Last Week's Biggest Sales: Closing Time at One BBP
While we couldn’t find the exact sizes of the Brooklyn Bridge Park units that sold, they’re probably all over 2,000 square feet, given the average asking prices in the building. 1. Fort Greene $2,375,000 76 South Elliott Place GMAP (left) 3,200-sf, 3-fam townhouse was asking $2,795,000 when we had it as an Open House Pick…
While we couldn’t find the exact sizes of the Brooklyn Bridge Park units that sold, they’re probably all over 2,000 square feet, given the average asking prices in the building.
1. Fort Greene $2,375,000
76 South Elliott Place GMAP (left)
3,200-sf, 3-fam townhouse was asking $2,795,000 when we had it as an Open House Pick in March. According to StreetEasy, the listing price was reduced to $2,395,000 before it sold. PropShark records say it last changed hands almost exactly a year ago, for $1,950,000. Deed recorded 10/9.
2. BROOKLYN HEIGHTS $2,350,000
One Brooklyn Bridge Park, Unit 636 GMAP (right)
One of several closings at 360 Furman over the past couple weeks. According to StreetEasy, the average listing in the building is a touch north of $1,000/sf. Deed recorded 10/7.
3. BROOKLYN HEIGHTS $2,275,000
One Brooklyn Bridge Park, Unit 436 GMAP
Deed recorded 10/6.
4. BROOKLYN HEIGHTS $2,075,000
One Brooklyn Bridge Park, Unit 629 GMAP
Deed recorded 10/9.
5.DUMBO $1,890,000
One Main Street, Unit 12K GMAP
1,414-sf unit in this record-breaking condo. Last sold for $1,150,000 in 2003. Deed recorded 10/8.
Photo of 76 South Elliott from Property Shark.
If you got a deal (25 to 50 percent below comps), wasder, that’s one thing. I was more responding to “if you paid anywhere close to top market value”.
But hey, if you have money leftover to spare, you can still profit from this crash we’re in. Resales are dead and will be for some time. The next time we get appreciation it will probably be in line with long term inflation, hence really flat. There will be money to be made in rental properties though. Brownstones, condos and large buildings.
That’s the thing. Owners who are in it for the long haul and can remain solvent should be bearish on the market, not bullish. They can bottom feed on additional holdings at the fire sale.
THL – here I am, stirring on my tuffett, though just barely. At this point, all the speculation on direction of market is just devolving into a lot of repetition between the two camps: the sebbs who think NYC RE can only stay strong and keep going up, and folks like me and many others who think it’s bound for a significant correction, despite recent closings (which did not go into contract before the current crisis) and/or anomolies. Maybe it’s like politics – it can be hard to make someone see the other point of view. Only time will tell. In the meantime, I’m sitting comfortably on my tuffett since I think facts are on my side and I’ll get a deal if I’m patient.
“They’re buying banks with our W2 forms” – Nicely put DOW.
“DOW8000SP800 :You really need to look at what the Feds did today and have been doing if you think they will let the economy fail you are mistaken this is the USA not Argentina.
I looked. They’re buying banks with our W2 forms. What they’ve been doing is implementing bailout after bailout to no avail. Nationalizing our banks after persistently denying a housing bubble, contagion and recession does nothing to immediately restore confidence and trust.
You need to read that piece I linked you. But it is different this time. It’s worse.
Didn’t think you were wishing for me to die DOW. No problems. Somehow, though I suspect with the price I paid I will someday get it back, even inflation adjusted. I got a pretty good deal.
…Oh man, wasder. I didn’t mean to jinks you. I’m just saying that this was a once-in-a-lifetime boom/bust. Subsequent booms/busts for the rest of our generation will not compare. Never say never but you get my point.
Well you would say that being RobertMosesJr…
“…you will have to wait quite some time to see prices rebound to that level.”
You’ll die first. Don’t forget to adjust for deflation.
Just never open your windows. That’s a fabulous solution!