Meet Brooklyn's Most Expensive Condo
Hot damn. Laurels for the priciest condo sale ever in Brooklyn have just been stripped from Dumbo’s One Main Street and handed over to One Brooklyn Bridge Park. The Times says a humble, 9,486-square-foot triplex at 1BBP (actually five units rolled into one) sold for $8.495 million to a finance guy. “Three of the units,…
Hot damn. Laurels for the priciest condo sale ever in Brooklyn have just been stripped from Dumbo’s One Main Street and handed over to One Brooklyn Bridge Park. The Times says a humble, 9,486-square-foot triplex at 1BBP (actually five units rolled into one) sold for $8.495 million to a finance guy. “Three of the units, on the building’s 11th and 12th floors, had already been combined by a previous buyer who backed out of the deal after the Lehman Brothers collapse in 2008. That buyer was forced to walk away from a deposit of more than $600,000. ‘The original buyers had created a very luxe three-bedroom five-bath apartment with a huge living and dining space,’ said Highlyann Krasnow, the sales director for One Brooklyn Bridge. It was about 4,200 square feet. ‘But this buyer wanted even more square footage, she said. The most expensive condo to sell in Brooklyn prior to this was a $7 million spread at One Main.
One Costly Condo [NY Times] GMAP
I bet I can sneak into the dude’s bad then eat & sleep in his cellar, etc. and he would know
“This article talks about the way goldman conducted itself with respect to AIG. It was borderline criminal and another example of the washington-wall street cabal at work.”
Either it was criminal or it was not!!! Apparently, it was not.
Proportion it, DIBS. $20K/mo?
***Bid half off peak comps***
http://www.nytimes.com/2010/02/07/business/07goldman.html?hp
This article talks about the way goldman conducted itself with respect to AIG. It was borderline criminal and another example of the washington-wall street cabal at work.
Here are just some of the issues raised in the nytimes article:
1) Goldman bought toxic mortgages and also bought insurance on them and then proceeds to package and sell off the mortgages (and inflating the credit bubble in the process but also hurting the investors who bought them) while keeping the insurance they bought from AIG.
2) Goldman not only bought insurance on mortgages from AIG directly, but through other banks, like Soc Gen, who then bought them from AIG. Implication: the backdoor bailout of goldman through AIG is a lot larger than we thought. The payments made to Soc Gen by the tax payers through AIG also went to Goldman.
3) Goldman intentionally tried to engineer a cash crunch at AIG and its subsequent bankruptcy by: a) demanding cash aggressively for their trades with AIG b) telling other banks who are counter parties with AIG to do the same with their trades c) low balling the value of the mortgages that AIG insured to justify more cash collateral posted d) Issuing a research report from their equity research department talking negatively about AIG and causing their stock price to spiral down and exacerbating the cash crunch crisis at AIG.
4) The bailout by the tax payers of AIG and payment to goldman came at a time when these toxic mortgages that goldman did not own are marked at severely low levels (helped by goldman persistent low balling) but goldman’s trades with AIG were paid in full nonetheless. Subsequently, these same toxic mortgages staged a big rally but goldman kept the cash from the american people.
Goldman threw the kitchen sink to snuff the life out of AIG while simultaneously getting the american people to bail out AIG at the very exquisite moment when their trades with AIG were settled at the most profitable prices.
And on the same day in the nytimes real estate section, you hear of goldman bankers going on luxury condo shopping sprees in manhattan:
http://www.nytimes.com/2010/02/07/realestate/07cov.html?hpw
“A three-bedroom condo at 1 Morton Square in the West Village went on the market for $2.75 million in early January. It was snapped up in just four days, for more than the asking price. There were three all-cash offers — from a Goldman Sachs banker, from a banker at another Wall Street firm, and from someone in “new media,†said Darren Sukenik, the listing broker and a managing director at Prudential Douglas Elliman.”
“That buyer was forced to walk away from a deposit of more than $600,000.”
Hmmm…600 grand or half off 8.495/0.75(peak comp) = 5.663 mil. Smart money move.
Guys, this is not a condo. This is a townhouse within a condo building. This is the equilvalent of almost a dozen standard brownstone floors!
***Bid half off peak comps***
So far, believe it or not, I’m the only one that has posted a serious question on this thread…at 11:06.
yeah like he needs a subway station…
And all you guys yapping on about the real estate burst – watch out – the bankers are back and prices are set to rise!
You had your chance, maybe you missed the bottom, who knows but prices are only going one way now. This isn’t your typical real estate city, when bankers are back prices go up – simples – and bonus are back in a big way.
11217, your favorite banksters in the news again. suck on it!
Testy Conflict With Goldman Helped Push A.I.G. to Edge
http://www.nytimes.com/2010/02/07/business/07goldman.html?em
My name is shorted as “jester.” And simmer down.