Last Week's Biggest Sales
As is often the norm with the week’s biggest sales, Gravesend and Park Slope have entries. 1. GRAVESEND $3,600,000 1800 E 4th Street GMAP (left) 3,910-sf house built circa 1920. Deed recorded 4/11. 2. PARK SLOPE $1,890,000 746A Union Street GMAP Detached 2-story, 1,480-sf 1-family house built circa 1920. Deed recorded 4/8. 4. DUMBO $1,570,000…
As is often the norm with the week’s biggest sales, Gravesend and Park Slope have entries.
1. GRAVESEND $3,600,000
1800 E 4th Street GMAP (left)
3,910-sf house built circa 1920. Deed recorded 4/11.
2. PARK SLOPE $1,890,000
746A Union Street GMAP (right)
4-story, 3-family brownstone built circa 1892. Last listed with Aguayo & Heubner for $1,985,000. Deed recorded 4/10.
3. GRAVESEND $1,650,000
1791 East 3rd Street GMAP
Detached 2-story, 1,480-sf 1-family house built circa 1920. Deed recorded 4/8.
4. DUMBO $1,570,000
30 Main Street GMAP
Sale was of unit 10H in the Sweeney Building. Deed recorded 4/8.
5. FORT GREENE $1,550,000
221 Cumberland Street GMAP
5-family house brownstone with $95,000 income, according to Fillmore ad on StreetEasy. Listed for $1,799,000. Deed recorded 4/7.
Photos from Property Shark.
10% cap rate assuming no debt is NOT realistic (especially in NYC). It’s much lower than that obviously. Also, as noted, that cap rate assumes no debt at all – you put some reasonable leverage on the building (granted, if you can find it) and the cap rate should go up – actually seems like a decent deal if that is in fact the rent roll.
4:47 – what is your source?
Here’s what NY Magazine says:
http://nymag.com/realestate/features/45567/
Are you really trying to deny that a housing slowdown is possible (some say likely, others inevitable) in NYC?
The lending restrictions alone are going to cause problems now that the days of easy credit are over. Even a broker friend of mine has admitted that the new rules limiting 10% down mortgages (and yes, even in tony Park Slope folks put down only 10%) will kick certain buyers out of the ring and thus have a negative effect on prices.
“Union Street house did start out in mid-2 million range, then reduced to 2.25, then further reduced to 1.9+ until it sold under the last asking price.”
and that out of A&H which tries to price “under the market” to generate a bidding war.
tulips.
Union Street house did start out in mid-2 million range, then reduced to 2.25, then further reduced to 1.9+ until it sold under the last asking price.
More info to those who say the market is tanking:
Re: 1st Quarter of 2008:
“Fort Greene saw a 170 percent increase in sales volume, the largest of all the neighborhoods, with 62 homes sold in the first quarter of 2008 compared to 23 for the same period last year. Overall prices also rose from $675,870 to $760,484, a 13 percent increase.”
More info to those who say the market is tanking:
Re: 1st Quarter of 2008:
“Fort Greene saw a 170 percent increase in sales volume, the largest of all the neighborhoods, with 62 homes sold in the first quarter of 2008 compared to 23 for the same period last year. Overall prices also rose from $675,870 to $760,484, a 13 percent increase.”
Holy crap. why isn’t anyone commenting on the Gravesend house? Almost $4 million? Those Syrian Jews really have cash.
1:29 – those facts sound impressive. do you have the actual volume figures behind that? i would guess that not many houses sold in 1Q in park slope and probably a lot more condos did. usually pricing trends in an illiquid asset like housing become more reliable as more data points are collected. in other words, i would put my money in the direction of the 34% decline if i had to pick sides in that discrepancy.