Monday, October 20, 2014

Condos Keep Converting: 181 Park Place, #3




When you close on a 5-story brownstone in prime Prospect Heights in 2013 for just over $1.8M and list just one of the condos on 2 floors for even more than $1.85M, you know you're in a hot market.  That's exactly how it's going down on 181 Park Place, #3.  Sure, buying it for $1.8M and flipping it right back for $2.99M didn't quite work, but we think the condo conversion will.  It was adorable to see would-be developers pull out their crayons and draw pro-formas on this place just over two years ago, back when the owner would've let it go around $1.5M and nobody wanted to pay a penny over $1.25M.  But now that it's obviously hotter than hot in Brooklyn right now, guess how much comparable off-market SRO shells are going for?  $2.7M a piece, like 218-220 Park Place last month!

No pics yet for the condo, but the floor plan shows a duplex with a private roof deck.  For all those that say nobody will pay this price for a 4-floor walk up, just watch 'em...



And don't act like $1,000+/sqft hasn't happened over here before.  And don't act like the same broker didn't just move a similar brownstone conversion for some $1M/floor just across Flatbush at 777 Carroll Street.  It's not what people wanna hear, but it is what's going on it the streets.  We ain't over here "touting" jack, despite what people might claim.  We're just telling it like it is.  Prices like these ain't pretty for buyers, but still a value over comparable product in Manhattan or "better" parts of Brooklyn.  Sometimes you just gotta say "wow".

Would-be developers take heed.  Sleep on off-market 5-story estate-type sales around $500/sqft at your own peril.

Pro's:  prime renovated Prospect Heights duplex condo with private roof deck, not a 50+ unit building

Con's:  certainly ain't cheap, no pics yet, it is a four-floor walk-up, quality reno or not?

Ideally:  a valuable lesson for some and a buy for others.  Certainly too rich for our blood, though.  Maybe this is why Bed-Stuy gems go for this price now?


Wednesday, October 15, 2014

Bed-Stuy Open House this Sunday: Chauncey Street on Park Block




Available exclusively on HomeCanvasr.com, it's a totally renovated 3-story brownstone on Chauncey Street directly across from the park.  Do the prices off the Nostrand Avenue subway stop have you down?  Well, sit on the train one stop further and get off at Utica!  Crazy concept, we know, but many of the houses over here are even nicer.  Local Bed-Stuy extraordinaire Morgan Munsey points out that Stuyvesant Heights was the second district in all of Brooklyn to become landmarked - shortly behind Brooklyn Heights - back in the 1970's.  Yup, before half you Bed-Stuy haters were even born, people were loving up on this architecture from the historic house hey-day of 1870's to 1900's.

Cue this house from circa 1899, a brownstone that's 3 stories at 19.5' x 45'.  Original details meet modern upgrades in what we're told is a legal 3-Family used as a single-family.  With 2 kitchens still intact, it could easily be used an upper duplex and garden rental...









The deck out to the backyard...




And the parlor that folks look for in these hundred year old homes...






If you're looking for an alternative to 336 Hancock Street, this could be it.

Wood details, orginal mantles, parquet floors, shutters, exposed brick... park & express train right outside your door.  No wonder people come here instead of condos in Manhattan (or other parts of Brooklyn) for $1.5M+.  With an asking price of $1.6M and no big broker's commission on the scene (as of yet), this house is just what dozens of buyers have been looking for.  Who needs REBNY to tax the transaction?  With 3 bedrooms and 2.5 baths, plus a "finished functioning basement" - this is still condo-alternative pricing in this new wave Brooklyn.  Open house by appointment this Sunday, October 19th from 1pm to 2pm.  To register, e-mail steven@homecanvasr.com

If the "median" town home price in Bed-Stuy is truly $1.85M, then this is a steal, y'all!



