HOTD: Heights 5-Fam Stalls Despite Broker Jump
Man, they can’t seem to give this Joralemon Street building away. When we wrote it up in January, the 5-unit building had already been marked down from $4.25 million to $3.595 million and had been handed off to Eric Heras of the Developers Group. Now, it appears, Mr. Heras has jumped ship to Corcoran, bringing…
Man, they can’t seem to give this Joralemon Street building away. When we wrote it up in January, the 5-unit building had already been marked down from $4.25 million to $3.595 million and had been handed off to Eric Heras of the Developers Group. Now, it appears, Mr. Heras has jumped ship to Corcoran, bringing the listing with him but applying the scalpel again to the price tag. Despite its lovely location and beautiful facade, the current owners, the Watchtower group, managed to completely ruin the interior with one of the most sterile, institutional feeling renos we’ve seen, especially for this part of town. To his credit, Heras has put up twenty photos so at least prospective buyers know what they’re getting into. Despite the cosmetics of the interior, this place is 4,800 square feet, so at some point this starts to get interesting. Are we there yet?
108 Joralemon Street [Corcoran] GMAP P*Shark
HOTD: Brooklyn Heights Conversion Candidate [Brownstoner]
That is one clean basement!
The Jehovahs are divesting themselves of a lot of their Brooklyn Heights properties. Most notably, they sold their printing plant at 360 Furman Street, which will soon be on the market as condos (http://www.onebrooklyn.com). Apparently, the group is moving a good portion of their production facilities to a site in Upstate New York. The Times did a piece years ago on the real estate holdings of the Jehovahs Witnesses in Brooklyn Heights; the amount of property they own in the neighborhood is really quite astounding (including the amazing Bossert Hotel at the corner of Hicks and Montague).
Here is the listing on Corcoran:
http://corcoran.com/property/listing.aspx?Region=NYC&ListingID=840609
Here is the prior HOTD story link:
http://brownstoner.com/brownstoner/archives/2006/01/hotd_brooklyn_h_2.html
Yeah, for some reason, both links are set to that Long Island brokerage that has that Van Brunt Street commerical/residential browstone in Red Hook that was discussed a few days back.
(Exceptional Homes Realty)
Perhaps just a simple cut and paste error on Mister B’s part.
The first link should be to Corcoran or Developer’s group listing for the property, and the other to the prior HOTD story, no?
mr.b the links dont work for me :(. except for g map.
Interesting then. Why would they renovate this and sell it? It’s not like they need the money. And at a certain point, it’s probably just better for them to hold onto it, no?…Maybe this reno is kind of swingin’ if you’re a Jehovah…
Yes, the Jehovahs. And they really do keep their buildings in great shape.
Is the Watchtower group the Jehovah’s Witnesses?
It’s a lovely corner property with a lot of light and if I had my choice of a house that needed decorating work or systems work, I know what I’d take. Watchtower does keep their properties is tip top shape. Parking is huge too.
Out of my league, but this will find a buyer.
I don’t really get 12:03 thoughts. I think most people who look at a place with rental income, don’t expect to be in the black in year one.