Last Week's Biggest Sales
1. GRAVESEND $10,260,000 2111 East 2nd Street GMAP (left) As covered earlier, the trade of this 8,206-square-foot one-family is the biggest sale in Brooklyn this year—at least so far. Entered into contract on 9/16/09; closed on 9/16/09; deed recorded on 9/25/09. 2. BROOKLYN HEIGHTS $2,200,000$4,000,000 160 Henry Street, PH GMAP (right) When this 3,000-square-foot penthouse…
1. GRAVESEND $10,260,000
2111 East 2nd Street GMAP (left)
As covered earlier, the trade of this 8,206-square-foot one-family is the biggest sale in Brooklyn this year—at least so far. Entered into contract on 9/16/09; closed on 9/16/09; deed recorded on 9/25/09.
2. BROOKLYN HEIGHTS $2,200,000$4,000,000
160 Henry Street, PH GMAP (right)
When this 3,000-square-foot penthouse was a Co-op of the Day in March, it was listed for $4.25 million. Closed on 9/21/09; deed recorded on 9/25/09.
3. BROOKLYN HEIGHTS $3,150,000
1 Pierrepont Street, #8A GMAP
Sure, $3 million+ is a pretty penny, but the sale price for this sprawling co-op seems low given the prestige of the building and its asking price. (We’ve got a call into Brown Harris, which brokered the sale, to find out whether there was behind-the-scenes action not reflected in the public records sale price, and we’ll update this if they get back to us.) The 10-room co-op’s been on the market since last year, and the initial ask was $6,250,000, which was later reduced to $5,500,000. The reader widget guess on it clocked in at $4,764,268. Closed on 9/21/09; deed recorded on 9/24/09.
4. PROSPECT HEIGHTS $2,545,625
On Prospect Park, Unit 4F GMAP
This is a 1,090-sf unit in the Meier-designed condo, according to StreetEasy. Entered into contract on 8/13/09; closed on 8/27/09; deed recorded on 9/24/09.
5. PARK SLOPE $1,570,662
520 11th Street GMAP
This South Slope townhouse was originally listed for $2.25 million last year; after not selling, it was taken off the market and re-listed for $1,640,000 this May. Entered into contract on 7/7/09; closed on 8/27/09; deed recorded on 9/23/09.
Photos from Property Shark.
Brokedeveloper;
All of the apartments I list above are identical in feature, layout, etc. The ONLY variation between them is a very slight one in size. Some are 1350 square feet, others are 1400 sqaure feet (this is due to a slightly different width of some of the buildings).
When they were priced by the sponsor, they were all priced the same. As I mentioned above, the sponsor jacked the general price level up (from around $630K to $680K). That is what so great about this data: these are true apple-to-apple comps.
Dandel;
I do not claim that this is the final word on the market. However, unlike some folks here, I am presenting real data, a sample of data, AND, as I just discussed, true apple-to-apple SALES data, not “spin” on cuts in asking prices.
Note that I said that my condo is not located on blocks that would be considered “prime” Park Slope by many. If these condos in a non-prime area have taken a 6% hit, I think some inferences can be made. I agreed with Antidope’s hypothesis that the average hit is in the neighborhood of 20%. Those who talk about 50% cuts should join a wacko miliia group.
Benson, thanks for the data. Do you know how each of those apartments was priced in the original offering plan? Just wondering if there is any difference in price by floor, and whether or not the higher floor apartments have balconies, etc.
$750 sq/ft still seems pretty good. Makes some of those 4th Ave places look overpriced.
Benson, why is your condo building necessarily representative of the broader market? The sample size is too small.
Antidope;
If my memory serves me correctly, that Fall 2007 deal went into contract about 5 months earlier. The reason is that the seller of the CVG unit was having trouble closing on the house into which they were moving. So, that fits with your statement.
I agree with you that general price level is probably around 20% below peak. If one studies NYC real estate history, that is the typical fall-off in a correction.
Those who seriously believe that we will see a 50% fall-off in prices should probably go join a wacko militia unit. If we do indeed that type of price drop, I’m not sure one would want to buy a house ,as we would be talking about enormous social dislocation.
I could not agree more, grand army.
And as someone who loves that building (but personally loves living in a brownstone) I’m very happy for the new owners, and every sale is one step closer to a full building. In a few months or year or whenever the building is totally occupied, it will certainly be a vast improvement over the parking lot which sat there previously.
The building really looks quite stunning lit up at night, although I enjoy the way it looks in daylight also.
I kinda loved the article in the NYT about On Prospect Park. It sounds like the residents are working hard to establish a community in the building and I was touched by the stories of grandparents moving to the city to be near their kids and grandkids. Whatever the apartments are worth or not worth, it’s an amazing building and the new owners are clearly into the architecture. Good for them! Sometimes it’s necessary to get beyond schadenfreude.
i agree with the sentiment benson and have posted ceaselessly in the same vein.
i will say that your data is part of a broader set of condo data in vicinity, which leads me to conclude 20% off peak ask is closer to average.
CVG didn’t catch the last dollar in the bull market. i’ve seen comps from sales closed in 03/08 (and contracted around Dec07/Jan08 that showed a significant uptick from earlier in the year.
I’d be interested to know when your Fall 07 comp went into contract bc then we could extrapolate a bit.
Promenade — I can’t comment on “talk”, but will note that they are both buyers of the Henry Steet place. I just thought it was fascinating that the seller of the penthouse (a) did not move very far away, and (b) did not really downsize or otherwise change their residential footprint other than to give up outdoor space for being 2 blocks closer ot the Promenade.
Antidope;
I’m going to keep posting this data every time certain people on this site try to “talk their book”, if you know what I mean.