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.
“I think you are confusing two things, NYC’s attractiveness to non-conforming people (high) and its attractiveness to the very wealthy (high.)”
Spot on, Maly.
It’s a spurious exercise but plenty of more conservative regions have a good economy and growing populations – e.g. mountain states, Texas et al.
There is a liberal underground railroad running from Charleston, SC to Brooklyn. Stephen Colbert made it all the way to Montclair.
SouthBrooklyn,
It’s not that I’m celebrating these prices, it’s that I’m realistic about what they are, unlike a couple posters on here who are completely delusional about the reality of where prices are.
Nothing I say has any affect on home prices. It’s the market (unhealthy or not) doing it’s thing right now and I’m just commenting on it.
The final frontier of commenting is when they publish the names of the purchasers. That is really all I want to know. Looking into other peoples’ lives, now that is fun.
thwackamole, you better brush up on your tax code re: capital gains taxes.
we’re saying different things, 11217.
i’m saying that the relative firmness of new york city real estate prices is symptomatic of a terrible dynamic in our economy, where wealth is becoming very more concentrated in the hands of a relative few, to the serious detriment of the whole society.
broad economic and political changes processes in this country over the past 30 years have been producing really severely skewed distributions of income and wealth. it’s unsustainable. and the lack of demand (flat/declining median income) is why we can’t really get out of this recession.
you celebrate these prices, but i think that’s short-sighted when you think about what’s causing them.
i can’t agree that it’s the social conservatism of other parts of the country that’s responsible for firm nyc real estate prices!
Yes, because those unmarried teachers really make the big bucks. I think you are confusing two things, NYC’s attractiveness to non-conforming people (high) and its attractiveness to the very wealthy (high.) Of those two groups, which do you think keep the super-high-end luxury real estate market afloat? (take your time and consider your answer.)
Adelphi House lost money for the owner:
Purchase: 1.705. Assume roughly 700 down, 1MM mortgage 6.5% (good luck getting that).
Transaction taxes eat about 3% up front.
Mortgages are going to have run 170k
Property taxes were at least 30k
Real estate agent ate at least another 4-5%
NYC seller taxes also ate something
Finally, cap gains taxes ate about 30-40.
So this was no home-run for the sellers.
It means that as the rest of the country outside the major cities in the U.S. argue about whether homosexuals or unmarried women are fit to teach in the public school system, the relatively few big liberal cities in the country continue to attract those who are trying to escape the dominating force of the religious right taking over the right arm of our political system.
Basically, I’m saying that NYC continues to attract people because it’s still a bastion of liberal attitudes and open-mindedness (for the most part).