100 Clark Street Sold

The partially demolished building at 100 Clark Street has been sold “in an all cash transaction valued at $1.25 million” according to a press release from Massey Knakal.

The building was listed by MK back in April. In their press release at that time, it was claimed that “three tenants retain occupancy rights; however preliminary settlement papers were drafted for them to permanently vacate.” It also stated that there is an $18 million wrongful demolition lawsuit pending and that there would be “significant upside” for the new owner to carry on with the litigation.

Full press release after the jump.

MK Press Release: MASSEY KNAKAL SELLS PARTIALLY DEMOLISHED BROWNSTONE
IN BROOKLYN HEIGHTS
Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of a partially demolished brownstone at 100 Clark Street in Brooklyn Heights. The brownstone, taken back through the foreclosure process and sold by the lender with its previous tenancy and liens in place, was sold in an all cash transaction valued at $1,250,000.
In May 2008, the City of New York partially demolished the 1852 five-story walk-up building, located on the south west corner of Clark Street and Monroe Place, on the ground of unsafe building conditions. The lot is approximately 25’x 78’ and contains approximately 7,976 buildable square feet. The property is a prime opportunity for a redevelopment into a single
family or multifamily. The sale price equates to $186 per buildable square foot.
“This sale proved to be complex as it included prior tenancies, liens, and the Landmark’s approval process,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction with Massey Knakal First Vice President of Sales Stephen Palmese and the assistance of Massey Knakal’s Special Asset Strategy Group. “After receiving over a dozen offers, we were able to secure a sophisticated buyer, who was able to navigate through these intricacies and close on an “as-is, where-is” basis,” added Palmese.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 2001, our agents have closed over 2,000 transactions, with an aggregate value of approximately $10 billion.

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  • http://www.myhomebrooklyn.com Donald Brennan

    $1,250,000 divided by 7,976 sq ft equals $157 per buildbale sq ft. One of these numbers is wrong.

  • ABC

    yeah, they have a big SOLD sign on it. good luck to the new owners

  • Cranberry Beret

    That’s a good deal even accounting for the money it will take to pay off the lienholders and (presumably soon-to-be-former) tenants, if they build it out fully. Hopefully the complicated part of the process was front-loaded so if the new owner got through this far, they’ll be able to make a go of it. In contrast to those clowns who bought the Poplar police station without having much of a clue about what they were getting into. I would love to see a mansard roof go back up!

  • http://www.myhomebrooklyn.com Donald Brennan

    I’m not so sure it is a “good deal” for the buyer. Unless buyer worked out something with lien holders and former tenants prior to closing they have significantly reduced their leverage with settling all outstanding claims.

  • Obama?

    “The lot is approximately 25’x 78’ and contains approximately 7,976 buildable square feet. The property is a prime opportunity for a redevelopment into a single family or multifamily.” …

    Anything except a 7,976 square-foot single-family McMansion please!

  • Andrew Porter

    Anything will be better than the sorry mess that’s there now. When this building was erected it was a mansion with a rear garden, which was later built upon by greedy landlords, who apparently never put a cent of maintenance into the place.

    Expect a mass rat exodus when construction finally starts.