Update: Park Slope’s Tracy Mansion Closed Yesterday for $9.5 Million

Park Slope's pricey Tracy mansion in contract after languishing on market for years.

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For the past few years, virtually nothing asking above $10,000,000 has sold in Brooklyn, though many have tried. And now all of a sudden, a bunch are moving.

A reader writes:

I walk past 105 8th Avenue several times a week. Several weeks ago I noticed that the “for sale” sign — which had been hanging in front of the property for quite some time — was gone. But the frame that held it up was still in place. I assumed that harsh winds and Seasonal Affective Disorder might be to blame. But as I was walking by late last week I noticed a truck parked outside, and workers were removing the contents of the basement — stuff that looked like it had belonged to the school. And a few days later I noticed that the frame that used to hold the “for sale” sign was gone too. Has this property finally sold? Inquiring minds…

We checked it out, and the former school is in contract, according to the listing!

We wondered if this day would ever come. The Tracy Mansion at 105 8th Avenue has been on the market since 2012, when it was initially asking $25,000,000. It was quickly reduced to $18,000,000, and most recently was asking $13,000,000.

It’s a very grand house, but not in the best condition after being used as a school for decades. You can see extensive photos of every nook and cranny, including bathrooms, on this post about the house on Big Old Houses, one of our favorite blogs on the planet. There is potential here, but it’s going to cost a lot to completely redo, just as the Warrens did with their incredible mansion in Clinton Hill, which was also used as a school.

More confirmation the market is moving higher in prime areas of Brooklyn?

105 8th Avenue Listing [Halstead]
105 8th Avenue Coverage [Brownstoner]
Photo by PropertyShark

Update: The Tracy Mansion closed Monday for $9,500,000, a Halstead spokeswoman let us know. The buyer is local and is not a celebrity. From what we understand, the buyer is an owner-occupant, not a developer or investor. We have updated the headline. It’s quite a price drop from the initial ask of $25,000,000, although close to the new record for the neighborhood. It is the widest house in Park Slope, she said, but a fixer-upper. What do you make of it?

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