Tag Archives: brooklyn real estate

My 2 Cents: Heading in Different Directions on the Same One Way Block

By Donald Brennan | Published: May 24, 2012

Note: This update went out to our exclusive clients the week of March 12th. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealtyservices.com

It’s hardly ever an apples to apples comparison when it comes to Brooklyn brownstones. But in the case of two nearly adjacent properties on Garden Place in Brooklyn Heights you would think you would have the chance to net out the typical handful of variables and end up with identical fruit. Not the case however with 26 Garden Place and 36 Garden Place. 36 Garden has only been on the market for a few weeks so it is too early to say how the market will view the opportunity but its asking price of $10,000,000, or $1,820 per sq ft, is in stark contrast to 26 Garden at $4,950,000, or $1,100 per sq ft. I have not been inside both properties but according to the broker blurbs both homes have been renovated and have at least grade-A kitchens. What gives? 26 Garden set out a little over a year ago to test the higher end of the price range but has had to retreat in search of a price floor that will attract attention. Five houses north on the same side of the street 36 Garden is in search of a hyper local record, on a dollar per square foot basis anyway. “Unique” and “rare” they are indeed as no one is making anymore brownstones and demand is stable, and possibly increasing, so we will have to wait and see who is headed in the right direction.

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Posted in My 2 Cents | Also tagged Brennan Realty Services, brooklyn heights, brownstone Brooklyn, brownstoner, carroll gardens, let's talk real estate, my 2 cents, Park Slope, real estate, townhouse |

My 2 Cents: An Elegant Solution – The Lamb Institute in Thirds

By Donald Brennan | Published: May 21, 2012

Note: This update went out to our exclusive clients the week of February 20th. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealtyservices.com

355 Henry Street (aka one-third of the Lamb Institute, 110 Amity Street) was recently brought to market as a single-family home – not quite a townhouse, but vertical townhouse type living nonetheless. The division of the entire building into three townhouse type properties is an elegant solution that eluded many that had previously tried and failed over the past 6 years to redevelop the property. Today it was reported that 355 Henry is in contract. The 4-story 3,200 sq ft recently rehabilitated property is listed at $3,850,000, or $1,200 per sq ft. While the home appears to be configured appropriately for “family” use the property has no yard and the entrance is on the rear of the building. And while it has three exposures its corner location on Amity and Henry Streets is not 100% residential. These less than favorable attributes do not appear to have negatively impacted the sellers ability to achieve what may work out to be a strong sale price. More evidence that the local townhouse market is out of balance with demand continuing to exceed supply.

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Posted in My 2 Cents | Also tagged Brennan Realty Services, Brooklyn, brooklyn heights, brownstone Brooklyn, brownstoner, carroll gardens, cobble hill, donald brennan, let's talk real estate, my 2 cents, real estate, townhouse |

My 2 Cents: The je ne sais quoi of Sackett Street

By Donald Brennan | Published: May 17, 2012

Note: This update went out to our exclusive clients the week of February 11th. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealtyservices.com

473 Sackett Street is in contract after only 25 days on the market. Seems like only yesterday I was tweeting about my visit during the broker preview on 1/25. Property showed very well – ie no clutter, well lit naturally and artificially and was decorated tastefully. The asking price is $1,695,000, or $807 per sq ft for this 3 story 2,100 sq ft 2-family (20’ x 35’ x 3 floors). The comment I made on Browstoner the following day, 1/25, sums up my view on price – “asking is a slight premium over 452 Sackett on a per sq ft basis, which sold last year. I would say this property is in better condition than 452(I’ve looked at both properties). The gross asking price on this is in the same ballpark as 70 2nd Street, on market this time last year – had multiple offers and traded above ask. In case anyone forgot.” The takeaway: Limited supply still supporting appropriately priced properties. Tweet from the broker preview – “Just walked through 473 Sackett Street. Tastefully decorated and thoughtfully rehabilitated. 2bd duplex over 1bd garden rental.”

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Posted in My 2 Cents | Also tagged Brennan Realty Services, Brooklyn, brooklyn heights, brownstone Brooklyn, brownstoner, brownstones, carroll gardens, clinton hill, cobble hill, donald brennan, let's talk real estate, my 2 cents, sackett street, townhouse |

Where do buyers go to start their search?

By Donald Brennan | Published: May 14, 2012

Third party listing sites of course!

Streeteasy, New York Times Real Estate section, and Trulia to name a few.

Take a look at this chart below. Streeteasy, one the most popular listing sites in NYC, gets significantly more page views then even the city’s biggest brokerages. As you can see using a bigger brokerage doesn’t mean more people will see your property.

Source: Alexa.com, the Web Information Company.”

