain’t exactly the first word that leaps to mind, is it? As for pricing, the two ground-floor duplexes are asking about $400 a foot while one of the top-floor units is listed at about $750 a foot; most of the apartments on the other floors are priced in the mid- to high-$600s. Interestingly, parking spaces here are going for $30,000, a good deal less than the $75,000 price tag over at The Dewitt.
6th Avenue Condo [Brown Harris Stevens] GMAP
Shangri-La Homepage [Brooklyn Properties]

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DITMAS PARK $1,900,000
484 17th Street GMAP HOTD
7-bedroom 1902 Queen Anne Victorian House with all original wood details, gourmet kitchen and 3 working fireplaces; driveway and wrap-around porch; all new mechanics. Listed at $1,950,000; one day on market, all cash deal. Broker: Mary Kay Gallagher.
Sale Sets Ditmas Park Record [The Real Deal]

PARK SLOPE $1,190,000
932 President Street GMAP
1,855-square-foot, one-bedroom duplex condo in a brownstone; granite counters, stainless steel appliances, marble baths, c/a/ garden; common charge $444; taxes $2,652; listed at $1,190,000. Brokers: Daniel Gale Sotheby’s; Piping Rock.
Residential Sales [NY Times]