Pro's: prime time Stuyvesant Heights "3-Family", across from the park & A train, totally renovated with modern upgrades and original details, easily converted for more rental income, 

Con's:  not the fanciest pics, 3 stories instead of 4, not everyone's taste, "Utica is too far" rings hallow but will still be heard, set up as single-family currently, no address for the looky-loo's

Ideally:  happy medium in this market, and with an open house this weekend, it's easy to go see for yourself.


Monday, October 13, 2014

Sneak Peek at Prime Crown Heights Passive House Renovation Rentals: 583 Lincoln Place





Was it really 2 years ago that we were doing this off-market deal at 583 Lincoln Place with Platinum Members and one of our favorite local brokers Celeste Moses?  Boy, time flies when you're running laps around the traditional retail industry!  Now this passive house renovation is wrapping up, Franklin Avenue has blown up bigger & faster than anyone could've imagined, and these prime time Crown Heights rentals are almost ready for their close-up,  poised to fly off the shelves like hot cakes.  The owner gave us a sneak peek last week before the open house this weekend for the two rentals available for November 1st.  The facade cleaned up totally nice...




This huge corner building is located just steps off Franklin Avenue, and a few blocks from the 2/3/4/5 trains, and makes a great alternative to the likes of 341 Eastern Parkway.  When your neighbors are renting studios for over $2,000-$2,200/month on a regular you basis, you know you're in a hot rental market.  The upcoming rentals at 583 Lincoln Place include a 2BR and a 1BR with private roof deck...




There is common laundry in the basement as well as bike storage.  But these aren't just any rentals.  The owner walked us through some of the unique design aspects of the house.  There is a common roof deck that's green, where the owner tells us tenants can pick kale off their organic rooftop farm maintained by the owner.  A rain water collector irrigates all of the plants on the ground level. The building has been completely renovated with energy-friendly features such as solar panels on the roof that provide 80% of the energy for the hot water system (supplemented by a gas powered system)...




The owner raves, "The great thing about this was that after all of the rebates and tax incentives, the solar system was only a few thousand dollars to add on top of the gas system, which pays for itself in 5 years, and after that 80% of the hot water for the whole house is provided by the sun!"  Other "green" features include the air-tight passive house construction, which lowers energy loss and energy bills.  We're no experts, but from what everyone tells us, these passive houses really breathe.  The owner tells us 90% of energy is recovered through air exchange in the ventilation system.  So you're not "heating the whole neighborhood" like pops used to tell you not to.  The entire house has a water filtration system.  The insulation - one made of a plant-based biodegradable material - also provides extra sound-proofing from outside noise pollution.  There is an emergency back-up generator for electric power.  The European "tilt & turn" windows are sleek, stylish, versatile, and easy to use.  Mitsubishi mini-split heating and cooling systems provide comfortable temperature control while the building maintains its temperature more easily anyways.

And while the fixtures and finishes aren't totally complete yet, it's almost there.  Hand-made tile from the Dominican Republic in the bathroom for that Spanish flare...




Modern kitchens (with countertops and backsplash coming in this week)...








South, east, and west exposures on the corners...












Even if you're not weak in the knees for any of the eco-friendly features of this place, the house speaks for itself on the feel, location, and quality of the renovation alone.  The rest is just gravy!  Throw in competitive pricing with what else is going on in the neighborhood, and you've got a recipe for happy landlord and tenants.


Pro's:  curb appeal, size, location, tons of bells & whistles for the eco-conscious and the purely self-conscious, not a huge building with no soul, common roof deck - laundry - and bike storage, great alternative to 341 Eastern Parkway

Con's:  there's only 2 available, rents ain't cheap over here, this ain't your father's Crown Heights - or even last year's Crown Heights!

