Monday, September 26, 2016

Developer to Topple Three Wood Frames on 14th Street

Preparing for the Fall

The obligatory green plywood construction shrouds are up signaling the imminent demolition of three attached row houses located at 225, 227, and 229 Fourteenth Street in our Park Slope South neighborhood to make way for new multifamily residential construction.  

The developer/architect/entrepreneur/cgi enthusiast/ wave rider, Harel Edrey,  aka  e.d.g. Development aka 225 14th St. L.L.C. acquired all three, 100 foot deep properties with a now cumulative 60 feet of street front curb appeal for a little over $4.5 million.
The first property located at 225 14th St. was purchased for $1,375,000 on the 27th of January 2016.
The second 229 14th St. he acquired for $1,410,000 on the 26th of February and finally,
it cost him just $1,725,000 for the third property, 227 14th St., closing on the 22nd of June.  Land acquisition costs (read tear down) have certainly skyrocketed in the past ten years.

New building plans have been filed but not yet approved by the DOB.  Submitted by the architect of record, Issac and Stern Architects, PC. the building plans for 225 14th St. describe a 50 foot tall three family building.  Pretty much cookie cutter for what is allowed by the R6B zoning rules and regulations.  Not sure how these plans will be affected by the acquisition of 227 and 229...Perhaps three separate new buildings or maybe the lots will be combined to make a more massive structure.

Wondering how one buys three neighboring properties anyway?  Is there a domino effect?  When your neighbor sells do you sell before it's too late? Are they abandoning ship after learning new construction was planned? Did the neighbors team up to discuss a selling strategy?  Were they aware they were all selling to the same entity?  
It's interesting to see that the web history of these properties indicate that they were listed by brokers and 229 even had an open house date. 227 was sold with filed and approved building plans for a horizontal and vertical extension of some 676 square feet.

Domino Theory:  225 14th Street pictured center, 227 14th is on far right.

I have posted some interior photos to show you the condition at the time of sale.  They seem to be in reasonably good shape.  In this case all the pre-offering work that went into prepping the houses for sale was for nought as any last minute improvements are headed for the landfill.

I have a close friend who recently sold their long time family home to a "nice young couple just starting out" who then immediately flipped it to a developer to make a profit. The developer demolished the entire structure straight away.  Their practical 1950's starter house was cursed with a million dollar McMansion view...The writing was always on the wall.  

229 14th Street

Before Demolition