Promenade Brownstone Sets Record at $8.5 Million
The purchase of 212 Columbia Heights by hedge fund manager Marek Fludzinski and his literary agent wife Nina Collins has “raised the bar” in Brooklyn, according to New York Times article this weekend. The house sold for its asking price of $8.5 million–not a bad return for the sellers who had picked it up in…
The purchase of 212 Columbia Heights by hedge fund manager Marek Fludzinski and his literary agent wife Nina Collins has “raised the bar” in Brooklyn, according to New York Times article this weekend. The house sold for its asking price of $8.5 million–not a bad return for the sellers who had picked it up in 1972 for $55,000. The stratospheric price has paved the way for two other new listings: The 10,000 square foot house at 82 Remsen is on the market for $10 million and 8 Montague is asking $12 million. We think Manhattan-level prices are defensible for Brooklyn Heights, given the neighborhood’s architecture and history as well as its proximity to Manhattan, but, with the possible exception of Park Slope, we don’t think the rest of Brownstone Brooklyn is in imminent danger of being overrun by hedge fund managers.
$8.5 Million Deal Raises Bar in Brooklyn [NY Times]
On any given Park Slope weekend I can run into a host of various not-quite-in-the-mainstream consciousness celebs such as Steve Buscemi, John Turturro, Jennifer Connelly, not to mention Rory, and now Caroline. And we have no lack of hedge funders, Wall Streeters, corporate lawyers, film makers, sucessful writers, etc. And what am I – chopped liver??? It is quite clear that Brooklyn (at least certain nabes) has already arrived as a destination to many folks who could well afford to live just about anywhere.
The characteristic unique to Brooklyn Heights is the availability of good and great private schools in the neighborhood, which likely influenced the purchase of this house and its proximity to these schools.
Well, yes. In fact, that was the point I made in my original post and which some other poster then made into an ode to Cobble Hill. The point is that anyone with $8.5mln could have chosen anywhere in the city, but they chose Brooklyn. And they are selling their place in Manhattan to move here. There was a report a few months ago about Caroline Kennedy selling her apartment on Park Avenue and moving to a brownstone in Park Slope. There does seem to be a migration of well-heeled people leaving Manhattan and going to Brooklyn. Of course, most Manhattanites would never be caught dead off their beloved island, but the important point is that Brooklyn is now “acceptable” even to those who have multiple millions to spend. That is a huge vote of confidence in Brooklyn.
Well, yes. In fact, that was the point I made in my original post and which some other poster then made into an ode to Cobble Hill. The point is that anyone with $8.5mln could have chosen anywhere in the city, but they chose Brooklyn. And they are selling their place in Manhattan to move here. There was a report a few months ago about Caroline Kennedy selling her apartment on Park Avenue and moving to a brownstone in Park Slope. There does seem to be a migration of well-heeled people leaving Manhattan and going to Brooklyn. Of course, most Manhattanites would never be caught dead off their beloved island, but the important point is that Brooklyn is now “acceptable” even to those who have multiple millions to spend. That is a huge vote of confidence in Brooklyn.
Well, yes. In fact, that was the point I made in my original post and which some other poster then made into an ode to Cobble Hill. The point is that anyone with $8.5mln could have chosen anywhere in the city, but they chose Brooklyn. And they are selling their place in Manhattan to move here. There was a report a few months ago about Caroline Kennedy selling her apartment on Park Avenue and moving to a brownstone in Park Slope. There does seem to be a migration of well-heeled people leaving Manhattan and going to Brooklyn. Of course, most Manhattanites would never be caught dead off their beloved island, but the important point is that Brooklyn is now “acceptable” even to those who have multiple millions to spend. That is a huge vote of confidence in Brooklyn.
Forget about which neighborhood in Brooklyn is better, this article is saying one thing loud and clear: Given the choice between Manhattan and Brooklyn, some people are choosing Brooklyn for reasons other than price.
