Thursday, October 14, 2010

Quiet Block in the Heart of It All: 472 Carlton Avenue

472 Carlton Avenue is one of many 3-Family brick rowhouses all built in 1996 on this stretch of Carlton and Cumberland just north of Atlantic Avenue. We'd like to offer a more original listing than another selection from Corcoran, but it's hard to seperate the wheat from the chaff in this Wild West environment. There are so many dead or not-contactable listings, it's hard to analyze them with a straight face. Corcoran finally just added a few pictures to this listing, as we've come to expect from them. As expected from newer construction, there's a nice clean space inside to work with.

We can't find any comparable sales in this row of buildings recently. Maybe someone more savvy than us could fill that in. There's pretty clear upsides to a place like this. Although often generic in style, new construction has way fewer maintenance issues than these hundred year old buildings running around with old pipes and electric. Likewise, the layout and use of space is usually better in these modern buildings, without completely losing that rowhouse feel. Buildings just like this, with 3BR rentals, have closed for $1.34M in East Harlem.

Some buyers will have hesitation being this close to Atlantic Avenue and the project across the street. Although that doesn't stop houses on Lafayette and Washington Avenues, there's a more of a barren feel in this pocket between Fort Greene and Clinton Hill. However, maybe one could see this as a great play, a quiet little block just within striking distance of so much. Atlantic terminal, the stadium, Brooklyn flea, the nicest stretches of Fulton and DeKalb and Vanderbuilt are all within reach.

Pro's: new construction, interior condition, low upkeep needed, 2BR rentals with great rental potential, fair curb appeal, location

Con's: cookie-cutter feel to this row of identical houses, projects across the street, not a neighborhoody feel, proximity to Atlantic ave?

Ideally: This asking price is totally legit, although it'll have to come down. With the way things are selling, this shouldn't last long. It will be a good buy for someone for whom the pro's outweight the con's.


  1. The price was dropped to $1.075M a few weeks ago. A steady decline since orginally opening at $1.15M and re-listing a few months later at $1.1M with photos.

  2. According to the listing, this property is now in contract.

  3. Sold for its reduced list price of $1.075M: