Here are Donald Brennan’s thoughts on this big Carroll Gardens sale, as discussed on Brownstoner:
There are not many finished/new housing units of this size in Carroll Gardens and Cobble Hill. Unit 1 at 192 sold for $650 psf and unit 2 sold for $854 psf, or $753 psf on average. Most single or multi-family properties in this area that are being marketed as delivered vacant are asking at least $700 psf – for space that is not new and modern like 192 President or 100 2nd Place (one of the nicest units I have seen in a while). The cost to update and modernize space in a brownstone property is significant – averaging $225 psf. Much more than the implied margin of $50 psf using these sales and the handful of listings I am currently tracking as an example. So putting aside your point of shared ownership these President Street deals are looking pretty good for the buyers right now if the asking prices for outdated space hold at the current asking level.
There is also significant upward pressure on pricing in parts of Carroll Gardens due to the demand of PS 58 – one of only 3 dual language, French/English, schools in the 5 boroughs.
I will be talking about these recent deals and other local real estate related topics tonight at the Brooklyn Wine Exchange.