This is key, it has often been that people only looked at Brooklyn when they couldn’t afford Manhattan. This has changed.
This could be the start of an even bigger migration to the borough as Brooklyn is considered another area in NY on equal footing as UES, UWS, GV, etc. Manhattan brokers will begin to offer Brooklyn properties to their clients as another viable option and people won’t turn their nose up to them.
This is not a Brooklyn Heights *VERSUS* the rest of Brooklyn brownstone neighborhoods. Yes, Cobble Hill will continue to appreciate. You don’t have to worry about that. The article is merely pointing out that certain townhouses in Brooklyn Heights proper have reached the level of Manhattan.
True, Cobble Hill is closer to many good restaurants. It is a nice neighborhood. But think of Manhattan. Fifth Avenue is not as close to many good restaurants as some other neighborhoods. But it is the highest priced because it is beautiful and has a level of sophistication not available elsewhere. One nice thing about Brooklyn Heights is that it is NOT close to Smith Street or to the commercialized Court Street (well, some of the Heights is near Court Street and those streets are not as nice as the parts that are far away from there).
In any case, the factors that you mentioned are very personal ones and ones that are subjective. My wife and I who live in Brooklyn Heights do not find it “populous and cluttered” as you assert. There is an elegance in Brooklyn Heights that is captivating. And the Promenade opens the neighborhood to wonderful vistas that are simply not available anywhere else in the city.
We love walking over to the Court Street and Smith Street restaurants, but we also are happy that those establishments are not right in our neighborhood. We like walking through your “less populous and cluttered” neighborhood, but we also have commented that it lacks the charm of the Heights. Of course, that is also a very subjective statement. It is all a matter of personal taste.
While I agree that Brooklyn Heights is likely to remain a uniquely valued neighborhoods for the reasons stated above, I also believe the Cobble Hill neighborhood could continue to rise in value if ferry service ever begun from the waterfront areas near Atlantic Avenue and farther south. While the heights is a bit closer to Manhattan, the neighborhood is actually more cluttered and populous than its southern neighbor. And, the amenities are better. It’s hard to get a decent meal in the Heights and as long as Cobble Hill’s housing stock remains less expensive, I would expect the brownstones in the neighborhood to continue appreciating. This of course may be wishful thinking, because I live in Cobble Hill. It certainly seems that houses are continuing to appreciate. We bought our 22 foot wide, four story, 1840 Greek Revival brick over brownstone house in 1997 for $330,000. An agent prospecting for properties the other day told us it would fetch at least $1.6 million in the current market.
Although some Brooklyn Heights townhouses have reached the level of Upper East Side, Upper West Side and the Village, there are still many homes that are reasonably priced (by Manhattan standards) in the Heights.
Homes that sell for $6 to $7 million in the Village can still be had for about half the price in Brooklyn Heights. The real question, aside from a few trophy properties, is whether the spread between Greenwhich Village and Brooklyn Heights will narrow? Both neighborhoods offer beautiful brownstones on tree lined streets. The Village has a premium because it is on Manhattan island. But the question, for me at least, is whether the trend to families staying in the city will benefit a place like Brooklyn Heights mroe than the Village.
Many baby boomers and Generation Xers are chosing not to move to the suburbs when they have kids. This trend has helped all the Brownstone neighborhoods in Brooklyn, with Park Slope being a prime example.
What is interesting about the $8.5mln house is that anybody with that kind of money to spend could have chosen just about any neighborhood in the city. They chose Brooklyn Heights. If that trend continues, then even upwardly mobile yuppies will be priced out of that market. They will be forced to the surrounding Brownstone neighborhoods, which will benefit from the “rising sea affects all boats” phenomenon.
Personally, I would chose Brooklyn Heights over any neighborhood in the city. It is quiet like Park Slope, but it has a much more cosmopolitan feel to it. It’s not suburby as the Slope is. And it is conveniently located for transportation to any part of the city.