Thursday, February 20, 2014

Closings of Note: Stop, Drop, and Roll, Pt.II

Brooklyn, your $2M+ condo is here!  At 1 Hanson Place, Unit #21D sells for $2.3M, or over $1,400 a square foot.  With its own private terrace, this is pretty sweet.  And it's still a bargain compared to Manhattan.  And probably why lots of brownstones are easily getting $2M now.

If you think prices in Brooklyn have taken a major leap, you're not the only one.  And you're not wrong at all.  But it's still all relative.  Why is $1.5M the new $900K in Bed-Stuy these days?  Because $4M is the new $2M in Cobble Hill!!  ...where a buyer from Brooklyn Heights picks up 192 Warren Street for $3.9M this month, down from a list price of $4.295M.  An amazing price for a solid house in a great location, but it's not like the interior was something out of a magazine either.

Where in Brooklyn do you see 25'-wide townhomes sell for well over $3M??  Not just in Brooklyn Heights anymore.  Welcome to Clinton Hill where 339 Washington Avenue was on & off the market for a while between $3.5M-$3.95M and closed for $3.4M this month.  The buyers?  From Lower Manhattan, where you can't find a shell this size for this price.  But this house had all the fixings already.

In Crown Heights, a huge 40' wide 16-Family at 1018 Park Place closes for $2.55M.  Right across the street from Brower Park, surrounded by amazing housing stock, this is one of the most slept-on quadrants of Brooklyn still left.  $2.55M is higher than the rumored contract price on a similar building a few doors down at 1054 Park Place.  These prices will look like astonishingly low for 11,500+ square feet once people wake up to this area.  A big commercial just rolled out a smaller piece on a worse block for $3M.  Yesterday we got a pre-market tour of another building this size on one of the best blocks in Bed-Stuy, which is bound to go much higher.

Even in south Slope, a full-sized townhouse doesn't need a full-sized marketing campaign to get well over $2.5M.  385 9th Street closed for $2.85M and in pretty generic condition, the last time we checked.

Over in Lefferts, a healthy 9,000 sqft 6-Family at 333 Lincoln Road closes for $2.06M.  Great original details and a few modest upgrades made this a pretty little buy & hold.

And 3 bedroom rentals for $2,200 in that kind of shape offer a great value proposition compared to lots of other neighborhoods.

Out on the Bushwick end of Bed-Stuy, past Ralph Avenue, 898 Jefferson Avenue closes for $780K last month.  This is too far east for many buyers, but one from Brooklyn Heights didn't think so.  This 3-story 2-Family reminds us of Platinum Member pick-up 753 Jefferson Avenue that closed for slightly less over the summer.

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