Sales: Big Haircut Required To Get 160 Henry Street Done
When we wrote up Apartment 5A at 160 Henry Street in Brooklyn Heights last March, readers were digging the apartment but, generally, not the asking price of $3,250,000. The market agreed: A price cut followed in April and another in May, bringing the list price to $2,800,000. At the end of May, a low-baller won…
When we wrote up Apartment 5A at 160 Henry Street in Brooklyn Heights last March, readers were digging the apartment but, generally, not the asking price of $3,250,000. The market agreed: A price cut followed in April and another in May, bringing the list price to $2,800,000. At the end of May, a low-baller won the day with a bid of $2,500,000. Good buy?
160 Henry Street [Brown Harris Stevens] GMAP P*Shark
Co-op of the Day: 160 Henry Street [Brownstoner]
Sold: 160 Henry Street, #5A [StreetEasy]
tybur6: Was this in The Village?! Where were these people who negociated down their rents by 20% (using santa’s example.) I have never met a landlord in NYC who said you could pay less unless you were willing to do work around the building to compensate for their lost income. No increase year-over-year, I would believe as landlords like the rent on time, no trouble and no bounced checks. An actual reduction? Don’t beleive you. In this city, there is always someone right behind you who will take your place and pay the same or more.
I still think 2.5 m is a ton of money for a 5th floor apartment in BH, but that’s a serious price cut.
It takes some pretty large huevos to go 15-18% over a 2007 sale on a HIGHER FLOOR. Still, I do feel some sympathy for the sellers because in March the magnitude of the credit crisis wasn’t yet apparent.
11233, I’ve actually heard of this from many people. It’s not $400 a month all of a sudden, it’s basically a yearly (or perhaps more often) negotiation. “Hey, this neighborhood isn’t that great and the economy tanked… you couldn’t rent it at this price if I left, what will you do for me?”
It happened in NYC in the 80s. It just happened a few years ago in San Francisco when the tech bubble blew up. And on and on. There are stable neighborhoods where that doesn’t happen… but I don’t know if there are any of those left anymore. Even the high-crime, no amenities (except bodegas) neighborhoods are inflated prices like crazy.
Not sustainable… but if you’re a landlord or an owner than can sell in the near future, you can milk it for what it’s worth while it lasts!!!
Santa:
Would you beleive me if I told you my rent went down by $400/month ($4.8K/year) FOR THE SAME PLACE? I wouldn’t believe me. That was a lie.
The stock market is bearish, but the economy is not really in a recession.
But when you drive around Brooklyn and Manhattan and you see the cranes and the construction sites everywhere, I mean everywhere. it really is a testament to hyper-growth. Must have been a little like this in the 1890’s or 1920’s.
Boom and bust, Nothing new there.
I completely agree that the sort of price inflation we have been seeing in the boro is unsustainable.
Sam, it was a bubble (that just popped) not go-go growth. This apartment is evidence of that. Additionally the broader economy has been anything but go-go…it has been so-so for the past eight years.
Is there anyone who does not believe that?
tybur6. For example someone was saying they rented a 2 bedroom in greenwich village for $1900 in 1985 and then ended up paying $1500 for the same place in 1990.
also from ’80 to ’85 rental prices almost doubled in same areas.
By the way… irrationality is not new for this city, just newly invigorated in the borough of brooklyn.