In a Flash, So. Oxford Mansion Goes for $13 Mil
That was quick. Within a few days of coming on the market at an eye-popping price of $13 million, the eight-bedroom mansion on South Oxford at Hanson Place has reportedly been snatched up by a developer. The good news? The historic 1830’s home will be spared, though a neighboring two-family home and two carriage houses…
That was quick. Within a few days of coming on the market at an eye-popping price of $13 million, the eight-bedroom mansion on South Oxford at Hanson Place has reportedly been snatched up by a developer. The good news? The historic 1830’s home will be spared, though a neighboring two-family home and two carriage houses will have a date with the wrecking ball to make way for a 40,000-square-foot high-rise condo development. For the last decade the property has been owned and occupied by Belgian artist Marc Lambrechts. Given that the yellow house is not protected by landmark laws, we have to say we’re pleased with any outcome that will preserve the house. And besides, its location is so close to the Atlantic Mall and Atlantic Avenue itself that a high-rise there may not end up feeling completely out of place. And, given the location and price, it’s probably a safe bet that this won’t be a Fedders building.
Developer Grabs Ft. Greene Home [NY Daily News]
Fort Greene Country House [Douglas Elliman] GMAP
Ft. Greene House Back on Market [Brownstoner]
Fort Greene Mansion: Watcha Got? [Brownstoner]
That’s still a significant premium per buildable square foot over most other development sites downtown. Is this location really worth that extra $75 – $100 a buildable square foot, assuming of course that someone will buy that really nice mansion while a monster high rise is being built next door.
that’s $10,000,000/40,000 = 250
Sorry, I’m an idiot. Let’s do some math: $10,000/40,000 = $250/ft.
Ok, much more reasonable.
That is an insane price per buildable square foot. Maybe there is something about the zoning there that we don’t know, and he’s really able to build more than that.
What exactly will happen to the house? The nabe isn’t landmarked – so if it is sold off, the new owner can do what he or she pleases with the place, I presume?
Maybe in contract but we don’t know how much paying. House alone may be worth more than $3.
And we don’t know what sort of height/size variance might be granted to build more than 40,000sqft.
This still seems really pricey. Let’s say the house can be sold off separately for $3M, that means the developer is paying $10M for the land/rights to develop 40,000 ft. That’s $400 per buildable foot which is very expensive for Brooklyn.
I’m curious to know who the buyer is and more curious to see the designs. At the price they paid this will certainly be a high end development.
Oops, missed the developer part. Still would feel dumb. Glad the mansion stays, though a high rise next to it? Yuck.
Someone with a bonus? I’d feel pretty dumb buying something that was $10 million not so long ago…