Note: This update went out to our exclusive clients the week of March 4th. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealtyservices.com
While the market is very warm to almost hot for townhomes located in the more desirable brownstone neighborhoods delivering unfinished vanilla boxes is something I haven’t seen since the heady Manhattan warehouse conversion days of the late ‘80’s. Now comes this – listed just 20 days ago 14 College Place had a price increase of 20% on March 3rd from its original asking price of $5,125,000 (or $1,350 per sq ft). Currently. 14 College Place and 12 College Place (a rebuilt commercial building adjacent to a line of charming carriage houses) are currently being marketed for $5,950,000 (or $1,565 per sq ft) and $5,125,000 (or $1,348 per sq ft), respectively. While I am bullish on Brooklyn real estate as much as the next guy, and of course wish the developer and listing agents for these properties all the best, these prices certainly seem aggressive. Especially when considering that at least another $50 per sq ft will need to go into these buildings in order to finish the kitchens and baths (at the buyer’s expense). I guess we’ll just have to wait and see!