Ideally:  after a lot of work, this flagship passive house renovation is finally spreading its wings


Sunday, October 12, 2014

Closings of Note: The 4 Horsemen





With real estate headlines that include 86% price leaps in one year for townhomes in "emerging" Brooklyn neighborhoods, putting the "median sale price" at $1.85M, you can only imagine that the Chicken Littles are certain this is the next sign of the apocalypse.  Readers of such pieces continue to list their first wave explanations for how this pricing could be possible.  That's right, while we still get e-mails just this week from folks looking to purchase a house no further than 9th Street and east of 3rd Avenue in "Park Slope/Gowanus" for $1.5M with financing, the median sale price of homes in less-coveted areas from Bed-Stuy, Crown Heights, Lefferts, and Bushwick (let's call them the 4 horseman!) is supposedly $1.85M.  But instead of averages and medians in reports from Corcoran, or individual buyers pulling a number out of thin air for their favorite neighborhood, let's take a walk through some of these areas and see what the case-by-case numbers are really like...





Whoa!  No wonder it's hard to find a house north of 9th Street that's under $1.5M, even the jokers at this local brokerage managed to get $2.5M for this tiny house on 16th Street.  Asking $2.195M, this renovated 2-Fam at 346 16th Street had a cute yard, central A/C, and a Home Expo interior.  Just 3 stories, not 4, but close to the park.  A buyer from the Upper East Side zoomed by the asking price and closed last month for $2.5M.




The coveted stretch of South Elliot in Fort Greene is precisely one block long, so it's no wonder houses there are hard to come by.  This estate sale at 23 South Elliott closed last month to a buyer from the West Village for $2.2M.  It takes a lot of cash to pull it off, and a lot of cash to finish the renovation, but this is a relative steal for the area.




But Clinton Hill can play over $2M too!  The peanut gallery reluctantly acknowledged that 22 Lefferts Place was a "relative value" at its asking price of $1.9M, and some expected it to go for more.  Alas, Manhattan buyers closed on it in August for $2.125M.





But Prospect Lefferts Garden can play over $2M too!  94 Midwood Street, a "mere" single family, stunning, with a lot of yard, driveway and garages!  Closed for $2.25M last month.





Speaking of Manhattan buyers, Park Slope's 145 Berkeley Place sells to some last month for $3.45M.  Corcoran.com says they have 5 more just like this, and Platinum Members are scoping out a handful of homes just like this pre-market in this pricepoint on these blocks in Park Slope and Prospect Heights that you won't find on Corcoran.com.





Over in Crown Heights, Platinum Members got the early lead back in May on this neat little 2-Family at 858 Lincoln Place from a local broker.  A buyer from Prospect Heights closed on it last month for $1.2M.  A great purchase compared to what the big brokers are getting on this very block.  And a far cry from a "median sale price of $1.85M".






Case in point, 814 Lincoln Place listed for $1.35M this summer and a buyer from Manhattan closed last month for $1.5M.  It wasn't long ago that more finished 4-stories in this row like 852 Park Place were going for $1.5M.  At the broker's open for 814, Platinum Members complained to us about the extremely short yard and said, "The house is great, 'but'....  There's always a 'but'..."  Even the NYTimes knows about "buts":




Trust that we here at BKTTF are no strangers to "buts".  Maybe a $1.5M sale like this on east of Nostrand in Crown Heights is why that $1.5M "Park Slope/Gowanus" search is so elusive.  Or why people can rarely this kind of pricing on Franklin Avenue.






Also in Crown Heights, 681 Franklin Avenue is a mixed-use building that sold for $1.4M last month.  Now this 3BR/1 bath rental wants $3,800/month.





$1.5M in "Park Slope/Gowanus"??  Try over $1.5M in Lefferts!  181 Fenimore Street is a cute 3-story barrel front that listed for $1.495M and closed for $1.545M last month to buyers from the East Village.  And these folks are no dummies either; we're talking Harvard Business School, y'all!  You think those are the fools rushing into some real estate bubble?  Or are they just buying the dopest house in Brooklyn that their budget and search could yield?  It's funny when renters in Brooklyn Heights think they can't go past 9th Street in Park Slope, but folks from Manhattan are cool with Lefferts.  Oh, when will you myopic upper class ever learn?  They call us telling them the truth a "schtick" - we call it "the truth".






$1.5M in "Park Slope/Gowanus"??  Try the Clinton Hill/Bed-Stuy border!  419A Classon Avenue listed for $1.5M and closed last month for $1.45M.  Super generic, and not what most people have in mind.  But then again, it is a better pricepoint than neighbors who spent $1.85M-$2M+ for narrower finished houses.






$1.5M in  "Park Slope/Gowanus"??  Try $1.5M mortgage on a $1.875M purchase in Lefferts, made by buyers coming from Park Slope!  This 3-story single-family at 190 Maple Street closed last month.  Sure cleans up nice, but that's a big number, and no rental income.  This is where Corcoran must be pulling their "median" sale price of $1.85M for these areas, no?





Or, for more of a deal, slide further towards Flatbush to 1 Parkside Court where a fixer-upper closed for right around a million.  On Platinum Member radar for over a year, the aggressive flippers got to it before we could, cleaned it out, brought it to the retail market, and made a pretty penny for their risk and effort.





$1.5M in "Park Slope/Gowanus"??  Try Ditmas, where Manhattan buyers took down 229 Stratford Road last month.  Platinum Members renting in Brooklyn with high-brow businesses in Manhattan asked us just yesterday if buyers from Manhattan are really part of the Brooklyn real estate story.  The sales don't lie.





Speaking of Mahattan buyers... listed for $2.95M, closed for $3.5M last month, 305 Cumberland Street is a frame house with the sickest, most stylish renovation.  Views ripped from the headlines of an interior design magazine, this is how you ball out in Brooklyn.  It didn't quite sell for what Jenna's house sold for a few years ago, but this is the stuff Brooklyn real estate porn is made of... especially for a frame house.  And while the price will shock most, there are $5M apartments in Manhattan jealous of these interiors.  But don't despair.  Fort Greene isn't the only place where stunning renovations get a 3-handle on them.  We can't wait to show you this month who's bringing that number east of Classon Avenue with style.





Who's selling you a house in Park Slope/Gowanus for $1.5M when Bed-Stuy gets $1.85M?  290 Jefferson Avenue closed in August for full asking price to buyers from the Upper West Side.  Noticing a pattern, anyone?


Thursday, October 9, 2014

Platinum Members in Contract on Prime Crown Heights Gem: 711 Sterling Place





Don't try this on your StreetEasy, y'all!!  But Platinum Members just fully executed contract on one of Crown Heights' juiciest buy & hold gems.  This spot is just steps from what many have hailed as God's gift to brownstone Brooklyn gentrification, Franklin Avenue.  You know, the location that has everything the conk-ya-over-the-head-obvious renters, buyers, and frequenters of the neighborhood can get their heads around.  From Barboncino, to Chavela's, to Franklin Park, to the new Starbucks, to the wine shop, to Bob & Betty's, to the cheese monger spot, to Roscoe's, to Mayfield, to Centi Anni, to Berg'n, to the Crabby Shack, to multiple Indian and Carribean food spots, independent coffee shops, yoga studios, 2/3/4/5/S trains, yoga studios, and what-have-you.... all on Franklin Avenue.  There's even a new "Sweets & Treats" spot on this very corner for yours truly, "Snacks Jackson"

Yes, 711 Sterling Place is a huge 20' x 70' building with 3BR apartments that was asking well over $2M and is now in contract well under $2M.  Cry-baby "investors" sitting back at home always need you to pencil the math for them as if they've never multiplied 3 numbers together before, so let's oblige.  20 feet wide x 70 feet deep x 4 stories stories equals.... (drum roll, please)  5,600 square feet. 

"Wait, you're buying a building at almost $300 a square foot on the same street where condos 2 blocks west are selling for $900/sqft??"   That's right!  Read 'em & weep.

