Brooklyn Brownstone Bought In 1967 On The Market For 11,744% Profit

Furiya's house at 299 State Street in Brooklyn, via Googlemaps

Remember when Brooklyn was a fetid nightmare of hookers and woe? Mildred Furiya does, because when she bought her four-story townhouse on State Street near Brooklyn Heights in 1967 for $16K "the block was a hangout for vagrants and a boarding house across the street was home to a group of prostitutes." Now it's home to a slew of coffeeshops, parents pushing fancy strollers and the all-important seal of gentrification: Dallas BBQ. Now, the 89-year-old Furiya is getting out of dodge and selling their home for a cool $1.895 million. As the Post reports, that's an 11,744 percent profit! Goodbye, residents-who-keep-neighborhoods-interesting!

Furiya and her family came to Brooklyn after fleeing their tiny walkup in Greenwich Village because Brooklyn "is where we wanted to be. I guess it took people who didn't grow up in Brooklyn to see its true value and potential. We knew it would evolve." New townhouses on the block currently sell for more than $2 million now, but Furiya and her husband did lots of work on their home to make it more livable (and sellable), like "turning a garbage-strewn backyard into a magnificent garden."

Though she doesn't know where she's moving, she does know that she'll miss her backyard the most. May we suggest the Trump Tower on Columbus Circle? There's lovely views of Central Park, and a one-bedroom apartment that's depressingly smaller than your old house is only $1.3 million!

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By Christopher Robbins in News on June 14, 2011 12:22 PM

Comments [rss]

epicurus1982

The person who wrote this is a stupid idiot. Her profit is dependent on gentrification and
guess what, not all neighborhoods gentrify. In fact, many stagnate or at
best simply keep up with inflation.
If you can accurately predict which neighborhoods will gentrify, you can effectively quit your day job. But you can't so get back to writing for the Gothamist.

JackBrat

This is NOT true! I did the math. . . and considering interest- property taxes, homeowners insurances and property maintenance. . . the 'profit' only works out to about 7% to 8% interest compound over the term. Still- that's not a bad deal!

ad

It was a Dallas Jones BBQ...and it recently went out of business.

Trustafarian

people say the housing market isn't fucked up?

how much is 16k 1960s dollars today adjusted for inflation?

have wages increased in proportion to housing prices?

this shit isn't sustainable.

whoknewit

Two different online calculators:
What cost $16000 in 1967 would cost $103305.19 in 2010
$16,000.00 in 1967 had the same buying power as $106,591.61 in 2011.

duder2

For a minute I thought this was the Burn After Reading house John Malkovich lived in, but that's a few blocks away.

brooklynRick

that was in DC, georgtown

duder2

That's where the movie took place not where it was filmed.

Burn After Reading house: http://tinyurl.com/5wyhf9f
State St. House: http://tinyurl.com/6jpx69t

They painted the entranceway, took out the fence and added a brick facade to the parking spot.

TeddyNYC

It makes you wonder if we'll ever hear a conversation like this:

Person 1: Remember when these brownstones sold for millions of dollars?

Person 2: Yeah, I remember. Now, you're lucky to get 100K for one.

If history has taught us anything, it's nothing good lasts forever.

Freddie Ja

doesn't it get boring constantly complaining about how crime ridden neighborhoods are good and relatively safe neighborhoods are bad?

PFOOMA

Why the HELL would you wait until you are 89 years old?

Elderta2

Because it was her home.

Gwinny

89 years YOUNG, thanks very much!

GentleGiant

How is Dallas BBQ a sign of gentrification?

da_phonz

I know, what's that all about? Their frozen margaritas are the bomb.

whatidsay

If you stick around long enough, it pays off. I know someone who sold a house IN Brooklyn Heights for $3.2 mil that the family had originally bought for $9k in 1954 35,555% percent profit.