Last Week's Biggest Sales
1. GRAVESEND $5,150,000 1996 East 5th Street GMAP There isn’t a lot of information on 1996 East 5th Street. All we could pick up is that it is a 2,400-square-foot one family on a 4,000-square-foot lot. The Property Shark photo isn’t revealing much either. Entered into contract on 1/11/11; closed on 1/11/11; deed recorded on…
1. GRAVESEND $5,150,000
1996 East 5th Street GMAP
There isn’t a lot of information on 1996 East 5th Street. All we could pick up is that it is a 2,400-square-foot one family on a 4,000-square-foot lot. The Property Shark photo isn’t revealing much either. Entered into contract on 1/11/11; closed on 1/11/11; deed recorded on 1/18/2011.
2. GRAVESEND $3,385,000
2085 Ocean Parkway GMAP
This two-family home is big: 4,266 square feet on a 6,000 square foot lot. What do you make of it from the photo (on right)? Entered into contract on 12/3/10; closed on 12/30/2010; deed recorded on 1/21/11.
3. PARK SLOPE $1,536,392.81
638 President Street GMAP
This condo sale comes from the once-controversial development in Park Slope. There are four units in the building and StreetEasy shows two selling over $1M. This particular four-bedroom unit is a duplex with a private roof-deck and a balcony. It was listed for $1,749,000 in 2009 and got gradually price slashed. Entered into contract on 12/3/2010; closed on 1/7/2011; deed recorded on 1/20/11.
4. BOROUGH PARK $1,300,000
1618 51st Street GMAP
This is a two-family, two-story, 5,180 square foot house. Entered into contract on 6/3/2010; closed on 12/31/2010; deed recorded on 1/18/11.
5. PROSPECT HEIGHTS $1,095,000
1 Grand Army Plaza, #6D GMAP
This latest sale at On Prospect Park was for a one bedroom, two bathroom. That’s a lotta money for a one bedroom, but the layout does afford extra space with the possibility of a convertible bedroom. It first went to market for $1,500,000 then came down to $1,300,000. Entered into contract on 8/25/2010; closed on 12/30/10; deed recorded on 1/21/11.
Photos via PropertyShark.
Seriously — the abatement on a true luxury development like this is absolutely NO motivator. It’s almost an accounting error to someone paying $1 to $4 million for a fucking fancy pants apartment.
Oh, sorry, I should be careful. I forget, $1 million homes are basically considered “working class” on this blog.
how does the abatement help the developers and give them incentive to build? what i am saying is that the abatement is not the motivating factor for someone buying a 3 million dollar apartment. they can afford the taxes!
Thanks, Emily. The house was a two family and actually a former HOTD on Montgomery Pl. The deed was recorded I think last week, but the closing was at the end of November, so maybe that’s why it didn’t show up in your ACRIS search.
Again, Randolph, it depends how you define lose.
If On Prospect Park is never built, how much money would the city lose based on it instead being a parking lot?
When that abatement goes away, the city will have increased its tax base by more than 100 million dollars.
If no such “loony” abatements, 10 years from now (I believe it is a 10 year abatement, not 25), the city would still be collecting zero dollars on the parking lot that used to be attached to the synagogue– which is now the Richard Meier building, because that project would not have been built, and wouldn’t now be 70% filled if not for the abatement.
“Why is it that On Prospect Park has a fucking tax abatement>?!!
Fucking BULLSHIT. $1.3 million apartment and the fucking taxes are $240 a fucking year?!
FUCK YOU FUCK YOU FUCK YOU.”
i can’t agree more, and have never understood the abatement thing when it comes to rich people who can obviously pay normal property taxes. i wonder how much the city loses each year to this BS???
House on the right looks like public housing.
PSresident:
I pull up all the deeds recorded in the past week via Acris, and then have to scan the deeds for biggest sales. Unfortunately you cannot organize the week’s sales according to price, so it may be possible that I just missed it. Also, do you know if the house was a four family? I try to stick to one, two, and three family homes.
tybur6, if no such loonie abatements, city wouldnt have to ticket cyclists for the rev to plug budget gap