Bargain hunting? Top 10 sales in Bed-Stuy
As prices climb, $2.25 million is the new neighborhood record
August 05, 2014 08:00AM
By E.B. Solomont
$2.25 million | 96 Quincy Street | June 18, 2014
On the edge of Clinton Hill, the 6-bedroom, 3-bath townhouse has a
finished basement, deck and garden. Previously sold: $775,00 in
$2.25 million | 22 Arlington Place | June 20, 2014
Designed by Amzi Hill, the 2,700-square-foot brownstone has 5
bedrooms, 3.5 baths and chef’s kitchen. Previously sold: $725,000 in
$2.075 million | 84 Lexington Avenue | March 20, 2014
The renovated, 4.5-bedroom and 3.5-bath triplex has a custom kitchen
and wine cellar, in addition to a high-end garden-level rental unit
with 1.5 bedrooms. Previously sold: $780,000 in August 2012.
$2.04 million | 441 Classon Avenue | June 5, 2014
This 4-bedroom, 2.5-bath townhouse was gutted and has a planted
garden, garden-level apartment and finished basement. Previously sold:
$999,990 in July 2013.
$1,825,000 | 389 Classon Avenue | June 16, 2014
The 3,340-square-foot home has restored plaster moldings, cathedral
windows in the vestibule and 12-foot parlor ceilings. Previously sold:
$636,000 in October 2006.
$1.8 million | 663 Putnam Avenue | June 20, 2014
Built in 1899, the 5-bedroom, 4-bath retains original woodwork, with
the addition of a roof deck. Previously sold: Unknown price in 1999.
$1.632 million | 433 Classon Avenue | March 4, 2014
The 5-bedroom, 3.5-bath townhome was gut renovated and has bamboo
floors throughout plus a 2-car garage. Previously sold: $860,000 in
$1.6 million | 285A Halsey Street | April 11, 2014
Measuring 3,400 square feet, the townhouse’s triplex has 6 beds and
4.5 baths, plus a chef’s kitchen and oak herringbone floors; a duplex
rental unit has 1,500 square feet. Previously sold: $310,000 in
$1.558 million | 208 Jefferson Avenue | Dec. 17, 2013
At 4,440-square-feet, the townhouse was split into four units but
retained period details such as coffered ceilings and wainscoting.
Previously sold: Unknown price in January 1984.
$1.53 million | 50 Madison Street | Feb. 13, 2014
The 20-foot townhouse measures 3,200 square feet with 5 bedrooms and 2
baths, and an updated rental unit on the garden level. Previously
sold: Unknown price in July 2002.
As prices rise in Brooklyn, brokers in Bedford-Stuyvesant have been breaking sales records left and right since March.
In a sign of how hot the neighborhood’s become, nine of Bed-Stuy’s top 15 residential sales in the past five years are from 2014, according to data from Property Shark. Meanwhile, the median sales price during the second quarter rose to $630,000, up from $425,000 in the second quarter of 2013. In June of this year, the median asking price was even higher, according to StreetEasy data: $895,000, a 50.4 percent increase from June 2013.
“Last year, I had a house on the market and I thought it was aggressively priced at $1.42 million,” said Halstead Property broker Morgan Munsey, who lives and works in Bed-Stuy. “The lowest offer I got was $1.6 million and it went for over $1.8 million.”
In June, Munsey co-brokered the $2.25 million sale of 22 Arlington Place, which shares the distinction of being Bed-Stuy’s top residential sale with 96 Quincy Street, which also sold in June. “That surprised me even, with the price,” he said, of the Arlington Place deal.
Munsey said $1.8 million has become “the new asking price” for four-story brownstones in Bed-Stuy, as buyers push further into Brooklyn looking for relative bargains. “As long as the tonier areas like Park Slope and Fort Greene and Brooklyn Heights and Cobble Hill have $4- and $5-million houses, this is still a deal here in Bed-Stuy,” he said.
Meanwhile, opportunistic sellers are profiting from a hot market, which has rebounded from 2008 and 2009 when the neighborhood had a high foreclosure rate. “There were tons [of properties] that people were just getting on the steps of the courts in Downtown Brooklyn,” noted Douglas Elliman broker Jerry Minsky. Now, he said, sellers are listing their homes “because the iron’s hot.”
Below are the top 10 residential sales in Bedford-Stuyvesant in the past 12 months, according to Property Shark.