After Selling At A Steep Discount, Long Neglected Carroll Gardens Townhouse Finally Gets Renovated

Back in February 2016, the long neglected four-story brick townhouse at 351 Union Street right next to Smith Street Deli was being marketed by Douglas Elliman as a handyman special and "an investors dream come true."

It had first come on the market for $2,8000.000 a few months earlier, before the price was lowered to $2,6000.000 and then $2,5000.000.  It finally sold a year later for (only) $995,000, according to Zillow.  That is quite a steep discount.

The new owner has begun renovation on the townhouse. According to the permit, the work involves a "gut renovation to turn the existing building from a four family to a two family with a new rear extension and deck."
It's nice to see this old home get the attention it needs.

What do you think of the discounted price?

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Washington Lobbyist And Trump Advisor Paul Manafort Owns Brownstone In Carroll Gardens

Pardon me for asking, but could it be that Paul J. Manafort, Junior, the veteran Republican strategist and former national chairman to the presidential campaign of Donald Trump, owns a brownstone in Carroll Gardens?
I happened to walk on Union Street between Smith Street and Hoyt Street yesterday afternoon, when I noticed construction debris and several notices taped to the front door of the building at 377 Union Street.
Coincidentally,  I caught up with a local resident who was walking in the same direction.  After exchanging a few pleasantries, the resident asked:
"Did you know that Paul Manafort owns a house on this block?"
Surprised, I confirmed that we were talking about the same Paul Manafort, one of President Trump's high level advisors, whose name has been mentioned in the news for the past few months and especially in the past several days.
"That's the one!  He owns number 377 Union Street," the resident told me

Of course I was intrigued.  Following the information that I was given, I started looking at public records for the brownstone.
Here are the details:
In late 2012, 377 Union Street was sold to MC Brooklyn Holdings, LLC for $2,995,000.
By 2013, the NYC Department Of Buildings approved an application to turn the four story, two family building into a one family home at an estimated cost of $527,900.00.

The DoB application lists the owner of 377 Union Street as Paul Manafort. The telephone number on record is registered to Paul J Manafort Jr., 601 N Fairfax St Apt 405, Alexandria, Virginia.

Work on the house did begin shortly afterwards, but halted about a year and a half ago.  Since then, cinderblocks and rusting steel beams have been stored in the front yard.
A full Stop Work order was issued on February 1, 2017 by the DoB Brooklyn Commissioner due to "applicant withdrawal."

Interestingly enough, according to the New York City Department Of Finance,  the deed to the property was transferred from the holding company directly to Mr. Manafort on January 4, 2017.
Almost immediately afterwards, it would appear that three mortgages were taken under his name and that of his wife, Kathleen B. Manafort, and under MC Brooklyn Holdings.

According to ACRIS, by The Federal Savings Bank provided funds of $5,300,000 on the property on January 17, 2017.  (The amount needs to be repaid by January 2018).  An additional mortgage of  $1,200,000 by The Federal Savings Bank was issued on the same day.   Genesis Capital Master Fund II, LLC appears to have loaned another $303,750

The Federal Savings Bank prides itself on 'honoring those who have served' and according to its web site, is "owned and operated by veterans with a mission to help serve veterans. Most members of our executive leadership team and many of our employees have also served our country and know from experience that the transition from soldier to civilian means having a place to be able to call 'home'."

Even with home prices going up tremendously in Carroll Gardens in the past few years, one could say that the mortgage amount of $6,803,750 exceeds the current value of this house, especially in its current condition.

Who would have thought that this once solid Italian working class neighborhood would one day attract Hollywood celebrities as well as Washington lobbyists.

I don't know what to make of all of this. Maybe one of my readers can interpret these transactions?

 (From New York City DoB web site for 377 Union Street, Brooklyn)

 (from N.Y.C. DOB site for 377 Union Street, Brooklyn)

 (Information on 277 Union Street on Acris Site under Block 429 Lot 65)

****UPDATE****
Well, two attorneys dug a bit further into the records of 377 Union Street and Paul Manafort's many outstanding loans on this property.

Julian Russo and Matthew Termine published their well researched findings here: https://377union.atavist.com.  It is a fascinating read and seems to confirm that the financial trail appears to be  more than unusual.

Let us know what you think.

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A Year Later, "Most Sophisticated New Construction Townhouse In Carroll Gardens" Still Looking For Buyer

181 President Street Floorplan

It would appear that the newly constructed one-family dwelling at 181 President Street between Henry and Clinton Streets is still on the market after nearly a year. 

Marketed as "the most sophisticated new construction townhouse in Carroll Gardens" for $9 million on its very own web site, the new 5 bedrooms, 3.5 baths four-story building, which includes a cellar and two garages on street level, was placed on the market at the beginning of 2016.
A "final preview opportunity" was given to potential buyers this past September.

The web site still lists the Aguayo Team at Halstead Property Development Marketing as listing agent.  A "final preview opportunity" was given to potential buyers this past September.

Construction on this project began in February 2014. NYC Department of Buildings records indicated that it was originally filed as conversion and vertical enlargement of an existing one story garage building to a one-family. The building was designed by Ramy Issac of Issac and Stern Architects, PC.

Does anyone think 181 President Street will find a buyer at this price? Do you think there is a market for such big one family home in Carroll Gardens? One block from the Brooklyn Queens Expressway?

Lot at 181 President Street as seen in February 2014

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The $2.6 Million Handyman Special In Carroll Gardens

Who here in Carroll Gardens has not wondered about the decrepit four-story brick townhouse at 351 Union Street right next to Smith Street Deli? For decades now, the building has looked neglected and uninhabited. The paint is pealing from the façade, the stoop is crumbling, and before some of them were replaced just recently, several windows were broken and open to the elements.
Yet, on very rare occasions, I would see an elderly gentleman walk in and out of the house.

