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Some of the sales recorded last week that went for $1 million or less:

$250K or under: KENSINGTON
495 East 7th Street, #5H; Price=$145,000 GMAP
This 600-sf, L-shaped studio was first listed for $172,000 in May, according to StreetEasy. The price was cut a few times, until it was ultimately asking $148,000. Maintenance=$335/month. Closed on 12/21/09; deed recorded on 1/4/10.

$250-$500K Range: BUSHWICK
260 Covert Street; Price=$425,000 GMAP
This is is a 2,736-sf, two-family, according to Property Shark. It sold in an estate sale. Entered into contract on 9/30/09; closed on 12/17/09; deed recorded on 1/7/10.

$500-$750K Range: SUNSET PARK
552 47th Street; Price=$715,000 GMAP
When this limestone was a House of the Day in August, it was listed for $720,000. Entered into contract on 10/27/09; closed on 12/23/09; deed recorded on 1/7/10.

$750K-$1 Million Range: WINDSOR TERRACE
540 16th Street; Price=$999,000 GMAP
This Arts and Crafts house was first a HOTD in August ’08, when it was listed for $1,350,000. (Before that, it had been on the market for $1,550,000 and then $1,499,999.) It was a House of the Day for a second time last June, when the price had been cut to $1,185,000. The reader widget guess was $954,086. Entered into contract on 10/5/09; closed on 12/11/09; deed recorded on 1/6/10.

Photos from Property Shark


What's Your Take? Leave a Comment

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  1. Mopar, Sunset Park isn’t that far from Manhattan. This house on 47th St doesn’t happen to be near the express N stops (36th St and the more beautiful 59th St area), this house is by a local R train stop (45th). That is a drawback, but it’s still under 20 mins to Canal Street once you transfer to the N Express at 36th, and only 20 mins to Union Square. By car, it’s maybe 15 mins to Wall Street. This is a beautiful house indeed.

  2. Oh man, I loved that Sunset Park. I hope the buyer restores it and doesn’t renovate! And Sunset Park is not a “shabby” neighborhood, it’s lovely. Its only drawback is it’s so far away from Manhattan.

  3. I’m going to start a new business. i’m going to buy a house and pretend to agree to sell it for a dollar less than the mansion tax. schedule a closing. take the buyer to the restroom and take his cash. instead of returning to the room, i’ll go to another closing i have scheduled.
    repeat 10x.
    call it a day.

  4. Someone walks into their closing with $50k or so in cash? Then two parties walk out of the room, exchange it and walk back in? The lawyers, mortgage people, brokers (who are paid on a % basis)…none of these people care?

    I guess I’m just naive. Sounds far fetched.

    I think rather the mansion tax becomes a leverage point for buyers in the million to 1.1 price range. Without that tax this house probably sells for 50-100k more.

  5. Substantial price cuts on the Windsor Terrace house, and, for once, the widget was pretty close. I tend to believe it actually sold for $999k to avoid the mansion tax and that there was no under the table payment between the parties.

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