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February 26, 2008

Bruce Ratner Buys Brownstone, But (Surprise!) It's Not In Brooklyn

BruceBrownstone.jpg The Real Estate Observer
By Max Abelson

What does the Brucester care about Brownstone Brooklyn, when he can remain cloistered in Brownstone Manhattan?

According to city records, Mr. Ratner just bought himself a nice little 20-foot-wide, 6,408-square-foot, five-floor brownstone, exactly the kind that Brooklynites like so much. But it's on the Upper East Side.

The snark would end there, except for the fact that in typical Ratner fashion, Bruce was able to force the sale of two of the units in the building so that he could have the entire thing all to himself.

The building was split into co-op apartments, some that weren't owned by Neustadt, which meant the museum couldn’t sell the townhouse until it owned two-thirds of the house. Once that happened, according to Mr. Hassol, the other two owners in the building (listed as Charles Nemetz and Diane Harris) were forced to sell as well. “They had to by law, but people can hold you up and make it difficult--but they cooperated.”

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NoLandGrab: You probably have to be a little person to appreciate the irony, but you can't make this stuff up, which is why we're all still here.

Brownstoner noted:

We think he could’ve gotten a better deal right here in Brooklyn—maybe even in Carroll Gardens, where we hear values are increasing quite a bit.

Definitely, Bruce could have done better in Brooklyn... but then he'd have to deal with encroaching overdevelopment.

Posted by lumi at February 26, 2008 5:15 AM