Stepping Out On FG Park (For Almost $4 Mil!)
Wow. What can you say? A perfectly restored 4-story brownstone on what the ad claims to be the best block in Fort Greene. No one’s going to argue (we don’t think) with what a beauty this house. (Some of you have probably seen it first hand as it was on the house tour this year.)…
Wow. What can you say? A perfectly restored 4-story brownstone on what the ad claims to be the best block in Fort Greene. No one’s going to argue (we don’t think) with what a beauty this house. (Some of you have probably seen it first hand as it was on the house tour this year.) The price of $3.995 million, though, is staggering. Embedded in that price is the bold assertion that Fort Greene is now as desirable as, if not more than, Park Slope or Cobble Hill and that it is safely ahead of Boerum Hill. Granted, the parkside location ads something to the value, but we’re not sure South Portland isn’t a preferable address. 10 South Portland, which we discussed here, is an interesting comparable: It just went into contract this week for $2.65 million (interestingly enough, after being reduced from $3.495 million to $2.495, which in turn sparked a 4-way bidding war. Told ya so!) This Washington Park listing is clearly worth a good deal more than the South Portland one, but the asking price is clearly a Hail Mary. It remains to be seen whether anyone will catch it in the end-zone or whether the seller will have to start over and work the ball down the field the old-fashioned way. (Did that football analogy hold water? Bit of a stretch…)
Update: The address is 181 Washington Park just in from Willoughby.
“On The Park” [Brooklyn Properties] GMAP P*Shark
I just love those moldings… does anyone know of closer up pictures up online? I’d love to see the casing detail.. thanks
Miguel,
As far as who the buyers will likely be, many of the buyers in the area in the last 5 – 10 years are bankers and lawyers, as well as people in other more creative industries, like entertainment. That’s my experience and impression anyway – so I agree that there will be plenty of interst from many buyers, it’s just an issue of whether the price is right. This place looks fantastic.
One thing I especially like about this house is that it is still a one family and each room is used as it originally was – the kitchen and DR are where they were originally, the double parlors are used as such, same with the bedrooms and baths, etc. These houses are so incredibly gracious and comfortable when used as they were originally intended. I hope the new buyer can afford to keep the house intact. There are so few of them around anymore that we will all forget how they were originally designed and used. How great to keep at least a few in their original design and use. I think the general contractor was the owner with some areas (kitchen, pantry, bar, maybe baths and/or DR) were designed by Peter Vitakis who does gorgeous and acclaimed work.
I also have been in this house. The renovation is total: every doorknob, every hinge, every window, every shutter, top of the line Italian bathroom fixtures, power lines buried in the yard, plumbing poles buried in the walls, the most sophisticated electric, and more. The cost, time, and patience required to do this kind of work is rarely seen. The likely buyer is someone who has sold a 2-3 BR in Manhattan for a similar price. They can move in and entertain the next day. Imagine not having to go through the pain of a restoration. Time is money and the buyer will get to live in a perfect house from day one! It is also a really big house: 5 floors, extra wide, high ceilings even on the top floor, glorious views of the park from every floor, with sun flooding every room from the front to the back. And, all the original detail is there…ALL OF IT. I just wish I had the money.
Chris,
If you’ll reread my post carefully you’ll see that my basic premise is that indeed there is likely to be a buyer for this extraordinary property, probably at $3mm or more.
Miguel, according to the times, #1 South Portland was on the market for a total of 2 weeks.
I guess there are people out there who will buy a 3 mil house in FG real fast.
I don’t think that anyone with half a brain or eyes in their head would think twice about what a wonderful area and investment Fort Greene is. Whether a brownstone is worth 4 mil ANYWHERE (even in manhattan) is another question. Personally, I despise those narrow long buildings with windows only on the front and back. I’m always excited to see something with more than two walled exposures.
But as far as FG is concerned, the prices will only go up, esp for houses on the park, regardless of what the socioeconomist -vs – racist blog wars tell us.
The NYT is featuring this house in this Sunday’s RE section. As far as the “cons” go, they cite the fact that the 7 fireplaces are not working (although 3 can be activated). Gee, there’s no mention of “shady people from the projects” anywhere!
CHP and Bx2Bklyn,I can always count on the two of you to express my exact thoughts on these socio-political subjects. And now I’m moved to give special props to Miguel for his careful,diplomatically-worded post regarding the impact of class and culture on home purchase choices. This kind of response makes me hopeful that, on the “new” Brownstoner, we will be able to establish intelligent, non-sensational, honest and adult-level conversation as the norm for how we discuss the tougher and/or more sensitive political issues like neighborhood crime, affordable housing, gentrification, economic development, etc.
Ok, Now I understand veggieburger’s point a little better, since I am not all that familiar with the FG geography. I am not so politically correct that I am blind to socio-economic reality. Sure, if the house is a block from a housing project, and if the park attracts people who might scare or annoy the kind of person who would typically have $3mm-$4mm to spend on a house, then, yes, that is going to be a value factor. But, from all I have seen and read about FG, the nabe has it’s own unique vibe and whoever buys this house is going to have to buy into that vibe. This buyer isn’t going to be “typical”. This will need to be someone who could afford the Hts or PS, but specifically wants the funky FG vibe. For example, maybe someone in the entertainment industry would find the vibe to be more interesting than the usual lawyer/banker type.
The big question is how many of those atypical buyers are out there. It could take awhile to sell at anything remotely near asking. But, I think the sellers are counting on that buyer being out there somewhere. Regardless of what most potential buyers will think, they only need one, one person (with a big bank account) who sees your negatives as positives.
People never cease to amaze me. Shady -is that a new code word for Black people now? If you can’t handle the diversity of people, or the fact that the streets are public thoroughfares, NYC is not the place for you. What else are streets for but pedestrians? (ok ok, and cars). Veggieburger, you’re entitled to your own opinion – no matter how foolish, elitist, or biased – but you’ve stated it over and over before. I get the feeling your intent is not to discuss old houses but to incite flame wars. We are all trying hard to keep Brownstoner.com the great informative blog where we can discuss, argue or inform.Have a little respect. If not for fellow bloggers, then for Mr.B.
That house is truly magnificent but I think like CHP does. The fun of owning (or sometimes not so fun) a fixer upper is the fixing up. This is a house for people who want a showplace, in move in condition. It’s so beautiful that I think even my strange mix of antique furniture would look good.Nothing wrong with that at all. Still, if I had the money I’d go for the Pfizer mansion too.