Thursday, February 24, 2011

A Skinny Slice of Beautiful Prospect Heights: 285 Park Place

We told you on Monday that the 2-Family game was crazy! 285 Park Place is a 17' wide limestone on beautiful, tree-lined Park Place in one of the under-appreciated neighborhoods in Brooklyn, Prospect Heights. We love these blocks. They have even more character than much of Park Slope, to us. And Vanderbilt continues to impress as a commercial avenue. Yet there's a familiar fly in the ointment: price. We don't quite see $1.6M over here for this.

A wider building like 368 Park Place couldn't fetch this much before the crash - and that was with Corcoran!

We like that they call out the layout of the owner's triplex and its rent of $4,500/month. But that also means it's rented. Unless that's month to month with the understanding that the owner's moving in upon sale, who's dropping 20% cash over here ($320K) to take over a garden 1BR?

Don't get me wrong, the pics inside have something to be proud of:

But ultimately feel kinda narrow & oddly shaped compared to what else this kind of money can get you. As we noted yesterday, the likes of 82 Butler Street and 645 Baltic Street.

There's some great wood details in here, but we might mosey on over to the recently-reduced 407 Sterling Place for a better hunk of building.

From what we can tell, the owner should be sitting on mostly equity, so don't let this crazy price fool ya. Get in there and get yourself a decent house!

Pro's: location, tree-lined street, close to the park, deep yard, great wood details on the interior

Con's: curb appeal is a toss-up to us, narrow 17' wide, price, would-be owner's duplex is rented out

Ideally: the triplex is month to month and there's a move to be made much lower.

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