A few days ago, PMFA received an email from reader Bob reported that the property has been placed on the market.  Bob writes:
"This mystery house is finally for sale. All the years walking by and never knowing whether just a storage or abandoned or recluse living there."

Douglas Elliman is the realtor for the brick townhouse. From the listing:
"This is the ideal handy man's special. An investors absolute dream come through. An architect's drafting board. It needs a FULL gut renovation but location, location, location is where its at. Measuring 20x40, this home is 3360sf and can be recreated as a beautiful 1, 2 or 3 family home. This sale is contingent on seller being in contract on another home. All cash only."

The price for this "handyman special"? It is listed for $2,600.000. That is down from $2,800.000 back in November 2015, when the property was first placed on the market.

One hopes that someone will restore this brownstone to give it back some love and dignity.

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Foro Marble Moves From 3rd Street To 2nd Avenue In Gowanus

Foro Marble, manufacturer of natural and engineered stone countertops, mantlepieces, floors and tables has recently relocated its business from 140-148 3rd Street near Bond Street  to 166 2nd Avenue in Gowanus.  Foro has been operating in the area for the past 40 years.
No word yet on what will become of the lot.
The 3rd Street site is just steps away from the Gowanus Canal and a block from Whole Foods Market.
Several parcels on Third Street have recently changed hands. Investment and development firm LIVWRK has bought two sites nearby and is currently in contract to buy a block-long site at the corner of Third Avenue with Kushner Companies.

A year ago, the 34,000 SF industrial site just vacated by Foro was for sale, but is currently off the market.
From the old listing:
This oversized 19, 000 sq. ft. plant/warehouse/renovated showroom and offices& & with over 18ft high ceiling height and loading dock has endless possibilities. In addition the 15, 000 sq. ft. yard with curb-cut is ready to handle any 18-wheeler truck. Amenities in building: Outdoor parking in front of showroom. Showroom is renovated with private bathroom, two private offices, conference room and one additional bathroom for customers. The workshop has two additional bathrooms, lunch room, locker room and loft. Two loading docks, one on Third Street and one on Bond Street. Separate storage area. Set right on the Gowanus Canal and across from the future site of Whole Foods, these two oversized lots can be occupied immediately after purchase and is at the gateway of Brooklyn via Bridges and tunnel.
Perhaps it has already changed hands? Does anyone have some insight?

At least it's nice to know that Foro, a family-owned business,  will continue to have a presence in Gowanus.



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One Of The Most Expensive Buildings in Carroll Gardens/Gowanus Comes With No Certificate Of Occupancy And A Stop Work Order

 Photo credit Google Maps

via loop net

With a sticker price of $5,800,000 the building at 306 Bond Street between Union and Sackett Streets, is one of the most expensive buildings in Carroll Gardens/ Gowanus. The price is certainly not a reflection of its overall appearance. The building is rather bland looking. But it is big, featuring a total
of 9,100 square feet. According to a real estate listing, the semi-attached structure features 4 one bedroom lofts, 8 studios, an office, a full basement and a garage.

Perhaps to some, the building's size may warrant the high price, but its bulk is why the NYC Department of Buildings probably never issued a Certificate Of Occupancy and why it has remained unoccupied since it was built in 2005.
The structure covers the entire lot and probably far exceeds the Floor Area Ratio of the block's RB6 zoning.  Currently, there is a Stop Work Order on the property, as well as nine unresolved violations.

The property has been for sale for a while and the price was dropped from a high of over $6 million. It is now being marketed by Brooklyn Real Properties, Inc. as :
"Fully vacant! View of City &  Brooklyn! Near new 400 approved condos (Lightstone) & walk to new Whole Foods! Near trains! Great for conversion to Condo, Hotel, rental & more! Walking distance to Whole Foods Brooklyn and Gowanus!"

$5,800,000 is a rather stiff price for a building without a Certificate of Occupancy and with a Stop Work order, don't you think? But then again, anything seems to fly in Brooklyn real estate these days.

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"Urgent! Have Ready Cash!": New House Buying Scheme In The Neighborhood

Many of you may remember the slightly unprofessional hand-written note that was sent to some Brooklyn homeowners by a realtor named Jason, who was 'very interested' in buying property in the area.

It would appear that someone else is trying the same approach, although the letter from this "interested buyer" seems just a wee bit  creepier.  

The letter pictured above was left in front of every home on a block in Cobble Hill. It is marked "Urgent", and the word is repeated in bold inside the letter.  

Obviously, this approach to buying up real estate in the neighborhood can work, but the tone of the entire letter is really off-putting.

What do you think?

Did anyone else in the area get one as well.

Thanks to reader and friend Mary who took the photos and sent them to me.  

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After 34 Years On Court Street, Belanthi Gallery Closes

Another longtime Court Street fixture just closed its doors. Belanthi, a gallery that exhibited art in all styles and media, first opened its doors at 142 Court Street, corner of Pacific Street, back in 1978. It's owner, Paulette Hios, gave piano, voice and music theory classes out of the space for just as long.

The space, which is on the same block as Trader Joe's, is now for rent by Schuckman Realty, "a strategic planner of retail stores and shopping centers" that has "has been responsible for millions of square feet of leasing and development; and has been hired by numerous national retail chains to facilitate market penetration."
No doubt, that means that the next tenant will be a chain store.

Meanwhile, the storefront at 140 Court Street just next door, has been sitting empty for a very long time.



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