Real Estate Market

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This penthouse at 970 Kent Avenue in Clinton Hill has been on the market since June, when it debuted with an asking price of $875,000. Two reductions later, the 1,100 1,327-square-foot two bedroom is listed for $825,000. The apartment has a some things going for it—big windows, high ceilings and two outdoor spaces—but this feels like a lot of dough these days for this location. (There are five other units in the building currently available at lower prices.) The building also has some bad history, but we’re assuming the C of O issues have been worked out. Someone looking to drop this kind of dough on a loft in the neighborhood could probably get more bang for the buck at 105 Lexington Avenue where $730,000 gets you 1,340 square feet and $959,000 gets you 1,648 square feet.
970 Kent Avenue, PH1 [Triumph Property] GMAP P*Shark

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First few post-September meltdown contracts and closings we’ve seen.

1. PROSPECT HEIGHTS $3,140,000
1 Grand Army Plaza/On Prospect Park, Unit 5F GMAP (left)
3,199-square-foot, 4-bedroom, 3-bath unit in the Richard Meier-designed condo, according to its listing. Current listings in the building are running from $885,000 for a 1,000-sf 1-bed to $3.1 million for a 4-bedroom, says StreetEasy. Entered into contract on 5/22/08; closed on 12/23/08; deed recorded on 1/02/09.

2. CLINTON HILL $1,930,000
147 St. James Place GMAP (right)
This former SRO was asking $1,950,000 when it was a House of the Day in late September. Last owners purchased the 2,688-sf, 3-family for $995,000 in January ’07 and gut renovated. Entered into contract on 11/3/08; closed on 12/15/08; deed recorded on 12/29/08.

3. PARK SLOPE $1,580,000
838 President Street, Unit 1 GMAP
1,840-sf, 4-bed, 2-bath condo, according to its listing. StreetEasy says it hit the market in mid-September and went into contract within a few weeks. Entered into contract on 10/7/08; closed on 12/19/08; deed recorded on 12/29/08.

4. PROSPECT HEIGHTS $1,510,000
265 Prospect Place GMAP
5,240-sf, 4-family, according to Property Shark. Entered into contract on 9/27/08; closed on 11/28/08; deed recorded on 12/31/08.

5. MIDWOOD $1,400,500
1348 East 8th Street GMAP
2,658-sf, 2-family house, according to Property Shark. Entered into contract on 8/18/08; closed on 11/17/08; deed recorded on 12/30/08.

Photo of 147 St. James Place from StreetEasy.

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When Corcoran took over the sales effort at The Vermeil in July, there were seven units left. The Big C managed to quickly sell three of them, leaving, all you mathematicians out there, four unsold apartments by October. Since then three of the four units have received multiple price reductions, including a round of 5 to 10 percent cuts on Monday. The remaining listings range in price from $1,150,00 for a 1,642-square-foot three-bedroom on the second floor to $1,495,000 for a 1,758-square-foot three-bedroom on the fifth floor. At this point, the developers must be dying to put this baby to bed.
Checking in on The Vermeil [Brownstoner] GMAP
Changing of the Guard at The Vermeil [Brownstoner]
First Closing at The Vermeil [Brownstoner]
Condo of the Day: Price Cut at The Vermeil [Brownstoner]
Update on the Vermeil [Brownstoner]

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Investment adviser John Lounsbury today tries to wrap his arms around the national housing crisis in a post on the investment blog Seeking Alpha. Here are three of his nine summary points:

1. It has been estimated that there will be 8.1 additional foreclosures by the end of 2012. This is 21% of all mortgages.

2. It has been estimated that 19 million mortgagees will owe more than their house is worth by 2010. This is 50% of all mortgages.

3. It has been estimated that about 6.5 million mortgagees will not be able to afford their mortgage payments at some time during the term of the mortgage. This is 17% of all mortgages.

