Monday, April 17, 2017

More proof that landmarking doesn't hurt property value

From the NY Post:

Manhattan’s last intact Gilded Age mansion is up for sale — and it’ll only set you back $50 million.

But you will have to get in line, because there are already six potential buyers champing at the bit to purchase the Fifth Avenue limestone town house, The Post has learned.

There is even a working stove from 1905, the year the home — built by the same architectural firm that designed Grand Central Terminal — was completed for its first owner, R. Livingston Beeckman, a stockbroker and later governor of Rhode Island.

“Everything is virtually intact,” said real-estate agent Tristan Harper, who listed the property on behalf of Douglas Elliman, and gave The Post an exclusive tour last week. “Whoever buys it will own a piece of New York history.”

Harper wouldn’t reveal the identity of the interested parties, except to say they are “all extremely high-net-worth individuals of different backgrounds.” He said they all want to maintain the property as a single-family residence.

Furnishings, as well as the artwork, murals and wall paintings, are all included in the purchase price.

The city’s Landmarks Preservation Commission, which landmarked the property in 1966, called it a “superb example of the French classic style of Louis XV.”

So there are people out there who will spend tens of millions of dollars to own an historic home and all the old knick-knacks inside it? Amazing!


georgetheatheist said...

It was landmarked in 1966. Same year as the Steinway Mansion.

kapimap said...

I hear p diddy wants in.

Anonymous said...

I always tell those in Queens against landmarking to try their stunts in landmarked communities.

They look surprised then literally slink away with an angry confused contorted expression on their faces.

The politician told them its bad, so it MUST be bad, or their entire value system will collapse it they have to assume the responsibility of actually thinking for themselves.

The hold the Democratic Party has on these poor souls is troubling. Is the party line fascism or religion? - you decide.

(sarc) said...

As with all real-estate, there are three critical factors that accurately determine the market value.

Those three factors are: location, location and of course LOCATION!

If this landmarked lovely modest townhouse were sandwiched between two high rise projects in the Bronx, there would not be a list of buyers.

Anything on the upper east side would fetch top dollar.

Landmarking has NO bearing on this property.

If the Steinway Mansion were located on Fifth Avenue or in Malba Queens, it would not have fallen into disrepair or lost value.

All that this story reaffirms, when viewed through a critical eye, landmarking is NOT a value adder, however, location is critical...

georgetheatheist said...

The Steinway Mansion is not in disrepair. In fact. it currently looks well-maintained (although cramped) externally. It just got a new roof. I have no idea of the internal condition.

Anonymous said...

The Steinway mansion has nothing to do with location and everything to do with community. Their embarrassing behavior over fighting the Steinway community landmark effort in 1976 forever threw the Borough of Queens in the Dark Ages while the rest of the city moved forward.

Look at Old Astoria where even the 'civic' pokes fun at Landmarking while Astor's 1828 legacy gets torn down and 17th century houses are about to follow.

With the possible exception of East New York or Hunts Point, no community in NYC holds the concept of 'community' in such disrespect, and regards 'dirt' as the only thing of value in their own neighborhood, even if it means they get raked over the coals in getting value for their property.

Anonymous said...

the location of a community is LOCATION
I get it

Anonymous said...

Interesting that the community looked the other way and kept quiet like the good peasants they are and thereby voted against a children's education center, a cultural space, a place that would bring a little refinement and class to hooka-loving bottle-bar lounge crazy Vallonia, and favor something they are more comfortable with - companies that handle concrete and rebar.

Why does the impression of knuckle dragging drooling neanderthals come to mind? Perhaps because they don't really understand what all the hoopa is about. Who needs Steinway when you have Tony Bennett?

In any case, seeing the companies that have moved in (which include city agencies and suppliers of city agencies as that city uniform patch place) you have to see that Pinnacle did a lousy job on their upscale advertising and had to rely on help from the 'boys' - which pulled this away from a potential financial and business disaster. You have to wonder how much was really 'sold' and what prices they really got to unload those white elephants.

Anonymous said...

my 1930's built home & property just had a raise in tax and lowering of $15,000 in market value? Bayside desirable location.No nyc building inspectors visited to estimate.

Anonymous said...

WOW talk about misinformed!! No city agency either purchases nor rent any of those "white elephants". By the way another fact is Pinnacle did a great you want to know how I know??? My bank account!!!!!!! Many white elephants on deposit, I promise!!! Now stop with the conspiracy theories and appreciate what is there, because it was a garbage dump before the buildings were completed.
Landmarking doesn't give value. Only thing that brings value to real estate, is Location!! That's it.
Yours truly. 😉

Anonymous said...

do you want to know how I know??? My bank account!!!!!!! Many white elephants on deposit, I promise!!! Now stop with the conspiracy theories and appreciate what is there, because it was a garbage dump before the buildings were completed.
Wow, and look who the politicians supported. - I guess at this point everyone wants to know what was done to have the elected officials bless this eyesore?

How little did they value a learning center, tourist destination, and park for the kids - for them to think it more important to turn this opportunity over to you?

Why did they feel the opportunity for you to make money - trumps the community benefits outlined above?

What logic did they follow to use their public trust - to help you to make lots of money. Yes, lots of money?

We wager not a single Astoria politician will come forward to tell us.

Anonymous said...

How rude for you to make these comments about local boys that have done good! They took an out of the way run down place and made it useful with some very nice buildings.

You see, there is a place for kids to learn about the Steinway Piano! In a real park!

If you have questions, please ask Mr. Peter Vallone Sr. Thank you.

Anonymous said...

Funny. A country goes through a civil war and this landmark is intact.
Astoria is just being Astoria and everyone gets a black eye.