Another Record Sale in Gravesend?
We’re not yet halfway into the year, but the sale of a Gravesend house that was just recorded in public records could very well end up being Brooklyn’s priciest residential transaction of 2011. The single-family at 451 Avenue S, which PropertyShark reckons weighs in at 2,914 square feet, sold for $10,250,000. Simply on a price-per-square-foot…
We’re not yet halfway into the year, but the sale of a Gravesend house that was just recorded in public records could very well end up being Brooklyn’s priciest residential transaction of 2011. The single-family at 451 Avenue S, which PropertyShark reckons weighs in at 2,914 square feet, sold for $10,250,000. Simply on a price-per-square-foot basis this has got to be one of the biggest sales ever in Brooklyn history, though for total dollars it trails other Gravesend sales like 450 Avenue S, which sold for $11,000,000 in 2003, and 2111 East 2nd Street, which sold for $10,260,000 in 2009. And, of course, there are some Brooklyn Heights properties in the borough’s $10 million+ club, like 88 Remsen Street, which sold for $10,800,000 in 2008. Even still, Gravesend remains a world of its own when it comes to prop values. GMAP
Photo from PropertyShark.
this is not about walking distance to a synagogue, don’t be ridiculous, that may be what they want you to believe, but honestly, ten milion dollars?
That is a money laundry if I ever saw one. And no, the house is not worth ten million just because it is listed as having sold for ten million. No money changed hands -although a young female cousin may have been thrown in the deal to sweeten the pot.
This is Medieval Syria, OK?
Next question?
The issue of walking distance to synagogue is absolute–they need to live within their area. They define an area with a string (really! a string!) and only within that area are they allowed to carry their children outside, and they must be able to walk to their synagogue.
During the bad weather last year, the string broke in Satmar Williamsburg and babies had to stay in the house during Sabbath until it was fixed.
these are not ordinary arms length sales. these are sales within the same extended families in a very closely knit community of orthodox religious people who for some reason see a benefit in kiting up the paper value of the houses in the area. perhaps in order to show greater assets to offset other businesses or perhaps to launder funds -who knows? but you know no one actually paid ten million dollars for this house because it has opulent interiors.
You can always tell when these houses are in the Syrian community – notice the clump of mediterranian red roofs on the google satelite view. This house is smack in the middle of the red.
lol like they say, money can’t buy taste..
*rob*
we’re not talking about the profits from c21, we’re talking globe-spanning businesses with tentacles in drugs, gun-running, and low-cost hummus factories. you heard it here first.
speaking of smell tests: on the one hand this community is full of brilliant business folks that know how to establish “cash cows” that return seemingly unlimited profits without the risk of new entrants or existing competition forcing profits to a market level; all so they can (over)pay 3500/sqft for a home that could be had next door for a quarter of the price?
the schul next door argument is a cover. one could do a study of prices next to synagogues elsewhere in orthodox nabes pretty easily.
Not just electronics. Jimmy Jazz, anyone?
By antidope on May 19, 2011 1:52 PM
i agree slopefarm. i do not believe these deals are fraudulent in and of themselves, but rather the vehicle to clean up illicit cash.
…
While that is great fodder for a B movie or a Grisham novel, it doesn’t really pass the smell test. When you realize that 2/3rds of the electronics and about 40% of the clothing you have purchased in your NYC lifetime came out of Sy controlled stores, and if you have even a rudimentary understanding of the community, then you have to conclude such speculation is absurd.
These folks are rolling in it, but I for one have not seen any indication it came from illegal activity. Premium brands and well run stores are cash cows, and they have a pretty big herd.
mahogany walk in closet? I wish I had a closet. 🙂