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Interesting Move, Barbara!

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Eli Weiss

Thread Starter
Senior Member
Joined
Nov 28, 2005
Professional Status
Certified Residential Appraiser
State
New York
There is always one listing that popped up first while searching active listings in Bedford Stuyvesant, and the listing was 408 Stuyvesant Avenue, it originally came on the market on 12/2006 for $2.1 Million, and eventually lowered to $1.55 Million, but it never really caught my eye, I became immune over the years, and my mind will just skip those crazy over-priced listings, but it apparently did get the eye of one very savvy investor, while raising mine and many others eye-browses, her name is none-other then Barbara Corcoran, the founder of The Corcoran Group, and she went into contract for the purchase price of $1.46 Million, yeah I know it's in the historic Stuyvesant Heights which is the better section of Bedford Stuyvesant, and this row of hoses always caught my eye when driving through them, I even once photographed these houses for my collection, but the purchase price is still a mystery to me, and the fact that the Corcoran posted only three interior photos and being a six-unit dwelling might indicate that the interior is not in the best shape....
One thing is for certain, this can't be appraised at it's purchase price, and I doubt any lender will lend her more then 800K for this property.

404 Stuyvesant Avenue closed for $1,115,000 in April
The subject was purchased on 08/2005 for $499,500

So what do you guys think is Barbabra's interest here?

Is she betting for the better in this neighborhood?
Is she tying to manipulate the local market?
Will she convert them into hi-end condominiums?

http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=926317
http://www.brownstoner.com/brownstoner/archives/2008/09/barbara_goes_lo.php
http://www.streeteasy.com/nyc/sale/90411-multi-408-stuyvesant-avenue-bedford-stuyvesant-brooklyn
http://curbed.com/archives/2008/09/12/babs_buys_in_bedstuy_after_monster_pricechopping.php


408-Stuyvesant-Avenue-0908.jpg


2008_09_Corcoran-Stuyv%20Ave.jpg
 
Last edited:

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
I started seeing Corcoran Group signs in Bed-Stuy about 10 years ago. It may be a long term thing but you can bet the neighborhood will eventullay be bringing in serious upscale folks. If you told me 20 years ago that Clinton Hill and Fort Greene would be where they are now I would have had serious doubts. Ditto for much of West Harlem and Washington Heights. Very smart woman and no doubt doesn't need financing for anything she may want to purchase.
 
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