 "Wait, but that's only 5,600 square feet GROSS, you'll have loss factor for hallways, etc, so you won't NET that many feet," the investors will say.  Yeah?  No, sh*t, Sherlock.  Even then, you're still looking at over 1,000 sqft net on each floor!  But they don't hear us though.  And we can't wait to show you another pre-market comp of what the rental market right around the corner is capable of on another Platinum Member pick-up that's putting the finishing touches on as we speak.  The genius of a play like 711 is that you don't have to be an all-out cash machine to acquire it, it will cash flow on day 1 even with attractive financing, and the condo conversion can come when the market is even more ripe than it is now.  No, this is not an all-out steal, but it is definitely a DEAL, especially with comps in worse locations and in worse condition going for the same price, such as 1319 Bedford Avenue for $1.7M cash or 72 Herkimer Street in contract for $1.8M cash.  To get 711 Sterling Place with financing is an amazing pick-up, and an upper-cut of reality to the steady stream of Johnny-Come-Lately's that reach out to us asking for Franklin Avenue for a million.  Even the plots of dirt on Franklin Avenue sell for over a million now.  So you know we're loving 7-11.





"So, are you gonna put a roof deck on it and duplex the garden apartment with the basement?"  Uh, duh!  Doesn't everyone??  This is "development", not rocket science, people!  711 Sterling Place, also named "Stella" on the facade above the entry, has a decent curb appeal with its half-bow curve to the front and white-on-gray look to it.  The cute red Vespa out front in these pics is just added flare...






"But what if the rents don't keep going up and up and up forever??  This market has to cool off at some point, doesn't it?!?"  Sure, it does, Chicken Little.  But this isn't speculation.  This place is bank at today's rents, and even yesterday's rents, but we're happy to take a look if you think you have any shred of data that says this market is slowing down, stopping, or retracing.  When people are paying $2,200+ for studios on the same street AND right around the corner, and others are paying $1,600+/BR on the same street, does a building that makes bank at $1,200/BR sound attractive to you?? 

We've got no pics of the inside of 711 for now, unfortch', but rest assured we wouldn't be touching this deal if it weren't worth its weight.  Platinum Members are usually even more chicken than we are, so when we get the call to team up with them, our answer is usually, "We'll do any deal the bank will let us do."  And to that end, we bring you Stella!





Pro's:  size, curb appeal, location, condition, 3BR's on the floorplate, delivered vacant, totally free-market apts, killer rental income & condo potential, happened below asking price, happened almost off-market, didn't take all-cash to do it, the size of an 8-Fam with the flexibility of a FM 4-Fam

Con's:  no pics of the interior, cry-baby so-called investors always find something to hate on even when it's obvi the hands-down best of breed deal in town

Ideally:  whether you call it $900K a floor on sell out or $3,600 minimum a floor on rental, we call it a golden pick-up that didn't take all-cash in a prime-time location.


Sunday, October 5, 2014

Topics: Reminder





'All buyers with Alzheimer's, line up please...'  We've got it if you need it, a reminder.  Before any one data point in NYC real estate blows your mind, let's remember what city we're dealing with here in Brooklyn in the first place.  This week we're reminded how baller this city really is, as NYC tops the Forbes list with over 50 billionaires.  It's not like this is anything new.  And don't forget this city's got 7,000+ folks with $30M+ net worth.  "Men lie, women lie, numbers don't..."  So do we still get to pretend like historic townhomes in Bed-Stuy setting records above $2M are a surprise?  NYTimes says Manhattan luxury condos are "dialing it down" with fewer $10M+ condos hitting the market.  And you're still surprised that Fort Greene townhomes are $3M+ now instead of $2M+?

Well, one Fort Greene resident who claims to be hip to the market certainly is surprised.  They texted us out of the blue yesterday looking for a move-in ready town home in Fort Greene with a rental for ~$2M.  That type of deal hasn't happened consistently on the market for over a year, and just this week Platinum Members were excited to have an accepted offer on an off-market fixer-upper in Fort Greene for over 25% more than that.  The would-be buyer complained to us, "Yes, developers and corporations are not making it easy for families that want to stay in the neighborhood."  Which is a great sound bite that gets the empathetic & populist juices flowing, but when you work as a 'Global Business Development Manager' for a $69 Billion multi-national corporation, and you are among the upper 1% of wealth in the richest country in the world... pleas for what is and isn't "easy for families" might fall on deaf ears.

