Last Week's Biggest Sales
1. PARK SLOPE $3,297,500 627 3rd Street GMAP 627 3rd Street was a drool-worthy HOTD back in February. The limestone had an enviable mix of old details and new renovations, with an ask price of $3,595,000. The final price took an eight percent chop down to $3,297,500… not too shabby. Average reader appraisal was $3,145,333….
1. PARK SLOPE $3,297,500
627 3rd Street GMAP
627 3rd Street was a drool-worthy HOTD back in February. The limestone had an enviable mix of old details and new renovations, with an ask price of $3,595,000. The final price took an eight percent chop down to $3,297,500… not too shabby. Average reader appraisal was $3,145,333. Entered into contract on 10/4/10; closed on 10/26/10; deed recorded on 11/8/2010.
2. CARROLL GARDENS $2,544,606.75
192 President Street GMAP
192 President Street was HOTD way back in June 2008. It was bought for $1,928,000 and converted into two condos, dubbed ‘The Classic’ and ‘The Modern.’ Just this October ‘The Classic’ was purchased for $2,189,237.50 and made our Biggest Sales list. Last week ‘The Modern’ was sold for more. It’s a four to five bedroom with 3,000 square feet. You can check out pictures of both units at the development’s website. Entered into contract on 07/30/10; closed on 10/08/2010; deed recorded on 11/10/10.
3. DUMBO $2,525,000
30 Main Street, #8G GMAP
This unit at Dumbo’s Sweeney Building looks to be one of the top sales in the entire building. StreetEasy shows this unit spent 304 days on the market, getting a price drop from the original tag of $3,200,000. It’s a five-bedroom apartment with 2,474-square-feet of space. Entered into contract on 7/12/2010; closed on 10/18/2010; deed recorded on 11/9/10.
4. PROSPECT HEIGHTS $1,800,000
One Grand Army Plaza, #9B GMAP
No goods on this particular unit at One GAP. Entered into contract on 2/3/2010; closed on 2/25/2010; deed recorded on 11/8/10.
5. CARROLL GARDENS $1,700,000
129 Summit Street GMAP
129 Summit Street was an Open House Pick back when it was priced at $1,829,000. The listing talks about the opportunity for conversion, as this is a semi-detached, three-family townhouse. Looks like it was marketed as a three-bedroom, two-bathroom lower duplex with the ability to rent out the upper two floor-through units. Think that could work out well for the new buyer? Entered into contract on 9/8/2010; closed on 10/21/10; deed recorded on 11/8/10.
Photos via PropertyShark.
thanks for the updated numbers. i was simply using numbers here from happyface and sadface. in this case i did not do any further searching, so it’s just a case of faulty inputs (and lack of further inquiry on my part).
no one thinks developers made money on this or much else for sale in the last 2/3 years. the winners are those that merely survive. these guys have been able to keep going and now look like survivors. compare with the forte, for instance. or boymelgreen.
i like the project. don’t like the high prices and really dont like the maintenance numbers.
Antidope, it just goes to show why developers play games, when even smart, inquisitive guys like you get snowed: it works!
50 units were sold to date, there are 4 in contract (the others have either closed and been counted in the 50, or are listed for sale after the initial contract fell through). The initial number of units was 114, but some were combined, so there are only 98 discrete units total. The developer is saying “60% sold,” but I don’t see how that’s possible. I get 55% at best, counting sold and in contract, with 98 units total. Maybe they have combined further, or it’s the 10% NY real estate fudge factor.
98 – 54 = 44 units not sold, of which 18 are officially listed, after 3 years. The first unit sold closed in September 2007. At the rate at which they have been selling in the last 4 months (2 a month), it will take them almost 2 years to finish (5 years total.)
Certainly, the real estate crash hurt them, and their overambitious pricing in the first year, and yes, it is slowly selling for very respectable numbers. I actually like the building quite a bit, unlike my fellow frownstoners, but from the developer’s POV, this is not a success.
ds- check your math. 49 sold + 11 in contract + 18 for sale = 78 units total. 49 / 78 is about 2/3 sold. if you include contracts, that puts it at 60 /78 or 75% sold.
sure they didnt fetch their ask, but so what. we don’t know if the develepors made money or not, that all depends on undisclosed information, but it is certainly possible.
a far cry from losing it to the banks and all-in-all pretty impressive given the overall economic situation.
it looks to be the same at some of the other projets battered here, includig 3 + Bond and the one up Bond. all seem to be surviving despite the end of the world called by many around these parts.
Here we go again with OPP.
Yes, prices are quite impressive, but let’s look at ACTUAL RECORDED SALES as of today:
49 recorded sales: $927 per ft² (avg). Closing prices ranged from +1.8% over ask to -40.5% below ask.
So, nearly four years after sales began, the building appears to remain less than half sold. Closing prices average around 20% below ask.
So yes, those are some impressive prices, but let us remain at least loosely tethered to consensus real(i)ty.
Frownstonerly yours,
DS
The MEDIAN price of all sales at On Prospect Park is $950 psf.
Pretty healthy for Prospect Heights, wouldn’t ya say?
There are currently 11 units in contract and 18 left for sale.
These condos have sold for prices not seen anywhere in Brooklyn, except perhaps One Brooklyn Bridge.
Yet anytime it was mentioned, the frownstoners talked sh*t about it.
One Grand Army Plaza continues to sell units for top prices. Funny how so many on this site predicted and continue to predict the building’s failure. How could so many people be so wrong?
CGfan – there are not many finished/new housing units of this size in Carroll Gardens and Cobble Hill. Unit 1 at 192 sold for $650 psf and unit 2 sold for $854 psf, or $753 psf on average. Most single or multi-family properties in this area that are being marketed as delivered vacant are asking at least $700 psf – for space that is not new and modern like 192 President or 100 2nd Place (one of the nicest units I have seen in a while). The cost to update and modernize space in a brownstone property is significant – averaging $225 psf. Much more than the implied margin of $50 psf using these sales and the handful of listings I am currently tracking as an example. So putting aside your point of shared ownership these President Street deals are looking pretty good for the buyers right now if the asking prices for outdated space holds at its current asking level.
There is also significant upward pressure on pricing in parts of Carroll Gardens due to the demand of PS 58 – one of only 3 dual language, French/English, schools in the 5 boroughs.
I will be talking about these recent deals and other local real estate related topics tonight at the Brooklyn Wine Exchange. Let me know if would like to stop by.
There is a reason you rarely see two unit condo/co-ops. What a potential nightmare! It’s like an arranged marriage to a stranger, but harder to get out of.
I agree with CGFan – it sounds like the worst of both worlds.
Sweet looking pads though.