Thursday, August 4, 2011

This "Place" is no "Avenue": 56 St. Marks Place

Despite all our attention paid to this street, especially considering the whole 96 St. Marks Avenue debacle, you think we would have noticed that one side of 5th Avenue is "St. Marks Place" while the other side is "St. Marks Avenue". Well, we just now realized this - duh!

So today we bring you another entry in the high-end category that we're not sure deserves it, 56 St. Marks Place. We like these folks over at Brooklyn Properties for giving nice pictures, an address, a layout, and some description of the place. However, $1.775M seems a tad steep for this particular place. Perhaps the sale of the high-end 57 St. Marks Avenue for $2.15M on the other side of 5th Avenue propelled this price on St. Marks Place. As $1.7M's+ go, we think the money could be better spent elsewhere. Granted, the strategic location near prime Park Slope and the Atlantic Terminal is a plus, and this block is relatively quiet for how close it is to 4th Avenue. But the space feels like a rental at times, and that's not what we wanna shoot over $1.5M for:

We'd much rather have even 706 Degraw if we're going up into these kinds of prices. 56 St. Marks is kind of off the beaten path for not much more value in price, only in so-so calibre renovation. It pays to know your St. Marks Avenue vs. Place.

Pro's: strategic location, totally turnkey, lots of bedrooms, high rental income, decent curb appeal, outdoor space, 21' wide

Con's: rental-like fixtures for this price point, not much neighborhood feel on the block, better ways to drop $1.7M+

Ideally: nothing wrong here, and fair stab at a high price, but we're not seeing it above $1.6M with what else is out there

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