Sunday, December 19, 2010

Huge 4-Family Relisted in Outer Clinton Hill: 347 Greene Avenue

We first noticed this listing last fall when it was going for $1.495M (with Brown Harris Stevens, according to Street Easy). Now 347 Greene Avenue has been relisted for about a month at $1.64M. This huge, 25' wide 4-Family brick building is 65' deep providing a huge floorplate that can fit 4BR's and 1.5 bathrooms. The layout and photos from the previous listing indicate this is fitting that much per floor is very do-able:

(photos to small to include)

The old listing says the rentals were getting a very believable $2,700/each, which puts the gross rental income for this place above $10,000/month. That would justify its original list price, but not this one. The location is pushing it a bit too. The block is a little odd. There are Pratt student rentals for sure, but the trains and amenities aren't all that. The little garden next door is a nice touch. The construction project on the other side is probably finished. Who can argue with 8,000+ sqft?

If 312 Greene could ever consider $1.5M, this place certainly might fetch close to that.

Pro's: huge size, 4BR rentals, more than 1 bath per apartment, rental income potential

Con's: off the beaten path, what's with the price jump?, what's going on on that block?

Ideally: there's something to justify this price leap, but we're not seeing it.

1 comment:

  1. Things are headed in the wrong direction here, as the listing that couldn't sell for $1.5M over a year ago, or for $1.64M the past few months, just increased its price by $100K yesterday.