Wednesday, August 10, 2011

HUGE Corner Opportunity: 71 Irving Place

Clinton Hill is on the move, and we've covered a handful of great buying opportunities in the neighborhood. Today's pick is very similar to ones we've seen before, but has lots of other things going for it. 71 Irving Place is a hefty 5,000 sqft brick building on the corner of Irving Place and Putnam, around the corner from the lovably uber-hip Fulton Grand. It's about equidistant from the the Franklin and Clinton-Washington stops on the C. The property was listed for $1.195M at the beginning of June 2011, and quickly dropped to its current offering price of $975K in just about 2 weeks. Unlike many of the other renovation opportunities on these blocks, 71 Irving Place is NOT an SRO and will be delivered vacant. There's huge upside there simply in the certainty. What is daunting is the $500K+ renovation the agent tells us is in order, but this is also a much larger place than you typically get for this kind of money. Unlike lots of corner buildings, this one's covered with windows. (Norah Jones, we're lookin' at you!)

Pro's: corner lot, 5000 sqft, curb appeal, up & coming area, close to the train (especially as Clinton Hill often goes), not an SRO, delivered vacant, windows everywhere

Con's: total gut renovation in order, probably impossible to finance

Ideally: if you've got the funds, this is one of the best unfettered plays out there.

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