Today it’s so important to have a real understanding of the relationship between online exposure and sales; we recognize the changing face of real estate brokerage, and know that the process of looking for a home begins on the internet.

We list all of our properties on Streeteasy, The New York Times, and of course of our own user-friendly and innovative website. We were the first brokerage in NYC to allow users of our site to share listings via Facebook, Twitter, and LinkedIn.

As a seller why go with the status quo? You can do so much better by using Brennan Realty to market your property.

Here are a few testimonials from some of our satisfied clients:

“Donald, Betsy and everyone at Brennan Realty give life and validation to the theory that bigger is not always better.”

“It was so refreshing, after some inconsistent and occasionally mind-numbing experiences with other firms, to work with a group of dedicated, diligent professionals who just get it.”

“…support started long before the apartment was put on the market and lasted right up through and beyond the close.”

“I can’t say enough about the advantages of going with this boutique firm over one of the bigger ones. There is such a difference when you feel like the #1 priority. Every question is answered in minutes, not days, and every concern was treated with respect, patience and understanding.”

“In such a difficult market, I never imagined we’d be in contract in less than a month, but we had multiple offers over asking price. From the smallest studio to the biggest house, I would recommend Brennan Realty to anyone and everyone.”

Read more about what our clients are saying by visiting our testimonial page: click here.

Donald Brennan, Principal and Licensed Broker
dbrennan@brennanrealtyservices.com cell: 917-568-6525

Betsy Hoffman, Licensed Salesperson
bhoffman@brennanrealtyservices.com cell: 917-622-3879

Take a look at some samples of our marketing materials:
1. Two-family custom town home, Cobble Hill
2. One bedroom condo, Fort Greene
3. Classic 6, Park Slope

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Posted in Uncategorized | Also tagged Brennan Realty Services, Brooklyn, brooklyn heights, Brownstone, clinton hill, cobble hill, donald brennan, Park Slope, townhouse |

My 2 Cents: Not All Townhomes Should be Priced Equally

By Donald Brennan | Published: May 1, 2012

Note: These posts are a part of our weekly email updates that we send to our exclusive buyer and seller clients, weeks in advance of posting them here. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealestate.com.

Not All Townhomes Should be Priced Equally
The Elliman Report for the 1Q12, prepared by the appraisal firm Miller Samuel, was published this week. The numbers for brownstone* Brooklyn reflect what our team at Brennan Realty have been observing first hand (and mentioned on our blog over the past few months) – average sales price increased year over year by 54%, from $1,120,733 to $1,730,000, and the median sales price for 1- to 3-family homes increased 41%, from $950,000 to $1,342,500. Inventory is tight – number of sales decreased from 95 to 70, or -26%, year over year.

The lack of inventory and strong demand are exerting upward pressure on pricing and sellers and their brokers are trying to ride the wave in hopes it continues to swell and not crest. This is no surprise – human nature on display. So it comes with a bit of a surprise that a couple of homes we are tracking have quickly adjusted their respective asking prices downward. 94 Bergen Street – after only 32 days on the market – has had its asking price adjusted downward by 9%, from $2,195,000 to $1,995,000. 122 2nd Street – after only 30 days on the market – has had its asking price adjusted downward by 6%, from $1,695,000 to $1,595,000. We interpret this as a sign of a motivated seller. So since we have been in both of these properties we understand why the asking prices have been adjusted down. If you would like to discuss these two properties or any other property on the market don’t hesitate to contact us.

*Miller Samuel defines brownstone Brooklyn as – Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Cobble-Hill West, Downtown-Fulton Ferry, Downtown-Fulton Mall, Downtown-Metrotech, Fort Greene, Park Slope, Park Slope South, Prospect Heights, Red Hook and Windsor Terrace.

The entire Elliman Report for 1Q12 can be found here: Elliman Report PDF.

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Posted in My 2 Cents | Also tagged Boerum Hill, Brennan Realty Services, brooklyn heights, Brownstone, brownstone Brooklyn, carroll gardens, clinton hill, cobble hill, donald brennan, let's talk real estate, my 2 cents, Park Slope, real estate, red hook |

My 2 Cents: The Bridge to Somewhere…

By Donald Brennan | Published: April 18, 2012

I was out with a buyer client last week looking at some properties in the Gowanus catchment area and found myself standing on the very quaint and small-townie Carroll Street bridge. What a fantastic structure! The mechanism that makes it swing out of the way so water borne traffic can make passage is clearly visible from the walkway of the bridge. The cables, wheels and spindles are both brawny and simple. I’m not sure how long the bridge will remain in its current form, but one thing I do know is that this area is on a one way path that will see the replacement of light industry and commercial use with residential uses sooner than one might think. If your housing needs are anything but short term and you are looking for hidden value I would suggest taking a look at buying opportunities in or adjacent to this neighborhood. Care does need to be taken though as some sellers and their brokers are getting a little ahead of themselves with regards to pricing. That said there are properties that are priced right and give you room post-acquisition to invest in the necessary improvements. Let me know if you would like us to bring opportunities we feel might be worth pursuing to your attention, if you are not receiving them already.

