A Walk Through 72 Hicks Street
New York Magazine takes a video tour through the 1820s Federal townhouse at 72 Hicks Street in Brooklyn Heights. As you may recall, this was a House of the Day back in November 2008. Walk-Through: 72 Hicks Street [New York Magazine] House of the Day: 72 Hicks Street [Brownstoner] 72 Hicks Street [Corcoran] GMAP 72…
New York Magazine takes a video tour through the 1820s Federal townhouse at 72 Hicks Street in Brooklyn Heights. As you may recall, this was a House of the Day back in November 2008.
Walk-Through: 72 Hicks Street [New York Magazine]
House of the Day: 72 Hicks Street [Brownstoner]
72 Hicks Street [Corcoran] GMAP
72 Hicks Street [Kevin Carberry] P*Shark
No, it’s not 30%-40% off in Brooklyn Heights.
Read my comments above.
I know some of you sniff about doing a per-square-foot analysis on townhouses, but it’s pretty clear from the data what happened here.
They listed this house at $4.995 mil in June 2008. According to the broker in the video (their second broker, by the way), the house is about 3,500 square feet. That means the original listing price was $1,427 per square feet. That was a pipe dream price for so late into 2008. Only the super-fanciest Columbia Heights/Willow Street townhouses were getting that kind of pricing, and that was at the peak of the market in 2007.
Even if they wanted to match 2007/early 2008 pricing, the next tier of houses in BH (including this house) were getting about $1,150 psf then, meaning optimistically they should have listed this no more than $4.0 mil. They saw the light because the price was reduced to $3.995 later in 2008 post-Lehman. But the damage was already done from going out so high.
It’s hard to say what the market is in BH right now, because there are barely any houses listed, and only a couple of sales have occurred in the last 6 months. My guess from talking to brokers and appraisers is that it will take 10%-15% off from peak 2007 pricing to sell now. Guess what, the current price on this house is a 14% haircut from their more realistic second price of $3.995. Like I said above, I think the current list is a pretty good deal for the neighborhood, and if an eventual buyer is able to negotiate down even further because the seller is “motivated” then the buyer will get a really good deal.
Fantastic house in an excellent neighborhood (probably Brooklyn’s priciest) but why hasn’t this sold? Yes we know the economic turmoil but still this is BH after all.
Wow Wasder that price cut is mind boggling even for us bears given the area and unique nature of this home. 30% off and counting in BH….maybe 40% down is not so far fetched.
OMG, this place is completely perfect. Remember when it was HOTD there were no photos of the kitchens and baths, and we all imagined the worst?
And the kitchen is gorgeous, has two windows, is on the parlor and living room floor…there is even a kitchen downstairs so you could rent out the garden apt if you wanted. And still share the garden because there’s a deck on two levels. And the baths all open into halls, not main rooms.
I love this place. I only have $600,000 tops, but maybe we can work something out.
I would just like to mention that the Daptones Record label, in Bushwick, did this “Welcome into our house thing” a month or so back and then quickly got robbed right after. Now I realize 72 Hicks isnt Bushwick however when you give a shot of the exterior and then walk me through your apt… This is New York, people, not Mayberry.
nice house, but the mtv-style quick takes and zooms in the video gave me a headache. yes, i’m getting old.
That’s because they chose in the summer of 2008 to list it at a top-of-market 2007 price. Odd decision – you can see how that turned out for them.
Manischevitz! If you get to the end of the video they drop the bomb that the price has come down almost a million and a half bucks since it was first listed!
If you have the cash, the current asking price is a good deal for the neighborhood.
I love their decorating taste because its exactly the same as mine!!! Same red camelback sofa and green wingback chair.