Karma Is a Bitch: 185 Ocean Developer Sucking Wind


One of the galling chapters in the now-waning development boom of this decade was when a developer paid 33% over asking price for the turn-of-the-century brick house (above left) at 185 Ocean Avenue and proceeded to waste little time in tearing it down in order to put up an eight-story apartment building. (Dollar signs in their eyes, the greedy neighbors tried to cash in but were too late to the party.) After paying $1,200,000 for a 30-by-150-foot property with a beautiful house on it, the developer now is trying to get $2,500,000 for the same piece of land with a big hole in the ground (above right). Where do we sign up! While the developer may lose some money on this deal, the real losers are the community and appreciators of Brooklyn's architectural history.
185 Ocean Avenue [Corcoran] GMAP
PLG House Razed, 8-Story Building Planned [Brownstoner]
Ocean's 13: Landmarking Against a Ticking Time Bomb [Brownstoner]
PLG Shocker! 185 Ocean Closes 33% Above Ask [Brownstoner]

Copyright Brown - Brownstoner
Contact Us