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
BHO, you can’t even do your own math. It’s 5 storeys.
Minard — why do you think that’s high? Even if one budgets $1M for renovations and you have a 26′ wide, five story building with south facing garden on a landmarked block for under $2.4. It’s a short walk to the A/C, 2/3 and the F as well.
By comparison, 368 Pacific is a three story 20′ wide building (post-renovation by the owner-architect I think) that sold for $1.8 in 2004 and again for 2.05 in 2007.
1335000/(10×12) = $11,125/mo for a tenemant museum?!
ROTFLMMFAO!
***Bid half off peak comps***
Assuming standard 20×40, $417/SF for a neglected shell. Forest Park will lose on this one. Caught up in the bidding frenzy I suppose.
“BHO…this is why foreclosures in brownstone Brooklyn anr not having a pull down effect on the market.
Capiche????”
Say cheese, market! Nice snapshot, DIBS the RE Paparazzi. HD Cameras still rolling ’til curtain rises on the shadow inventory and manipulated balance sheets.
***Bid half off peak comps***
$200 per buildable sq ft (if the above post is correct) in this location is a good deal for the seller, not the buyer.
Anyone know what an end-user (owner) pay for say a 2-bedroom in this location? $ psf answers if you don’t mind.
Thanks, cmu!
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.
looks like just over $200 sq ft for shell( or what remains of shell). Not a foreclosure in usual sense of someone buying and not able to make mortgage payments….just a neglected bldg for years for whatever mix of strange reasons.
Apostrophe Policy Alert: it’s -> its
Let’s keep at least the main post correct.