Wednesday, December 8, 2010

Gone But Not Forgotten: 590 Pacific Street

How these 4-Family buildings in great neighborhoods at great prices keep slipping through our hands is beyond me... oh wait, now I remember! There's no comprehensive way to search for them. 590 Pacific Street is a great buy for someone that just closed on 11/18/10 for $1.33M and was recorded last week. Not sure how we missed this listing that originally came out on 7/14/10 for $1.4M, right about the time the blog started. The whole thing is very reminiscent of a few other great 4-Family places we missed like 440 Henry Street, 77 4th Place, and 49 Douglass Street. Depending on their original list price, some closed above asking, some closed below, but right in that $1.4-$1.5M range. We're suprised this didn't fetch that much, but perhaps lots of renovation was needed. Or there we Certificate of Occupancy issues with this being classified on Property Shark still as a "Five to Six Families". But the condition couldn't have been that bad with a reported rent roll of $120K/year.

We don't know too much about the listing agency Carolynn Di Fiore & Associates or what their website or other listings are, but we'd love for her to hit us up with the next one. The good news is that maybe some of these other pricy 4-Family's in the $1.6-$1.9M range will get religion and go for $1.5M-ish to buyers like us.

Pro's: 3,800 sqft, price, proximity to trains and amenities, "high ceilings in every apartment"

Con's: fully occupied, a little close to the Atlantic Yards situation, we didn't find it

Ideally: there'll be a way to see these great listings the second they hit the market, until then, it's an inexact science, but there will always be BK To The Fullest!

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