You can't play cut-throat, 'big bank take little bank' capitalism by day and then come home looking for sympathy and special treatment "for families" by night; as poet, activist, and all-around bad-ass Grace Paley pointed out in her poem, "The Hard-Hearted Rich"...




As we all know, there are certainly many families that the economic realities in places like Fort Greene are much harder on than the plight of the upper 1%.  We've documented what $2M gets you in & around town, and it is oh-so-rarely a move-in ready house in Fort Greene with 20% downpayment.  And if one such property were to hit the open market, it could easily be bid up higher than $3M by dozens of buyers.  Just ask the owners (or the dozen plus losing bidders) on 252 Carlton Avenue.  It's cute to say you're trying to make it easy on families when what you're really trying to do is buy someone else's $3M asset for just $2M.  Who wins there?  And it's cute to pay lip service to romanticized notions of "staying in the neighborhood", but when you buy someone else's house from them, it necessarily creates someone who now doesn't get to stay in the neighborhood anymore.  So, as they say, it is what it is.  And as we've said before, if you don't like the prices at the $12 cocktail bar, then kindly exit the $12 cocktail bar.  But let's not forget what a rarefied place the $12 cocktail bar is in the first place.  We're living in a city with "the only mayonnaise store on the PLANET!!!"...




We're living in a city where just a few blocks up from that very mayonnaise store, parents with 8-figure bank accounts are buying starter apartments for their kids for over half a millie all cash.  We're living in a city where real estate brokers who have sold hundreds of millions of dollars worth of real estate still miraculously don't know what 2BR apartments rent or sell for.  We're living in a city where computer programmers with 6-figure salaries get 7-figure bonuses from their hedge-funds and buy fixer-upper houses for well over $1M cash.  We're living in a city where some hedge-funds won't even take a meeting with you about managing your money unless you're bringing $25M+ worth of assets under management over to them.  We're living in a city where clowns routinely pay more for bottle service in one night at a club than most American families earn in a month or two.  We're living in a city where celebs with $2M+ cash ask us to help them knock the price of their home inspection down a few hundred dollars on a $3M off-market purchase.  We're living in a city where millionaire movie producers and their big brokers beg us for an off-market showing for weeks, then cancel the showing at the last-minute claiming their "work dictates their schedule."  As we told them, indeed, work dictates the schedule of you and the other 7 billion of us here on mother Earth.  Sometimes these people need a reminder.  Whether they are the hard-hearted rich, the broke-ass rich, the 'think I must be the only person in town who's' rich, or whatever variety of rich in which they may appear.





When Starbucks comes to one of the busiest intersections in Crown Heights, it reaffirms some provincial "there goes the neighborhood" sense that Crown Heights isn't just a neighborhood, it's a movement.  But it's not a movement, it's just another dang coffee shop next to another coffee shop.  There's a Starbucks on a picturesque stretch of Bay Ridge (which looks like the West Village compared to Franklin Avenue) and you don't see anybody losing their minds over that.  It's just a $5 coffee, in case you needed a reminder.  Lines of people at Ample Hills (across from the mayonnaise store) would have you thinking that they invented the ice creamBerg'n in Crown Heights is great & all, but some people have complained to us that it's just a stylized square box that serves beer and has 4 food places already frequented in truck form, not some "food incubator" that fell from the creative heavens.  But others saw us eating Mighty Quinn's wings there and said, "I want to move to this neighborhood just for the wings."  Brooklynites are simultaneously so starved for certain amenities that even the simplest pleasures (available in suburban locales nationwide) are treated like God's gift to artisanal inventiveness, and yet so myopic they think they can curate everything down to what precise block is suitable for them and decide what price they and only they should be expected to pay for it.  Another case of NYC having its head in its own sand.






