Real Estate Market

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Quite a chasm between 31 PPW’s original listing price and what it eventually sold for.

1. PARK SLOPE $2,375,000
31 Prospect Park West GMAP (left)
As chronicled in a HOTD post in late July, this 2,800-square-foot one-family was first listed for $3,250,000 in April. There were several price cuts in the months that followed ($2.6 million was its lowest asking), and it went into contract in September. Deed recorded 11/21.

2. PARK SLOPE $1,802,500
239 8th Street GMAP (right)
Per StreetEasy, this 2,920-square-foot, two-family was originally listed at $1,995,000 in late May. There were smallish price cuts in June, July, and this month, before it closed. It last sold for $835,000, in September 2006. Deed recorded 11/19.

3. MANHATTAN BEACH $1,500,000
270 Dover Street GMAP
1,895-sf, one-family built circa 1915, according to Property Shark. Deed recorded 11/21.

4. FORT GREENE $1,406,250
137 South Oxford Street GMAP
3,520, three-family, according to Property Shark. We’re curious about the lack of a listings trail on this one. Anyone know what the story was? Deed recorded 11/19.

5. BROOKLYN HEIGHTS $1,331,670
One Brooklyn Bridge Park, Unit 1008 GMAP
Sale included a parking spot. Deed recorded 11/19.

239 8th Street photo from Property Shark.

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Fresh is the adjective of choice at this building, on 639 Fourth Avenue at 18th Street. The adverbs that go with it, per their marketing campaign: architecturally, invitingly, entertainingly and luxuriantly. What’s freshest about it, though, is that the condo building is offering rentals. The property is handled by The Developers Group, and their Web site shows 28 units for rent: one-, two- and three-bedrooms between $2,300 and $3,725. Perhaps a hefty sum for this location. Potentially swaying factors include doorman, valet parking, “floor to ceiling aluminum framed windows almost everywhere, Blizzard Caesar stone Quartz countertops, wide plank white oak flooring, and solid core interior doors.” Anybody looked here and care to report? GMAP

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Lades and gentlemen, 135 Joralemon Street is now in contract. The former fire victim underwent a beautiful renovation in 2006 and 2007 but had a tough time finding a buyer after being listed in the summer of 2007 for $5,950,000. After brief stops at $5,750,000 and $5,250,000, the price was cut to $4,950,000 last February, where it stayed until going into contract ten days ago. Anyone know the contract price—we’re dying to know!

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That’s the adjective of choice for New York magazine, asking this week if the New York real estate market can be saved. A panel of seven movers and shakers in the industry took up the topic at a roundtable discussion, and eventually Brooklyn did come up &#8212 under the question of “where should we look now?” “Downtown Brooklyn’s undergoing a huge resurgence—full disclosure, I have a project there,” says developer Don Capoccia. “If you’re going to live in Brooklyn, and you’re price-sensitive … we’re selling at half of what is being sold right over the Manhattan Bridge.” Some folks, they say, welcome to slowdown, both because it will lower prices and because it will retard the condoification that has glass towers springing up all over, altering neighborhood character. DC thinks differently. “The only way cities survive is to rebuild themselves,” he says. “I mean, do you want New York to stand still? Nobody wants that.”
Can This Market Be Saved? [New York]

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If the sellers of 566 1st Street, a new listing in Park Slope, can get their asking price of $3,995,000 it would be a huge vote of confidence for the market there. The 21.5-foot-wide limestone house is a real beauty (though it almost looks a little too polished for our taste, but we nitpick…) and weighs in at almost 5,000 square feet (and it’s a one-family!). If you’re looking for an old house without having to forego any modern comforts, this could be the pad for you. Do you think the price is realistic? It feels a little 2007 to us.
566 1st Street [Brown Harris Stevens] GMAP P*Shark

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Most of the FSBO listings we’ve looked at recently have done a good job at making up for their publicity disadvantage by outdoing the brokerage firms on presentation. Not so today’s FSBO, a, 850-square-foot two-bedroom at 56 Bergen Street in Cobble Hill. The listing boasts of big renovations done last year, but, frankly, the quality of the photos is so bad it’s hard to get much of a feel for them. The most compelling part of the listing (and, coincidentally, the best photographed) is the 265-square-foot canopied deck, which looks inviting indeed. Price tag? $797,000. You buying it? There was an open house yesterday, and there will be another one on December 7 from 1 to 3 p.m.
56 Bergen Street, #2 [NYT/FSBO] GMAP P*Shark

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Three of the 22 units at Karl Fischer’s 660 Bergen went into contract pretty fast after they hit the market in September, and two more have contracts out, according to AH Brooklyn’s Web site. The building has one, one-plus and two-bedrooms and dangles amenities like “cooks kitchen with large work space, adjustable undercounter lighting, sophisticated glass back splash, quartz blizzard stone countertops” before prospective buyers &#8212 plus outdoor space and storage. So what’s still available? Some two-beds, two-baths starting at $459,000 and one-bedrooms going up to $769,000. Anybody been looking here?
660 Bergen Street [Aguayo & Huebener] GMAP P*Shark DOB
Development Watch: 660 Bergen [Brownstoner]
660 Bergen Hits the Market [Brownstoner]

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We learned a couple of weeks ago that the city’s Economic Development Corporation had rejected the various proposals to reinvent Red Hook’s Pier 11: no marina for luxury yachts, no hotel and entertainment complex, no public beach. So what, then? Here’s a novel idea: a working waterfront. The NY Times reports that the Bloomberg administration prefers to expand the maritime industry from Red Hook down to Sunset Park. “Where a developer once hoped to build a fancy marina, the city now plans to install a beer and wine importer. Nearby, a cement company has opened a shipping terminal. The container port at the north end of Red Hook is planning to expand. And the city expects to sign a deal to open an automobile shipping and storage operation at the South Brooklyn Marine Terminal.” The economy is partly responsible for the shift &#8212 certainly we need real jobs more than we need parking spots for luxury yachts (the cruise ship terminal at Pier 12 creating only 60 full time jobs, not the 600 they’d forecasted), and there’s been plenty of political pressure to keep Red Hook as a working port instead of a mall. There’s an environmental benefit perhaps, too: fewer trucks driving goods to Brooklyn if they can arrive by boat, instead. Still plenty of tug-of-wars going on in the area, though. Some are not happy with current vision of moving Phoenix Beverages to Pier 11 from its current home in Long Island City, including developer Douglas Durst, whose plan included “a home base for his ferry company, New York Water Taxi; ship maintenance and repair shops; a fuel barge; marina; esplanade; and ferry link to Governors Island.” More on the tussles here.
For Reinvention, Red Hook Follows Its Roots [NY Times]
Photo by CheeseNPickles.