Last Week's Biggest Sales
1. BROOKLYN HEIGHTS $3,294,038.75 166 Montague Street, #7A GMAP We mentioned a couple of weeks ago that sales were heating up again at the former Franklin Trust building — we’d heard that unit 7A got its full asking price of $1,615,000. Turns out, it sold for more than double that amount! According to its listing…
1. BROOKLYN HEIGHTS $3,294,038.75
166 Montague Street, #7A GMAP
We mentioned a couple of weeks ago that sales were heating up again at the former Franklin Trust building — we’d heard that unit 7A got its full asking price of $1,615,000. Turns out, it sold for more than double that amount! According to its listing on StreetEasy, this 3-bedroom, 2.5-bathroom condo has “high ceilings, over-sized windows, Brazilian cherry hardwood floors, individually controlled heating and air-conditioning, Viking designer kitchen appliances and spa-like baths,” plus a “roof-deck and gym on site.” Sounds nice and all, but what’s going on here? Entered into contract on 2/5/10; closed on 5/18/10; deed recorded on 5/25/10.
2. PARK SLOPE $2,395,000
829 President Street GMAP
This 4-story, 21-foot wide, 5,192-sf brownstone is “Currently used as duplex with 2 rentals,” says its listing on StreetEasy. It has “hardwood floors, high plaster ceilings and decorative fireplaces throughout -all in immaculate condition. Open floor plan and lovely landscaped garden with screen enclosed patio on the garden floor of the lower duplex.” Entered into contract on 3/3/10; closed on 4/28/10; deed recorded on 5/25/10
3. BOROUGH PARK $1,525,000
1556 54th Street GMAP
This 3-story, 3-unit building has 4,374-sf, including a garage, according to PropertyShark. Entered into contract on 2/17/10; closed on 5/21/10; deed recorded on 5/26/10
4. MIDWOOD $1,500,000
1082 East 23rd Street GMAP
This 2-story, 3,049-sf, 1-family home sold for exactly the same price back in 2006, according to StreetEasy. Entered into contract on 3/11/10; closed on 5/17/10; deed recorded on 5/26/10.
5. BROOKLYN HEIGHTS $1,390,000
360 Furman Street, #640 GMAP
This 3-bedroom, 2-bathroom, 1,709-sf condo at One Brooklyn Bridge Park was listed at $1,375,000 in February, says StreetEasy. Entered into contract on 4/13/10; closed on 5/13/10; deed recorded on 5/24/10.
President Street photo from PropertyShark.
I like the “white elephant” phrase — big and unwieldy, no one wants it.
The renovation work at 166 Montague looks nice but working down the block, I really don’t see the attraction to paying a steep price to live on this particular corner except for its proximity to many subway lines. This has none of the charm of the more residential part of Brooklyn Heights. Office workers flood this and nearby streets during the day, Montague is always choked with traffic, and the businesses nearby are pretty ragtag – cheap Chinese restaurants, Subway, a very disorganized RiteAid, etc.
Just to clarify, I call it a white elephant because how are you ever going to sell it for $4M (rest assured whoever bought will think it appreciated 25% in 2-3 years). I mean if you are down at 10 Montague Terrace or 1 Pierrepont, there is some market history that would justify that kind of price. But the CEO who will buy a trophy pad just off the prom is not going to be interested in living on this end of Montague.
I was still chuckling over lunch thinking about this one. OK, great building with very average layout and finishes, nothing special in any way whatsoever. Some schmuck buys two – and now he has created a white elephant on a commercial street (and fronts the street ALL yellow cabs take back to Manhattan 24/7/365), six blocks from the promenade. I wouldn’t even call it a head scratcher…its just comedy in its purest form.
LOL, BH! Except for $3.3 million, there are plenty of houses that I’d rather buy instead.
Thanks, Maly, makes sense now.
Now do you see it, CGar? Instead of whining about the size, you buy two and SUPERSIZE it.
7A and 7B went into contract the same day in February, so the sale most probably reflects a combination of these 2 units into a giant classic 11 floor-through.
For some reason, I can’t pull up the actual scan on ACRIS for the 166 Montague sale. Does anyone know if it explains what happened?
Damn – that’s one hell of a bidding war.