541 Washington Ave: Stalled, Sold or Both?
A reader writes in…I live next door to this empty lot that you reported on back in June. Since we’ve moved in in April, they’ve spent about two days working on it. Sometime in June, some workers came in and put more fencing around the site and put a new lock on, and then nothing…
A reader writes in…I live next door to this empty lot that you reported on back in June. Since we’ve moved in in April, they’ve spent about two days working on it. Sometime in June, some workers came in and put more fencing around the site and put a new lock on, and then nothing since. Rumors are that the buliding was sold. Have you heard anything about what is happening there? As much as I love living next to our very own swimming pool, it would also be nice for our building to get our parking lot back (we’re owed spots inside the future building).
According to Property Shark, it looks like the 21,000-square-foot lot traded hands in June, just two weeks after we wrote it up. The price? $11,250,000, though a mortgage (presumably including a construction loan) of $25,430,300 was taken out the next day. Other than that, though, we haven’t heard any buzz.
Washington Avenue: This Could Be Huge [Brownstoner] GMAP P*Shark
Hole in the ground? Well this “hole in the ground” just sold for $11.25M! Sorry Jase but I rather have this hole in the ground than the hole in your head.
You guys have way too much time on your hands if your posting about holes in the ground.
I live in the lot right behind this construction and it has been a while since any work has taken place. Not that I mind the lack of jackhammer noise, but my roommate has recently had to call the DEP as collecting rain has formed a mosquito friendly pool behind the lot. I wonder if this will turn into anything. In the meantime, I’ll enjoy my sunlight.
$11.25M? Wow! I guess Mr. Morris of #70 Lefferts Place fame is not as dumb as some posters on this blogsite made him out to be. He only paid $2.4M for a property with a buildable FAR of 25,000 while the lot at 541 Washington (around the corner) with a buildable FAR of 50,000 recently sold for $11.25M in June. One can make the argument that the lot he purchased is easily worth $5.5M as is and that the adjacent empty lot at 86 Lefferts (50,000 buildable FAR) is equally worth close to $12M. As far as condo overdevelopment is concerned, Clinton Hill has been left relatively unscathed. I really don’t see the recent escalation of condo development in the area as being out of control. If anything, with the exception of the Classon monstrosity, it’s been pretty gradual, appropriate and well done. Hopefully, developers now have their eyes on some of the large empty lots on Fulton Street because Fulton has massive potential and given its current state it has no place to go but up.