374 Pacific Sells at Auction
Last week the New York City Sheriff’s Office held a public auction for the long-neglected brownstone at 374 Pacific Street. The winner, we gather, was a Queens-based developer called Forest Park Properties, who paid $1,335,000 for the five-story building. A voicemail message left at the company’s office was not returned so we don’t know that…
Last week the New York City Sheriff’s Office held a public auction for the long-neglected brownstone at 374 Pacific Street. The winner, we gather, was a Queens-based developer called Forest Park Properties, who paid $1,335,000 for the five-story building. A voicemail message left at the company’s office was not returned so we don’t know that its plans are. According to a tipster, the developer is the same one who rebuilt the old shells at 161-169 Dean Street adjacent to the Mugavero Center.
374 Pacific Street Coming Up For Auction [Brownstoner] GMAP
BH, yes, it is a much larger than normal brownstone. At that size, the buying price makes sense. This could be a beautiful new addition to the street. I hope the block is landmarked so they keep the facade of the historic building while building new apartments behind it.
Thanks, dibs…did not know that. I only know them as London Plane because a few of them have little signs.
Otherwise known as Sycamores.
Minard, it’s over 6k sq ft – doubt it’s anyone’s vision of their family home in the current state. Yet it could be a very profitable condo development. If you took a poll on the block, we couldn’t have hand picked a more suitable buyer.
By Minard Lafever on June 15, 2010 11:17 AM
to a developer, a brownstone shell is just as good as a brownstone. They will gut it anyway. Having said that, this is a high price for that location.
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You may be correct; it’s about $200-225k more than I figured it would fetch.
As for location, it’s within the historic district, one of the top three blocks in the nabe (mature London Plane trees line both sides).
I think it is high because the universe of bidders is small. Only developers who can self-finance a gut-rehab. I don’t think a family would be interested in this. and the location, while very good, is not gold coast or super prime.
s/b “largest brownstone”, as I’m sure there are quite a few residential buildings larger.
😉
Outstanding news for my soon-to-be old block. This was vacant (except for some homeless squatters) the entire 11 years I have lived here. I know the developers, and am sure they will do a great job.
FWIW, I believe this is the largest residential building in Boerum Hill. Will be fun to see someone bring this gem back to life.
Have any of you actually looked at the pics on the link “Coming Up for Auction???”
It’s not even a shell.