Heads up, Bed-Stuy. Babs is coming. The Real Deal reports that the One Woman Gentrification Machine has bought a three-story building at 408 Stuyvesant Avenue in the Stuyvesant Heights Historic District for $1.4 million. This is a $700,000 PriceChop from the original $2.1 million asking price in the heady days of late 2006. The original buyer picked it up for a mere $499,500 in August 2005. The building is configured with six units, so one can assume that Babs will be renting it out. What will it mean to Bed-Stuy? Well, it'll probably generate a whole bunch of stories about Stuyvesant Avenue and, perhaps, forestall further PriceChopping on other properties. Or not. Babs owns a dozen properties in Manhattan, Brooklyn and the Bronx, and none is perhaps more famous than her Red Hook building, which was the hook for dozens of Red Hook Heat stories. Not to mention other Red Hook Degentrification stories when it took two years and a bunch of RentChops to fill up.
· Barbara Corcoran buys $1.4M Bed-Stuy townhouse [TRD]
· HOTD: Price Cut at 408 Stuyvesant Avenue (Again) [Brownstoner]
· Stuyvesant Avenue, Sold [Corcoran]