Tuesday, September 25, 2012

Closings of Note: "Millionaire's Row"

We know not everyone gives Crown Heights the credit it deserves.  Many tell us they "don't want to go east of Bedford", but have you ever really been?  It's frikkin' gorgeous over there!  So don't be surprised when a home in Brooklyn's "Millionaire's Row" sells for, well... over a million dollars.  Many slept on 931 St. Marks Avenue last year, for well under a million.  Now 871 St. Marks Avenue, a huge 23' x 50' on an extra-extra deep 150' lot, lists for $1.5M and sells for $1.3M last month.  This is no fluke either, folks.  Take a look at 1259 Dean Street, or 1139 Dean Street, or 1171 Dean Street if you need more Crown Heights million dollar proof.  Jay-Z says, "My whole team got dough / So my banquette is lookin' like Millionaire's Row."

Because if you could have a millionaire's stone mansion for $1.3M in Crown Heights, who wouldn't want a suburban vinyl-siding piece in Greenwood for $1.16M?  That's what this 2-Family at 281 18th Street closed for this month.

Brownstoner said, "This one makes us feel old."  What it should make them feel is rich.  Sure, before the crash this 3-story 20' x 40' brownstone at 404 Bergen Street listed for under $1.5M and fetched over $1.6M.  Now it lists for $2.275M and fetches $2.22M in a flash - or what Brownstoner calls "the Barclays Center discount".  What's funny is that even if it listed for $1.6M today, somebody would complain that it's only 3 stories, bid $1.45M, and wonder why they never got a call back.

When you saw 707 Union Street come out in prime Park Slope for $1.425M, you wondered what the catch was - and you were right.  Besides a lovely backyard and tasteful renovation, it's only 12.5' wide.  That didn't stop it from fetching over $25K above asking price last month.

In prime Boerum Hill, this buy & hold or condo converter's dream at 16 Dean Street has been in contract for forever.  It finally closed this month for $2.65M.  That's a 25' x 75', people, between Court and Smith Streets.  Almost a 6-cap in true Boerum Hill?  So clutch.  Almost as amazing of a buy as 364 Union Street.

And, finally, the Triangle Sports building selling for over $4M recently makes us think this building a few blocks away is a steal.  But devil's advocates tell us that the Triangle Building will lease for $35K/month and is "iconic".  We'll believe it when we see it.  Sounds like Brooklyn commercial real estate echo-chamber to us, but we're not the ones collecting hundreds of thousands in commission for these sales, so what do we know?


  1. Do you even live in Brooklyn? That pic of triangle must be from over a year ago. Blogger FAIL!

    1. Definitely live in Brooklyn. Didn't think the age of the triangle pic was relevant for these purposes. If you'd like to take a more current pic, we'd be happy to put up.

  2. I might be an antique having grown up in the late 40s and early 50s on Brooklyn Ave. between Dean and Bergen but I always remembered the neighborhood as having stunning town houses and beautiful mansions. I am glad it is being brought back.

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