Babs Stepping Up In Red Hook
NY Times, April 17, 2005 — Barbara Corcoran is one person who has been adding to her real estate portfolio despite the surging market, and in places she would not have considered a few years ago. Ms. Corcoran signed a contract this month to pay $1.075 million to buy a fully renovated three-story building at…
NY Times, April 17, 2005 — Barbara Corcoran is one person who has been adding to her real estate portfolio despite the surging market, and in places she would not have considered a few years ago. Ms. Corcoran signed a contract this month to pay $1.075 million to buy a fully renovated three-story building at 293 Van Brunt Street in Red Hook, Brooklyn. It has two vacant apartments and an unoccupied storefront, and her colleague and broker, Beth Kenkel, is already trying to find tenants who can fill them as soon as the deal closes. The projected monthly rent roll is $5,850. Ms. Corcoran said investors can benefit from an “oversteamy” market like this one. Because there aren’t enough properties in the prime areas to go around, old neighborhoods are reinvigorated. “It drags up the fringes along with the fashionable, and that’s great for people who want to find a new opportunity,” she said.
Comment: Sound advice when the market’s going up.
Seeking Nest Eggs, Investors Buy Nests [NY Times]
When Agents Buy [NY Post]
293 Van Brunt [Brownstoner]
I know that Corcoran is planning a condo development in Red Hook or wants to from conversations with Beth K I had 2 years ago. It’s a smart move on their part.
Someone bought the sugar processing plant (not Dominos Sugar refinery) and they are trying to sell it. They bought it for like $20 mil, now they’re asking $75 mil
http://newyork.craigslist.com/brk/rfs/68023472.html
Yeah if it gets rezoned it’s fancy condos, marina, the whole deal. It’s also right next door to the future Ikea.
Maybe they’re getting a deal to sell the apts that will be above the Fairway, if they’re condos and not rentals. Who knows. There’s a lot of land and not a lot of building going on here yet.
Interesting and weird.
A ferry to the city would be nice.
Especially if it was subsidized.
I hope folks come out and check out the BWAC show.
http://www.bwac.org/
Here is some more about Red Hook.
http://www.forgotten-ny.com/STREET%20SCENES/redhook/redhook.html
I have a friend who’s had a shop in Pier 41 for years. We used to have barbecues there on summer weekends,it was our own private beach, it was great. Greg O’Connell owns all the land and piers between Pier 41 and the Van Brunt Street piers, 30+ acres of waterfront he has bought over the years. He also owns dozens of brownstones on Columbia nad Van Brunt, all the way up into Cobble Hill. He was also at the center of some big news when he turned in local politician and one-time development opponent Angel Rodriguez. For those interested in this story (I highly recommend it) Google “O’Connell and Rodriguez” .
If you want to learn about development Red Hook, I’d suggest also googling the name John McGettrick.
Here is the sugar refinery you are talking about. It was for sale for about $14 million a few years back. Don’t know wjat happened since then.
http://images.google.com/imgres?imgurl=http://www.nyc-properties.com/images/revere12.jpg&imgrefurl=http://www.nyc-properties.com/revere_sugar_refinery.html&h=480&w=600&sz=99&tbnid=kkbTW1a730gJ:&tbnh=106&tbnw=133&start=2&prev=/images%3Fq%3Drevere%2Bsugar%2B%26hl%3Den%26lr%3D%26rls%3DRNWE,RNWE:2004-42,RNWE:en
the dominos refinery is in Williamsburg. If Red Hook is rezoned, it could become a batterypark city / new jersey waterfront type of area – lots of new luxury housing, water taxi service to Manhattan, waterfront parks. I think that’s what BC is gambling on. She’s very bullish on Red Hook & she’s putting her money where her mouth is, as well as giving herself some free advertising.
btw the sugar post and the people who think she should have paid cash, I have completely changed my opinion of this whole blog….
the reason for her buying there is so obvious . i cant believe none of you see the reason why . hint. dominos sugar refinary .
funny thing is they don’t have any other properties in the area to hawk. There’s probably something up their sleeve. good for the seller. it didn’t look like anyone else was going to buy that building.
Why pay cash when you can have someone else’s cash pay it for you? If she has a mortgage and the rents covers the mortgage, she’s only had to pay her down payment, and the interest in tax deductible. If she owns the building outright she needs to PAY taxes on the rental income. Why would she want to do that?
Welcome to the neighborhood babs.
I find these comments on her mortgage ridiculous. It makes sense even if you have cash to get a mortgage at these rates.
And I thought it was excellent timing on her part. A1 that same days was that the Queen Mary and QE, et al would be docking in Red Hook starting in 06 and hoteliers, etc are grabbing now
>>If this was such a great investment, why not >>pay cash if you have it…
Oh my god a real estate investor using leverage…it must be the top!!!!