Saturday, December 18, 2010

In Contract SRO: 280 Park Place

On one of our favorite tree-lined blocks in Prospect Heights comes 280 Park Place. When you're right next to Prospect Park, around the corner from the ever-more-awesome Vanderbilt Avenue, and on one of the most stately blocks around - that's gold, Jerry!

The bottom two floors are a huge 20' x 72'. The SRO status is what's killing the price here, because the condition looks great with lots of original wood details:

There's been lots of activity on this block recently in this price range, including right next door. 282 Park Place closed for $1.8M on 4/28/10. But don't even get us started on that lovely estate sale that just closed on the other side of Vanderbilt. We never even saw it hit the market, but 209 Prospect Place closed for $1M on 9/2/10. According to Zillow, this listing for 280 Park Place was removed in the spring of 2010 after first hitting the market on 8/25/2009. And it's still sitting in contract?

We're not sure if a condo conversion is the best play, as the listing indicates. And whether or not they can provide a Certificate of Non-Harassment is huge too. Throw some Norah Jones windows on the unattached side, and you're in business!

Pro's: delivered vacant, size, proximity to park, trains, and amenities, great block, condition looks great compared to most SRO's

Con's: curb appeal compared to rest of block, priced like a non-SRO, time and money needed to change SRO status

Ideally: can't wait to see what it closes for. Could be a great buy if played right, but too rich for our blood.

1 comment: