Last Week's Biggest Sales
Pretty strong week in the brownstone belt. 1. BROOKLYN HEIGHTS $2,450,000 150 Henry Street GMAP (left) This one didn’t take long to sell: According to StreetEasy, the 4,312-sf house was listed for $2.5 million in early May and went into contract a few weeks later. Its listing noted, “Beautiful detail and great proportions but in…
Pretty strong week in the brownstone belt.
1. BROOKLYN HEIGHTS $2,450,000
150 Henry Street GMAP (left)
This one didn’t take long to sell: According to StreetEasy, the 4,312-sf house was listed for $2.5 million in early May and went into contract a few weeks later. Its listing noted, “Beautiful detail and great proportions but in estate condition, needing everything. Legally a two family plus professional space, the possibilities abound. Great for a developer or an end user, but not for the faint of heart. Will be delivered vacant.” Deed recorded 10/29.
2. BOERUM HILL $2,350,000
440 Pacific Street GMAP (right)
This townhouse, on the other hand, stayed on the market for quite a bit longer than 150 Henry. StreetEasy shows the listing first appearing in October ’07, with an asking price of $2,450,000. The 3,360-sf, two-family property went into contract this September. Listing verbiage: “Owner’s spacious triplex features a gorgeous double parlor with a dramatic living room and a WBFP, floor to ceiling windows, 12′ high ceiling and wide plank oak floors. An open chef’s kitchen with an island is facing a garden and a large tiled deck…High income large floor-thru apartment on the garden level has a separate entrance.” Deed recorded 10/29.
3. COBBLE HILL $2,300,000
211 Congress Street GMAP
3,732, 2-family house was listed for $2,500,000 in mid-June and went into contract in early September. Deed recorded 10/28.
4. PARK SLOPE $2,175,000
865 Union Street GMAP
Asking $2,550,000 when we had it as an Open House Pick in late March. 4,024-sf, two-family, turn-of-the-century house, by Property Shark’s reckoning. Deed recorded 10/27.
5. SOUTH SLOPE $1,995,000
237 14th Street GMAP
Listed for what it went for, $1,995,000, when it was an Open House Pick in July. 2,893-sf, three-family, wood-frame house. Deed recorded 10/30.
Photos from Property Shark.
DOW & SP seem to be quite a bit above your forecast!!!!
“Brownstones in the historical and landmark districts of Brooklyn will always hold their value.”
Yup. Their intrinsic values that is. Problem is they’re way down there somewhere, like half comps.
Mr. Joist:
The Union Street house needed almost a gut renovation. It is in VERY poor condition and the South Slope frame house is move in ready and gorgeous.
Yeah, what is up with that. Anyone see the Union St. place? Kind of a crappy 2-way street to live on but those are nice houses on Union.
Holy Crap … no comments so far on 4,024-sf 865 Union Street (7th-8th Aves) going for $2.175MM when a South Slope frame on 14th St btw 4th – 5th Aves goes for $2MM?!?!
Somebody please explain this!
I think when all is said and done and the dust settles, you might be able to pick up a prime Brownstone in Park Slope for around 2-2.5 million, a 2 bedroom for around 700K, a 1 bedroom for around 450K and a studio for around 300K.
Just a guess.
Very psyched about the 14th street place. Almost $700/sf.
i don’t think the south slope place is in a historic district, actually. in any event, it’s not just about supply or about historic/landmark districts, though those obviously are important. you don’t have the quantity of folks as you once did who might qualify for the necessary loans. but, at least for the near- and middle-term, enough people seem to.
and it’s also about intrinsic value and demand. unless the city’s economy completely falls apart in a way that’s vastly disproportional to the rest of the country, you won’t see prices tank in “central” brooklyn as they have nationally. these neighborhoods improved in a sustainable way through renovations, through new businesses, through improved schools, and, yes, through quality new construction – all of which forces have less to do with speculation and a lot more to do with professionals and other middle- and upper-middle class people wanting to stay in the city and wanting to invest in their neighborhoods. unless things get really bad, i don’t see those people changing course drastically. especially now – most can’t afford to.
yes, prices will continue to drop, until credit loosens up again and prices have come more in line with incomes and rentals. but expecting prices to return to pre-2000 prices, when brooklyn was a very different place, is evidence perhaps of having partaken of the smoke of ye olde crack pipe.
well GKW, that’s not a dream, is it ? Seems to be reality actually. Look at the national real estate market and look how much we’ve come down. Clearly we can’t be too far from bottom. Clearly it hasn’t affected the brownstone market in brooklyn (I am talking nice brownstones not brick rowhouse on a sheety block).
It’s like everything else my friends. You always get what you pay for.