His conclusion? “Federal intervention to solve the housing crisis would consume too much resource that would be better used to stimulate future economic growth.”
Housing: Where Is the Bottom? [Seeking Alpha]
Graph from Credit Suisse

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After throwing in the condo towel and going rental, 924 Metropolitan is now on the market—all 32 units of it—through Massey Knakal, reports Curbed. Just 1.4 miles down the road from 80 Met, the “turn-key” investment opp comes along with $9,800,000 in—and here’s the catch—short-term debt. Then again, rates are low and the property is fully leased, so maybe the reduced asking price of $13,500,000 will make sense for someone.

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When we included 404 Hancock Street in a batch of Open House Picks in late July, it had just hit the market with an asking price of $1,200,000; now, six months later, the three-family brownstone is looking to fetch $990,000. The house has undergone a renovation which, while a little glossy and Home Depot-esque in terms of fixtures, looks to have been fairly comprehensive (at least for the completed portions—the listing alludes to the renovation not being finished yet). We suspect the price has further to fall. At this point, it’s going to take a special house to fetch a million bucks in this part of town and, while it has some very nice woodwork, it feels like some charm was lost in the renovation.
404 Hancock Street [Corcoran] GMAP P*Shark
Open House Picks 7/25/08 [Brownstoner]

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This duplex co-op at 95 Wyckoff Street is a bit of an odd one, from the wall-to-wall carpeting to the sloped ceilings. Still, there’s one undeniable thing the one-bedroom has going for it—killer views from the terrace. Also on the plus side: In-house washer/dryer. Of course, you’re going to have to walk up a few stairs to get there. The asking price is $399,000, down from $435,000 when it hit the market in early September. What do you make of it?
95 Wyckoff Street [Brown Harris Stevens] GMAP P*Shark

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It’s been a while since we checked in with 80 Metropolitan, the 114-unit Steiner Equities project between Kent and Wythe Avenues in Williamsburg. (Disclosure: 80 Met is an advertiser on Brownstoner.) Out the 56 units listed on the Halstead website, 39 are tagged as being in contract already; this is about ten more than were in contract back in May. The remaining 17 units range in price from $425,000 for a 531-square-foot one-bedroom to a $1,665,000 for a 2,057-square-foot three-bedroom.
80 Met Listings [Halstead] GMAP P*Shark
Steiner Gives 80 Metropolitan Update [Brownstoner]
Development Watch: 80 Metropolitan [Brownstoner]
80 Met Townhouses Hit the Market [Brownstoner]
Development Watch: 80 Metropolitan Avenue [Brownstoner]
80 Metropolitan Taking Expressions of Interest [Brownstoner]
Live, Hot Demo at Old Dutch Mustard [Brownstoner]

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American Stevedoring isn’t going anywhere. That’s the upshot (or one of the upshots) of a revised plan by the city’s Economic Development Corporation for the Red Hook Waterfront first announced in early November and presented in detail at Monday night’s Community Board 6 meeting. The new plan, which is clearly more industry-friendly than an earlier version that envisioned art galleries and restaurants, would also install Phoenix Beverages in Pier 11 and another nearby building. Brooklyn Brewery is still left out in the cold. The current plan reflects not only economic realities but political ones as well.
City Drastically Revises Red Hook Waterfront Plans [Brooklyn Eagle]
For Reinvention, Red Hook Follows Its Roots [NY Times]
Photo by themikebot on Flickr

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This isn’t really a house, we guess, but there ain’t a whole lot of new properties on the market yet this new year, so we’re working with what we got. This three-story brick building at 667 5th Avenue in Park Slope Greenwood Heights consists of a 1,000-square-foot retail space topped by two market-rate, floor-through rentals. The property, which traded for $879,000 in 2006, will be delivered vacant. The asking price is $1,195,000. Anyone care to hazard guesses for what kind of rent the property could generate so we can do the math on the asking price?
667 5th Avenue [Century 21] GMAP P*Shark