Tuesday, July 17, 2012

Closings of Note: Highs & Lows

414 Adelphi Street sold for $1.368M last month.  One reader was busy telling us in March in the comments that "the comps show this place is valued closer to 1.2M", which we pointed out is more market sooth-saying than science, using data points the freshest of which were decided months before they were recorded publicly.  The "Battle of New Orleans" was also famously fought after the peace treaty that ended the War of 1812 was signed.  Note, while all this price discussion's going on, a neighboring shell sold for $1.375M all cash.

89 Dean Street, #2, one of our favorite $700K condos, sold for $685K last month, or $935/sqft.

199 Huntington Street, an un-inspring 3-story 2-Family on the southern edge of Carroll Gardens, listed off & on for years between $1.6M and $1.8M (most recently $1.7M) closed for $1.85M last month.  Yowza!  The far-superior 116 1st Place, eat your heart out!

359 12th Street, a huge 8-Family in South Slope, listed for $1.6M (a 2.7% cap) and closed last month for $1M even.  Or, what we like to call, "a much more attractive cap rate than 2.7%".  Low-ballers take heed, cash speaks!

96 Windsor Place was a funky 2-Family with some original details on a huge lot that was out back in February for $1.35M.  While doubters and haters abounded, it closed last month for $1.275M.

"It's a bird, it's a plane....!!"  No, it's a 12-foot wide townhouse in Fort Greene that Corcoran listed for $1.589M that just closed for $1.525M last month.  That's 261 Cumberland Street for ya.  Still doubting 414 Adelphi, anyone??

Even 192 13th Street, a 17' wide 3-Family on the other side of 4th Avenue, closed for $1.1M last month.

In other recent news...

Barclays behaving badly on Libor rates... way to ride into America via Brooklyn on a great headline, guys!  As if people didn't already feel like the fix was in enough on the stadium, a semi-artificial rate that decides trillions of dollars worth of contracts around the world was deliberately tampered with for the benefit of some, and the Fed knew about it as early as 2008??  Ouch!

If that wasn't bad enough, the Brooklyn Nets took on the entire remainder of Joe Johnson's contract from the Atlanta Hawks.  Notoriously one of the worst contracts ever signed in all of sports, paying him more than LeBron for a fraction of the performance.  Career highlights for the painfully-mediocre Johnson include being selected for the All-NBA Third Team in 2010, which we didn't even know they kept track of after the First Team.  Is that just to make Sebastian Telfair feel bad??

And if that wasn't bad enough, after failing to land mega-star free agent Dwight Howard, the Brooklyn Nets signed another mediocre talent, Brook Lopez, to a maximum contract.  That's like if you went to the dealership with $250K burning a hole in your pocket, couldn't land the Ferrari you wanted, and came home with a Camry for the same money instead.  Lopez, who played only 5 games last year, averaged fewer than 6 rebounds per game over 82 games played the previous season as a 7' center.

And... we were interviewed by Fox 5 News on Flatbush Avenue this weekend regarding the 8 (count 'em, 8!) Jay-Z shows set to open the Barclays Arena being sold out already.  Yowza!

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