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.
Nice, encouraging, prices. It still remains to be seen, however, how the Brooklyn market will sustain itself as layoffs increase. There are still a lot of companies out there teetering on the edge of bankruptcy. The full effect of the meltdown won’t be felt for months, even years.
Off topic:
Unfortunately I can’t make it but if I did I assure you I wouldn’t end up like this…
http://www.hulu.com/watch/1978/family-guy-cirrhosis-the-wonderdog#s-p59-sa-i1
On topic:
Prime real estate is called “prime” for a reason. Everyone wants it. Besides this is NYC there will always be a LOT of people with money here. You need to look further out to see any significant price drops.
DIBS, tomorrow’s Wednesday. The party is Thursday. And you’re accusing THL of starting drinking early? 🙂
11217…
math was never a strong subject for me.
sebb..
also we have no idea how much money this guy put into his house after he paid 1.9 million for it. A 400k return after you’ve put alot of sweat and money into a place might not be that great. However he might have put no work at all into it.
“My point is look at the price the guy paid and what he sold for that shows me prices have gone up. Not down .”
Sure Sebb, but you also have to look at the year the person paid said price. By your logic, you can say that someone in 1976 paid 30K and sold in 2008 for 3 million, thus the market is going up.
Not everyone bought in 1976 though. There are MILLIONS of people who bought in the last couple years who will not be able to sell for a profit.
You don’t seem to be able to look rationally at this and continue to say that no matter what prices are going up. While it makes sense for this particular Ft. Greene example, it does not for all. Take a look at the Mary Stuart Masterson house. With commission to her broker, she did in fact lose thousands of dollars.
Can someone explain to me the appeal of One Brooklyn Bridge Park?
I live a few blocks away and ventured down the other day to the explore. Yuck.
While I’m sure the units are beautiful inside, I don’t get why anyone would pay so much to live right next to the BQE on a street with zero ameneties and zero charm.
They bill it is prime Brooklyn Heights real estate, but it’s actually quite far from the Promenade, Montague Street, subway stations, etc.
I suppose if the park expansion really pans out that’s something, but is everyone really just banking on that?
I’m “crazy”. These transactions and prices will not fall on a dime but they are unsustainable.
First, RE lags. It took a few years for the easy credit policy to inflate the housing bubble. It will take a few years for easy credit contraction to fully deflate prices.
Second, rather than some other sector(s) of the economy driving home price appreciation, it was the other way around. Home price appreciation drove all other sectors. Take that away, what’s left?
Last, fear mirrors greed and history repeats. Price bottoms are always preceded by the consensus that “real estate is a bad investment”. Then the market overshoots towards the downside. We’re far from that stage.
I’m “crazy”.
I agree with Dave. Also what people are not understanding is that Inventory remains tight. That is the big factor here. It does not matter what these people ask for the homes . Then you see the closing goes for a few hundred thousand less and everyone on this board thinks the market is tanking not at all. My point is look at the price the guy paid and what he sold for that shows me prices have gone up. Not down .
I think that’s more than Paulson & Bernanke make.