HOTD: Fulton Street Newbie Asking Too Much
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since…
Back in April we posted some thoughts on this townhouse development which is known as Atlantic Commons and was done by none other than Forest City Ratner a decade ago. Our take then was the same it is now: These are a decent attempt to build townhouses that respect their Fort Greene location, especially since we’re sure they were done with an eye on the bottom line. That, however, doesn’t justify pricing them on a par with brownstones that are a hundred years older and on tree-lined streets closer to the park. The fact is that this particular house, while possessing a generous yard due to its corner location, is still on Fulton Street and still only three stories. As a result, we think that $1.5 million is way too much. (These houses sold for $225,000 new back in 1994 and, according to a reader, were up to about $395,000 in 1996.) Other commenters in our original post noted the small rooms, thin walls, low ceilings and lack of stoop as negatives. We’ll be surprised if it fetches any more than about $1.1-1.2 million. Do you agree?
730 Fulton Street [NYT Listings] GMAP
Decent Townhouse Reproductions? [Brownstoner]
The Village Of Atlantic Commons is a very well kept neighborhood.Once the Atlantic Terminal Projects and the two Mitchell Lama coops are gone the sky will be the limit.You will see these homes sell for near the 2 million dollar mark before all is said and done.
The rents in the atlantic commons range from $1,400 to $2,000 a month for a 2 bedroom rental.That’s not bad a bad investment people.The owners of these homes really got the best bang for the buck.I sense a bit of jealousy from some the comments on this board.In the words of P.T. Barnum “There’s a sucker born every minute”.Well folks theres a whole lot of suckers buying in Brooklyn.
Deals fall through all the time in real estate.But just think there was 1.4 million on the table.There apparently is more room in the bubble.Good luck and when you get it have a great life.
You guys really think this guy can’t get his asking price?I see the writing on the wall and he will get it.He has done extensive work on the inside of this home.Before you sit there in judgement why not go and see the inside.He has done a truly amazing job.You really do feel a contry-esque feeling inside this home.All you doubters will see.Give the guy a month or two hell catch the big fish.
No way he’ll get 1.5. I could believe 1.1 or 1.2, to somebody taking out a huge interest-only mortage.
Pure hubris to turn down $1.3, and I don’t think the deal at $1.4 falling through is a good sign for the seller.
just one more frenzied last gasp. hiss…
http://www.nytimes.com/2005/08/08/opinion/08krugman.html?
The man was offered 1.3 million. He turned it down.Then had an offer of 1.4 million that fell through.1.5 million is not that far away.I believe he will get it and all you doubters will be put in your places,
Once again people like Gumba Johnny of court street don’t get the picture.Gumba take the cannoli out your mouth and read.I said this home has a parking space which many of the homes in the area do not.I said a parking space not a lot.It seems to me that Court Street Johnny fails to understand the english language due to too much vodaka in his marinera sauce.
OK. Let’s talk open market. $1.5 mil can get you a lot more than these houses can deliver. There are places in Park Slope, Windsor Terrace, Carroll Gardens, and Cobble Hill that are much nicer, have more space, and provide more architectural detail. Enough with this ridiculous discussion. If you people are going to put forth an argument, at least have some knowledge of the rest of Brownstone Brooklyn. And while it is true that a parking lot will go for a lot, it is only because of the income generated? Would these properties generate $20k a month like these lots? Besides, ain’t nobody but my paisonos have those properties anyway, and they ain’t sellin’. C’mon.