Last Week's Biggest Sales
1. PARK SLOPE $2,450,000 25 8th Avenue, Units 4 and 5 GMAP When this 4,000-sf, 3-bedroom, 3-bathroom loft with a 45-foot-long ballroom and terrace overlooking Grand Army Plaza was Condo of the Day back in February ’09, we thought it might be the coolest apartment in all of Brooklyn. According to StreetEasy, it was listed…
1. PARK SLOPE $2,450,000
25 8th Avenue, Units 4 and 5 GMAP
When this 4,000-sf, 3-bedroom, 3-bathroom loft with a 45-foot-long ballroom and terrace overlooking Grand Army Plaza was Condo of the Day back in February ’09, we thought it might be the coolest apartment in all of Brooklyn. According to StreetEasy, it was listed at $3,850,000 then, and the asking price dropped to $2,900,000 in July ’09. Check out more photos of the character-rich interior at 25 8th Ave. Entered into contract on 5/17/10; closed on 5/1/10; deed recorded on 8/25/10.
2. CARROLL GARDENS $2,189,237.50
192 President Street, Unit 1 GMAP
When this building was House of the Day in June ’08, we thought it could turn into something special if it fell into the right hands. According to StreetEasy, it was purchased in Jaunary ’09 for $1,928,000. It seems that the buyer was boutique development company light/house, which divided the building into two condos — “the classic” and “the modern” — and has photos of both on their website, 192 President Street. This unit appears to be the classic one. Entered into contract on 6/25/10; closed on 9/13/10; deed recorded on 9/27/10.
3. FORT GREENE $1,985,000
341 Adelphi Street GMAP
This 2-family house was one of our Biggest Sales in February ’08, when it sold for 1,705,000. Entered into contract on 7/16/10; closed on 9/1/10; deed recorded on 9/29/10.
4. PARK SLOPE $1,725,000
508 6th Avenue GMAP
According to its listing on StreetEasy, this 3-story building has 3 renovated 2-bedroom apartments, which are currently leasing for $2,300 each, and it also has 5 remote-controlled garages, presently being rented at $350/month per garage. Entered into contract on 6/24/10; closed on 9/15/10; deed recorded on 9/30/10.
5. PARK SLOPE $1,700,000
628 10th Street, Unit 4C GMAP
According to its listing on StreetEasy, this is a 1638-sf penthouse duplex has 2 large, private outdoor spaces and is located in the Iroquois. Entered into contract on 2/11/10; closed on 9/21/10; deed recorded on 9/29/10.
Photos from 25 8th Ave and PropertyShark.
Has anyone confirmed whether there was a reno at Adelphi? The debate about its sale price more or less turns on that fact. BHO assumes a loss due to reno costs but no one has chimed in with knwoledge. No filed jobs on DOB for the property.
Hey Adam!
Why would you buy high prices @ low rates and have to sell into low prices @ high rates. That’s just stupid! (save more $ down on a cheaper house yielding lower monthly instead) Oh I’m sorry…ssssshhhhhhhhh…this is your livelihood…you skim off volume, bear or bull. [Whisper: but why would YOU buy?…Oh you’re not…you’re saving and waiting…I’m with ya baby boy!].
“Wealth creation is now almost entirely an INTELLECTUAL exercise”
Yup. Defrauding on Wall St through financial Ponzi schemes is first conceived in the brain, then the dirty work doled out to lobbyists, cold callers and pension fund scouts. But that game is over for years to come. TARP and other games have only bought “us” time to date. Like after 1932, 2011 and beyond will be a blood bath.
***Bid half off peak comps***
Thanks for stating it much better than I did, FSRG.
Oh and btw the types of people who ARE trained and ready for today’s and tommorows high income professions – seem to be also highly attracted to liberal urban centers like NY and SF – to 11217’s point
Can’t see how anyone can argue with southbrooklyn’s 12:59 – pretty spot on IMHO
I can….It isnt really “broad economic and political changes processes in this country over the past 30 years” that has been producingskewed distributions of income and wealth.
What it is is that the means of creating wealth in the past – manufacturing, farming, and resource exploitation are no longer feasible for real wealth creation (most resources have been in exploited in US, Manufacturing has mostly been commoditized, and farming techniques are widely known)
Wealth creation is now almost entirely an INTELLECTUAL exercise and therefore only those that are highly educated will be able to access high income and wealth – this trend will only continue and therefore due to the fact that a huge segment of our population does not seem to place education as a major priority and our state and local governments are fairly mediocre at providing public education; the income/wealth gap will only continue
“128 Lincoln Place sold for 3 million in February 2008….so basically the peak of the market”
Yup, 11217. Typical North Slope brownstone peak comp is 3 mil. -20% today. Half off “tomorrow”.
It’s still a great time to sell before the next -37.5% leg down.
In other news, what the hell is going on with MERS? When we gonna get a thread on that, brownEEEEEEEEEE?!
***Bid half off peak comps***
1. -36% off orig ask. CHOMP! Burp!
2. If bought/reno’d pre-Lehman, 2.7 mil. -20%. Nothing new here.
3. Broke even or slight loss after reno. Rock out Team Bitchez! All down from here.
4. 1,725,000/(3 x 2,300 + 5 x 350) x 12 = 17 approx 16, flat from -20% off peak. Rock out bitchez! All down from here to 10x.
5. 1,700,000/(16 x 12) = eighty eight fitty equiv rent, I don’t think so! Your 1 of 5 Team Bitchez!
***Bid half off peak comps***
thwackamole- Your mortgage rate estimate is way off. More like 4.5% not 6.5% and if the plan was to flip an adjustable in the mid to high 3% range would be more reasonable than a fixed rate.
Just saying.
more4less — hope you caught the new yorker cartoon — man in baseball cap to man in suit, both seated at a bar — ‘as a future lottery winner, i support lower taxes on the wealthy.’