Last Week's Biggest Sales
1. MIDWOOD $3,750,000 2202 Avenue J GMAP All we know about this house is that it is huge: 6,434 square feet on a 10,000 square foot lot. Entered into contract on 1/12/10; closed on 3/3/11; deed recorded on 3/14/2011. 2. FORT GREENE $1,915,000 131 Fort Greene Place GMAP This two-family brick townhouse has been on…
1. MIDWOOD $3,750,000
2202 Avenue J GMAP
All we know about this house is that it is huge: 6,434 square feet on a 10,000 square foot lot. Entered into contract on 1/12/10; closed on 3/3/11; deed recorded on 3/14/2011.
2. FORT GREENE $1,915,000
131 Fort Greene Place GMAP
This two-family brick townhouse has been on the market since 2009. It’s an owners triplex with “self contained guest quarters” and a two-bedroom rental. There aren’t a ton of pictures of the listed interior details. It was first priced at $2,500,000 and cut a few times before selling. Entered into contract on 12/18/10; closed on 2/25/2011; deed recorded on 3/17/11.
3. PROSPECT HEIGHTS $1,900,000
126 St. Marks Avenue GMAP
This home at 126 St. Marks had a swift life on the market. It was listed in October 2010 for $2,100,000, entered contract in January and sold this month. From the listing: “this restored four family brownstone provides close to 4000 square feet of living space offering a host of options for the new owner(s).” Entered into contract on 1/12/2011; closed on 3/4/2011; deed recorded on 3/16/11.
4. CARROLL GARDENS $1,875,000
100 2nd Place, #1 GMAP
This brownstone unit was a Condo of the Day last September. We thought the duplex, complete with a master suite and two more bedrooms, was “immaculately renovated.” Couple that with an appealing layout and we were sold, although we thought the ask of $1,890,000 was somewhat ambitious. Guess we were wrong! Entered into contract on 1/5/2011; closed on 2/22/11; deed recorded on 3/18/11.
5. BRIGHTON BEACH $1,600,000
125 Oceana Drive East, #5C GMAP
This condo unit is from the Oceana, a gated community in Brighton Beach. #5C isn’t a penthouse unit but is priced on the higher end for the development. The unit also comes with a parking space. Entered into contract on 7/20/2010; closed on 3/2/2011; deed recorded on 3/14/11.
Photos via PropertyShark.
grand army – when did that happen? before it sold or just recently? also, is there any update on 97 st. marks (the curb cut house)?
I’m a little sad that 126 St Marks got chopped up into a 4-family with shiny engineered floors and inappropriate 9-over-9 vinyl windows. These houses have fabulous interior details including amazing walnut woodwork. Would have been an amazing triplex-over-simplex but I guess the economics of creating a 4-family work better these days for developers.
Did a double-take on the Midwood house. Looks like the London suburbs!
I represented the buyer on the 100 2nd Place deal. It was a win for them. I was able to get them in as the fourth bidder, post “best and final,” on the deal after the seller was unable to close and/or execute a contract with the first three parties that participated in the best and final round of bidding – which were above the closed deal price. As the unit includes functional cellar space in addition to the 2,300 sq ft duplex (plus huge garden) the acquisition price is under $700 psf.
As I have previously noted here and on my own blog:
There are not many finished/new housing units of this size in Carroll Gardens and Cobble Hill. Most single or multi-family properties in this area that are being marketed as delivered vacant are asking at least $750 psf if not more – for space that is not new and modern like 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. This makes 100 2nd Place a real good deal for my buyer client.
st. marks looks like it was pretty much a win.
Seems like a huge price for 2nd place, but as Maly points out above, it wasn’t exactly a win.
the beauty for richie rich folks buying/selling this stuff is they have the margin for error with their balance sheet. regular folks dont.
Wow, didn’t see that 2nd place sale coming.
You can’t compare real estate to French wines or other luxury goods. They are not easily transportable and therefore cannot survive recession in one area of the globe to stay strong in another market (unlike Chanel, which can open 3 new stores in Beijing or Shanghai if LA tanks.)
The rich are doing well in NYC, so luxury real estate is doing better. It doesn’t mean anything about the rest of the market. Also, to put “strength” in perspective, look at the condo sale: on the one hand, the sellers bought for $1.858, and sold for $1.875. Success, right? Except they paid at least 12% in transaction costs (higher because it was a new condo, so they paid the transfer tax), put $$$ down they couldn’t invest, and paid higher monthly charges than equivalent rent. It looks even, but in reality, assuming they put 20% down:
– Closing costs: $90,000
– Lost opportunity on $360K deposit in 4-year CD: $60,000
– Monthly carrying charges, after tax: $8,600 – rent for luxury duplex: $6,500, loss: 100K
– Selling costs: 120K
Total: 370K loss in 4 years, and that’s a conservative estimate. If they are subject to AMT, their tax deductions are limited, and the differential between owning and renting is even higher.
100 2nd Place has a huge south facing backyward that was nicely landscape. Hope they’ll be happy.