Monday, January 6, 2014

Declining Price in the Brooklyn Boom?

Real Estate Monday is a victim of technical difficulties today - some sort of Blogger error, & frantic late night browser action.  Ugh.  Hopefully all will be sorted out over the next day or so.
Anyway, the dreadful picture above shows a fine looking old frame house at 205 12th Street (Fourth/Third). This was on the market at $1,450,000 in 2008, and sold for $970,000 to RLDA Development Corp  A year later it was back on the market at $1,350,000, but didn't seem to find a buyer. Two months ago it was sold to Fam 2014 Corp. for $640,000.  Even for a smallish house whose main structure is 19' x 26' (hah! twice as big as this one!) the sale price is suspicious.  After all, this is golden Gowanus territory! There has to be way more to this sale than meets the eye. The lot's dimensions will please a developer though - it's got that magic 25 foot width that permits new construction, so we may see a penthouse-topped four-storey rising here. Nothing up on the DOB site right now, but I'll keep checking back.


Anonymous said...

That's a fine-looking house. I hope it doesn't turn into your prediction.

onemorefoldedsunset said...

Yes, I hope it survives.