Halstead Realty listing for 132 Second Place
132 Second Place in 2008
Addition of the Fifth Floor in 2008
Removal of the stoop in 2011
It has been a long nine years for the brownstone at 132 Second Place. What started in 2005 as a vertical and horizontal enlargement, quickly turned into a comedy of errors, complete with a back wall collapse, DOB violations for work done without proper permits, and stop-work orders. Add to that a change in ownership and a time in limbo after the Carroll Gardens Wide Street Text Amendment and Contextual Rezoning, which all contributed to long delays.
But perhaps, all the setbacks will finally pay off for its owner. Just recently, the brownstone been listed by Halstead Realty for $9,895,000 as an investment property. That sicker price may be a record for Carroll Gardens.
According to the listing, 132 Second Place is:
"setting a new tone for investment properties is this fully renovated energy efficient 5-unit brownstone. The buildng has undergone a thorough and extensive high end renovation, has 5 high income producing apartments and will be delivered vacant. Building measures 25x50x14x14 on 5 floors and the lot is 100 feet. Each apartment has their own HVAC air/heating unit, hot water heater, K6 wiring, washer/dryer, high end appliances, custom finishes and much more. Includes: Garden level duplex w/Rec Room and landscaped backyard; Apartments 2-5 are 3 bedroom, 2 bath w/Terrace and 5th floor includes a private roof deck. Prime Carroll Gardens location and conveniently located to public transportation, schools, playgrounds and local neighborhood shops and restaurants. Estimated rent roll and set up available upon request."
Back in 2005, the building was sold for $1,850,000 to Mohegan Holdings, Co. LLC. In 2007, the deed to the property was transferred from the Mohegan Holding Company, LLC to a Henry Azcue for $1,825,000. Zillow indicates yet another sale for $8,500,000 in 2007.
In the recent past, the individual apartments were either listed as rentals or as condos. However, none of the units were ever occupied, and per the Halstead listing, the building will be delivered vacant.
It is worth pointing out that 132 Second Place is right next to the elevated F train tracks. And perhaps it is an oversight, but the Buildings Department site does not indicate that a Certificate of Occupancy exists for the building.
So what do you think? Is this more real estate folly or do you think the seller will get his price?