House of the Day: First Rate on First Street
We’ve discussed before how difficult we think it is to predict how some of the higher-priced houses in the higher-priced nabes will sell. This lovely “British Regency with Federal Style” mansion on First Street between 8th Avenue and Prospect Park West probably falls in that category. The house was built in 1915 for the builder…
We’ve discussed before how difficult we think it is to predict how some of the higher-priced houses in the higher-priced nabes will sell. This lovely “British Regency with Federal Style” mansion on First Street between 8th Avenue and Prospect Park West probably falls in that category. The house was built in 1915 for the builder of this row of similar houses. What’s not to like? (Well, we could point to a couple things like the kitchen cabinets and a little overkill on the dining room walls, but this is no Columbia Heights overkill.) Point being this place is large, pristine and in the right place. If one had to quibble, the yard is a bit on the small side. Anyway, it’s a looker–the question is will there be takers at $3.295 million. It’s only been on the market for a little over a week, so it’s too soon to tell.
Property #89 [Townsley & Gay] GMAP
Oh, this one is a really beauty. And I even kind of like the over the top wall paper.
*scratches off lotto ticket* Phooey didn’t win, so can’t buy the house.
I live in between an MD and a lawyer on a park block in the Slope. What are you people talking about they don’t live there. Do you have any idea what you’re talking about?!!
and let me just point out that I used to work at Lehman Brothers and I can’t recall one banker or trader who lived in Brooklyn. maybe their assistants but thats about it and thats the general attitude its all about hierarchy in finance there’s no way a MD wants to live near his assistant.
well, I work in finance and the executives I know ( the VERY few) who aren’t MD’s, even Associates just don’t do borough. thats the reason I asked because the people I know with money laugh at the idea of staying in Brooklyn and if they did I doubt they’ll stay all the way in Park Slope near Flatbush Ave, thats just not happening they may consider BH. I bought the other occupations because I don’t know any personal millionaire surgeons but I do know my fair share of wealthy financiers and I can’t see them living there.
If I had that kind of money I wouldn’t live in Park Slope.
to the comment about who buys these..one thing that people forget is the massive wealth creation that has occurred from the explosion in broker-dealer stocks…consider the following assumptions:
1) mid-level investment banker – nothing special i.e. not head of department – that has been moving from senior VP to MD over the past 5 years so probably 33-38 2)averaged $1.5MM in total compensation over 5-years which is believable 3)30% of that comp placed in restricted stock 4) works at Lehman and they have stock that’s grown at 20% compound annual growth rate (forget the fact that a lot of these guys have options levered 3-to-1) 5) sold a coop that he bought in 2001 for $750K with 250K down also compounded 20%
Result:
$5.25MM Cash Pay (ex stock)
$3.35MM Total stock after appreciation
$1.6MM Gain on Coop
5-years the dude has made $10.2MM…
And yes 33-38 year old investment bankers live in Brooklyn…
I think there are 2 on that block that have sold for more than $3m already.
I know there’s a first time for everything, but have any single lot 1-2 family houses gone for $3 million in PS yet? I see plenty of listings but no sales, at least according to property shark. Someone mentioned law firm partners, but are they in Park Slope?
The backyard fence is awful. Backyard-as-well-bottom.