Yes, Brooklyn exceptionalism runs rampant in this town.  People "priced out" of the Upper West Side sell their $4M condo and flee to the relatively friendlier confines of Fort Greene.  If they want a house in Fort Greene and can afford to pay more than $2M, then those houses will cost more than $2M.  And they've got families too, in case you needed a reminder.  What most people pay for rent on one place in Fort Greene is the mortgage on handfuls of homes combined where we come from, in case you needed a reminder.  So it's all relative.  People pay more for homes in Bed-Stuy than other people think they're worth, while the latter complain about "the schools!"  Those buyers have kids and care about their schools too, in case you needed a reminder.  And the same way buyers want to get as much as they can, so do sellers, and so do brokers, and so do "investors".  So just remember you're not the only one who likes good food, good schools, light & air, safety, access to transportation, parks, etc. who finds yourself navigating a treacherous urban & economic jungle here in New York.  It's hard out here, even for the millionaires.


Friday, October 3, 2014

Clinton Hill Loft with Private Roof Deck: 105 Lexington Avenue, #4G




[Note:  Open house pushed back one week]

New to HomeCanvasr.com, it's a huge stylish duplex loft condo in Clinton Hill asking $1.45M.  105 Lexington Avenue, #4G, originally billed as a 3-bedroom upon conversion, functions nicely as a true 2BR, with office/den, with 2 full bathrooms.  Weighing in at some 1,600 square feet, with a small private balcony off the living room, and glass doors out onto the huge 600 square foot private roof deck, this is Clinton Hill's answer to a Williamsburg loft or Prospect Heights' Newswalk building.  Easy to come see with an open house on Saturday October 25th from noon to 1:30pm.  The pictures alone had us at "Hello"...






This ain't staging, people.  This is the real apartment.  For those "off the rack" buyers, the owners say they'll even throw some of the furniture in for the right price, because they're relocating.  One buyer even told us the furniture looks better in person than in the photos, which is pretty hard to do with pics as fancy as these...










Each bedroom is on its own floor, and another set of stairs lead from the 2nd floor to the roof deck, giving the apartment not only a duplex, but a triplex feel to it.  Light comes in from north and eastern exposures on this corner unit and fills the ~16' high ceilings.  The owners cut a nifty frosty-glass window into the upper bed room to let even more light & air in.  The bedrooms are both well-sized.






The building at 105 Lexington Avenue has 2 common roof decks, but the owners of this unit say they never use those, and prefer to opt for their own private roof deck...





Where they catch pretty epic views throughout the day...









Modern kitchen and baths updated during the conversion...









The building has an elevator, a bike storage room just inside the entrance, a private storage unit, and a gym.  The building is pet-friendly, has relatively low common charges of $625/month, is tax abated until 2025 at just under $100/month.  This is the happiest medium between boudgie living and relative-affordability as huge Brooklyn lofts go.  Newswalk condos go for over $1.75M on a regular basis, have maintenance of $1,500+/month, and no private roof deck.  Here you get all the amenities without the costs of a doorman, etc.  Asking under $950/sqft, 105 Lexington Avenue, #4G is flagship condo living that makes $1,200/sqft Williamsburg boxes jealous.  For Brooklyn balling on a budget... you've come to the right place.  500 apartments sold in Manhattan last year for $1.5M or more, and few of them could hold a candle to this for even twice the price.


Pro's:  enormous sunny duplex condo with 2 private outdoor spaces, super stylish, under $950/sqft, low fees & tax abatement, no big brokers' commission on the case for now, true 2BR/2 bath, upcoming open house

Con's:  certainly not in everyone's budget, some people call this "Bed-Stuy", no rental income, the days of townhomes over here for this price are long-gone

Ideally:  flagship loft condo product that's a great fit for dozens of buyers in this market