100 Clark Street Sells
100 Clark Street earned notoriety over the past decade for its poor condition and the failure of its owner to do anything about it. The issue came to a head in 2008 when the DOB ordered the long-time tenants to vacate their way-under-market rent-stabilized apartments because the condition of the building had become “imminently perilous.”…
100 Clark Street earned notoriety over the past decade for its poor condition and the failure of its owner to do anything about it. The issue came to a head in 2008 when the DOB ordered the long-time tenants to vacate their way-under-market rent-stabilized apartments because the condition of the building had become “imminently perilous.” In fact, it was determined to be so perilous that DOB tore down a portion of the building, a move that resulted in the owner suing DOB, LPC and a couple of contracting companies with a $18,000,000 lawsuit. (Pleasant.) In April of this year, the suit was dismissed by New York State Supreme Court. The owner put the property on the market in April, initially without a listing price and then for $2,000,000. Massey Knakal, the listing broker, just announced yesterday that the property had sold in an all cash transaction for $1,250,000.
100 Clark Street Listing [Massey Knakal] GMAP
100 Clark Street Hits the Market [Brownstoner]
What’s Up at 100 Clark Street? [Brownstoner]
Emergency Repair at 100 Clark While Court Fight Continues [Brownstoner]
Emergency Demo at 100 Clark Clears Tenants [Brownstoner]
‘Dereliction of Duty’ in Brooklyn Heights [Brownstoner]
Donald, I haven’t heard that, but I’m dying to see the prices on those units. CGar heard they were looking at 1500 psf. I love everything about that project but that is pricey.
more4less – I don’t know what rights the tenants have nor do I have first hand knowledge of what they are looking for, if anything. I do know that the property was being marketed with open tenant issues. Also, I believe that tenants would have maximum leverage over the new owner if their issues were not addressed and/or resolved prior to the property trading hands.
on a different matter – i heard parking spaces at the Love Lane Mews condos were going for $250,000. Anyone else here that?
I wish the city was crack down more on dilapidated building owners.
the squatter/renters who had to be kicked out by the DOB are still clamoring for their buyouts. I wonder if their claims were settled as part of this deal?
I agree that 1.25 isn’t a great deal considering all they have in front of them. I wish them luck. This corner has been so bad for so long.
Donald, so you think the tenants have the right to resume occupancy at similar arrangements as before?
New hands doesn’t necessarily mean better hands. I am interested to see who stepped up to the plate on this mess. Definitely an eyesore and safety hazard but path to completion is not so straight forward. While an acceptable margin currently exists btwn acquisition price (as reported) and what an end product like a small 4-unit condo bldg or single-family home might yield the developer(not so sure about a rental property scenario), the soft costs associated with liens/tenant issues could be significant. If they balloon, well then corners may be cut elsewhere.
DIBS – so?
Donald, how could it be worse? It’s lucky nobody got killed. I suspect whatever they get approved will at least be stable. For years, when upper floors were still there, I wouldn’t even walk on that corner.