Hottest Property: 760 Eastern Parkway

Thursday June 13, 2013 9:40 PM - 11 Comments

770-eastern-parkwayNew York - What is the hottest real estate property in New York? No, it’s not a penthouse overlooking the Statue of Liberty, nor is it a luxury building with a panoramic view of Central Park. In fact, the most wanted house in New York is not even located in Manhattan.

In order to reach the property, you’ll have to take the subway and travel for at least 30 minutes to Crown Heights, Brooklyn. Once you arrive at the house, you may be disappointed: The building, built with red bricks, is not very impressive and is more than 100 years old.

So why are people ready to pay an exorbitant price to get their hands on the keys? Because of the neighbor.

The house is located just several meters from the home of the Lubavitcher Rebbe, Rabbi Menachem Mendel Schneerson, who was the seventh rebbe of the Chabad-Lubavitch movement.

The property’s address, 760 Eastern Parkway, is just a few seconds walk from the address potential buyers are really after: 770 Eastern Parkway, the Chabad-Lubavitch central headquarters. 19 years after the Lubavitcher Rebbe’s death, the house serves as a Chabad library and study center.

Rabbi Meir Itkin lived in the adjacent residence for 50 years with his large family. Itkin was considered a well-known and popular figure in Crown Heights. He died in 2007 at the advanced age of 96, and his heirs recently decided to sell his home.

The timing of the sale is likely not accidental: Soaring apartment prices are driving more and more residents away from Manhattan, and after Williamsburg and Park Slope have become expensive too - Crown Heights, home to a large Jewish community, has turned into a desirable neighborhood.

Rumors that the property next to the Lubavitcher Rebbe’s home is up for sale has spread like wildfire. “I have been in this field for many years, I’ve seen quite a few interesting and sought after deals, and yet I find it difficult to recall a property which created such a buzz in the real estate world,” says Shoshana Tal, a real estate agent handling the sale.

“I have received a huge amount of appeals, including phone calls from Australia, South Africa and Israel,” she adds. “Everyone wants this house, and this house only. They’re not looking for anything else. Seventy percent of the potential buyers are religious and they all feel a special connection to the rabbi and want to be the happy owners of this unique property.”

The two-story house, which has dwelling accommodations for two separate families, was built in the early 20th century. The building has a square footage of 3,416 and includes a large backyard, eight bedrooms and basements.

So how much will it cost you?

According to New York real estate websites, the current market value is around $800,000. Tal refused to mention a sum, but clarified that “the published prices do not reflect in any way the price of a property of this kind, which reaches at least $1.5 million.”

In other words, the buyer will have to bid farewell to some $2 million, if not more.


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11 Responses to “Hottest Property: 760 Eastern Parkway”

1. Comment from True Jew
Time June 13, 2013 at 10:16 PM

No comment

2. Comment from Barbara
Time June 13, 2013 at 11:44 PM

they should get about 5 mil

3. Comment from Aaron
Time June 14, 2013 at 12:19 AM

You must be kidding! Are you serious ? You call this the hottest property ? At $2 million from a value of $800k ?

BTW it’s worth more than $800 on any other block too.

4. Comment from not impressed
Time June 14, 2013 at 12:47 AM

author of this article is completely clueless.u think a house worth 2 million is most expensive in new york?every nice house house on bedfiord avenue in flatbush costs that much.

5. Comment from what a false misleading article!
Time June 14, 2013 at 1:46 AM

The average price for a single family home, here in Flatbush, goes for around $2.1 million dollars! What she talking about? Take a walk down Ocaen Parkway, East 7th, E 8, between I & T. Are you kidding me?!

6. Comment from George
Time June 14, 2013 at 5:59 AM

I plead the fifth.

7. Comment from navon
Time June 14, 2013 at 8:23 AM

dont know why anything here is surprisng . location location location

8. Comment from chocom
Time June 14, 2013 at 9:26 AM

Maybe a neighbor still lives there.
You’ll never know.

9. Comment from Total nonsense
Time June 14, 2013 at 12:10 PM

Flatbush is clearly the most expensive neighborhood in the Country! The smallest delapitaded shack, attached both sides, no driveway, pump in front, train tracks in the back, on a bus route, no parking allowed 23 out of the 24 hours, etc… goes for a million dollars! The SHOCKING thing is, that people are still paying these prices!

10. Comment from baltimore joe
Time June 14, 2013 at 1:51 PM

770 E. PKWY is Chabad Headquarters and was not the
Rebbah’s residence

11. Comment from Arein Geshtelt in Guf
Time June 16, 2013 at 8:22 PM

770 is where the rebbah moved to after his wife’s death. He resided there until his death.

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