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How on Earth Did This Love Lane Mews Pad Just Sell for $4.3M?

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This 1,905-square-foot, four-bed, three-bath unit in the Love Lane Mews was first put on the market in 2011 for $2.965 million, but it didn't sell until almost a year later, for a much-reduced $2.275 million. This April, it was relisted for $3.495 million (so far, so good). At this point, presumably, some sort of bidding war occurred. The apartment entered contract a month later, and yesterday the sale hit public records, showing that it has sold for $4,255,511. Wait, what?

The apartment is, in all fairness, very nice, but it's not that nice. A preliminary search of Streeteasy shows that it may be the smallest condo to ever break the $4 million mark in Brooklyn, by a significant margin. To put things in perspective, it fetched $2,233 per square foot, which would make it the second most expensive per square foot condo sale ever in the borough, trailing only the penthouse in Dumbo's Clocktower, which went for $2,431 per square foot in 2008. It does not appear that another Brooklyn condo has gotten over $2,000 per square foot since.

So... yeah, we have no idea either. But this might not be a bad time for the other owners in Love Lane Mews to test the waters.

UPDATE: According to the listing's brokers at TOWN, the square footage listed on Streeteasy is incorrect, for reasons unknown. The apartment is actually 2,470 square feet, which means that it really went for $1,723 per square foot... which is still completely ridiculous.

· Love Lane Mews coverage [Curbed]
· 9 College Place #1E [Streeteasy]

9 College Place

9 College Place, Brooklyn, NY