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Posted in My 2 Cents | Also tagged Brennan Realty Services, Brooklyn, Brownstone, Gowanus, let's talk real estate, my 2 cents |

My 2 Cents: Days On Market – Trending Down?

By Donald Brennan | Published: April 10, 2012

Just about a year ago I observed strong demand (in advance of the lagging quarterly reports) for 2-family properties. I blogged about it here. Now, 12 months later at the front end of the listing season, demand is as strong and possibly stronger than it was back in March 2011. A sample of recent listings supports my observations:

355 Henry Street, asking $3,850,000, or $1,400 per sq ft, this half completed project entered contract after only 28 days on the market and is now reported to be closed.
455 ½ Henry Street, asking $2,695,000, or $1,123 per sq ft, reported to have an accepted offer after only 7 days on the market.
208 Warren Street, asking $2,950,000, went into contract and closed after only 4 days on the market.

This is obviously not great news for buyers in general, but it should provide you with confirmation that while making a commitment to a brownstone purchase is indeed intimidating, there is follow-on demand that should support your purchase price and necessary improvements. If not immediately after your purchase then soon thereafter. It is my opinion that while supply may increase due to the price points being achieved by current sellers it will still remain constrained as it relates to overall demand. So while there may be a few more homes to choose from there appears to be less time to make your decision. We are here to help you get comfortable with opportunities that meet your needs and provide you with enough information to act with confidence. Don’t hesitate to contact us now via email: dbrennan@brennanrealestate.com or telephone: (917) 568-6525

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Posted in My 2 Cents | Also tagged Brennan Realty Services, Brooklyn, brooklyn heights, Brownstone, brownstone Brooklyn, brownstoner, carroll gardens, clinton, clinton hill, donald brennan, let's talk real estate, my 2 cents, open house, Park Slope |

My 2 Cents: Recent Activity in the Local Market

By Donald Brennan | Published: March 8, 2012

30 Strong Place, Cobble Hill, was recently brought to market and within a couple of days had an accepted offer. The single-family townhouse had an advertised asking price of $2,800,000, or $825 per sq ft. To be honest I thought this property was priced aggressively due to its age, non-modernized systems, and what appears to be significant deferred maintenance. The market proved me wrong – it may have been underpriced. Demand is obviously still strong for brownstone Brooklyn townhomes and since only a handful of townhomes trade hands in Cobble Hill every year sellers are doing well if their property is priced right and competing properties are limited in number.

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Posted in My 2 Cents | Also tagged brooklyn heights, Brownstone, cadman plaza, carroll gardens, cobble hill, donald brennan, townhouse |

Unanimous Approval—LPC Votes Yes on Strong Place.

By Donald Brennan | Published: February 27, 2012

Our Strong Place custom townhouse development project was presented to the Landmark Preservation Commission last week. This was our first trip in front of the commission. The vote to approve the project was unanimous and no conditions were imposed in conjunction with the approval. A representative from Community Board 6 provided public testimony in support of the project, which is a rarity but not a surprise. It did not come as a surprise because our business strategy is to engage the local community as early as possible in the process. Early engagement allows us to understand what the community expectations are before we commit to any particular design aesthetic. Surprisingly each neighborhood has a slightly different view on what is appropriate when it comes to building new or substantially renovating a property. In this instance the communities expectations match perfectly with what our buyer clients seek in such a location , which is a historically correct duplicate of what may have been constructed in the same era as the adjacent properties. Brownstoner.com picked up the news of the LPC approval and ran a blog post about it this past Wednesday. Check it out here.

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Posted in Uncategorized | Also tagged brendan coburn, cobble hill, cobble hill association, landmarks preservation commission, LPC |

Public Notice – Community Board 6 Meeting 1/26, 6PM

By Donald Brennan | Published: January 25, 2012

Our architect, CWB Architects, will present our development proposal for 2-4 Strong Place to the Community Board 6 Landmark/Land Use Committee on Thursday, January 26, 2012 at 6:00PM. The Community Board meeting will be held at 1 Prospect Park West, Brooklyn, NY 11215.

Last week we met with members of the Cobble Hill Association that live nearby our site. The architect presented our proposal and while the audience had a few questions regarding the construction process the design of our new building met with unanimous approval. The architect’s mother was even in attendance, she lives on Strong Place (as did the architect as a child), and appeared to be pleased with what her son had designed.