Crown Heights Record Shattered Again With $3.45 Million Sale
We’re amazed to read that a Manhattan buyer has purchased a new-construction townhouse at 832 Dean Street in Crown Heights for $3,450,000, setting a new record for the price of a townhouse sale in the neighborhood. The sale closed recently, according to the New York Post, but has yet to hit public records. Built in…
We’re amazed to read that a Manhattan buyer has purchased a new-construction townhouse at 832 Dean Street in Crown Heights for $3,450,000, setting a new record for the price of a townhouse sale in the neighborhood. The sale closed recently, according to the New York Post, but has yet to hit public records.
Built in 2013, the house has three units and three stories, for a total of 3,960 square feet, according to PropertyShark. So that works out to $871 per square foot — reasonable compared to the square foot cost of condos in prime Brooklyn neighborhoods, which are now over $1,000, but pricey for a Crown Heights townhouse, even a top-of-the-line one. The house is close to Washington Avenue and the Prospect Heights border, where real estate is more expensive.
The buyer sold a townhouse in Chelsea, according to the Post.
Renderings on the Douglas Elliman listing show a typical new-construction interior, similar to a Williamsburg luxury condo, but with fairly high-level finishes and somewhat traditional styling, including floors that look old and have borders. Each unit is a two-bedroom, two-bath floor-through, except the top apartment, which is a duplex with an additional bedroom and bath in a hidden setback with a roof deck.
The exterior is red brick and has a traditional townhouse exterior on the top floors, with brownstone lintels and window boxes. The first floor is recessed, with an iron railing in front of it. The rendering of the outside actually appears to show the house next door at No. 828, an apparently identical twin with the same owner. The property, previously a vacant lot, received its final certificate of occupancy in December.
The previous record of $2,900,000 was set only last month by a 27-foot-wide mansion at 672 St. Marks Avenue.
Record $3.45M Crown Heights deals [NY Post]
832 Dean Street Listing [Douglas Elliman]
Mansion Sells for $2.9 Million, Sets Crown Heights Record [Brownstoner]
I can’t quite figure out the broker math from the listing: “Live in one of the condo quality units and collect approximately $9000 per month in rent from the other two units.” Could one really collect $9000/mo on two 2BR apartments at this location? Seems a bit ambitious.
If you live in the middle unit, you can prob squeeze out $8-9k from the other two. Maybe. But then you are also living in the least appealing unit.
It’s hard for me to see how this is such a bad deal. $3.5m for a three bedroom duplex with roof deck (worth about $1.4m?); a two bedroom simplex (worth nearly $1m); and a duplex with two bedrooms, a huge rec room, and outdoor space (worth $1.2m?). And all brand new on a pretty block? How is this such a big deal? Hey, if the owner wants to sell or rent the bottom or top unit, I’d consider them!
If the new owner converts the three units to condominiums and sells each unit, isn’t it possible for him to easily, almost effortlessly, make a nice profit?
highly doubt that is the MO. this is another marketing/PR ploy to substantiate the frenzy
This is not a “normal” sale. This looks very fishy to me.
There are open building permits, no C of O and large mortgages that needed paying off. I cannot see a title company insuring this as a regular arms length transaction.
And any Attorney representing a buyer of this; if it is a 3rd party arms length transaction should be very wary.
Not only because what are the Real Estate taxes going to be assessed at on this but who knows what the DOB will finally do on this “new construction”.
There are far too many open questions on this lot for this price.
This is probably fishy – MAYBE this is all another PR ploy to substantiate higher prices. I met a Corcoran broker who claimed one of their own was feeding the price driving frenzy by getting such stories posted. so perhaps this sale will mysteriously fall through but the story is out there driving the prices up especially to outsiders. If you will notice it is always someone from Manhattan or foreign countries that falls for these things. Brooklynites would know where to look for better deals/nicer places but outsiders are clueless.
“You keep forgetting who I am – The What!”
This made me LOL
I’m amazed at What’s “zest and vigor” after so many years being so consistently wrong.