Tuesday, November 15, 2011

Fool Me Once: 489 6th Avenue

You know you want this gorgeous, Victorian brick 4-Family + store in Park Slope between 11th & 12th Street. You know you want a healthy 20' x 60' floor plate, weighing in at a robust 4,600+ sqft. Especially after they listed in 2009 for $2.01M and then in 2010 for $1.95M, making it to $1.89M in April 2011. You get the sense that they're finally getting closer to accepting its real price. Ahhhh, but don't let this active listing on StreetEasy for 489 6th Avenue fool ya. The dang thing just sold on 9/9/11 for $1.745M.

We were bummed to see the thing go before we could even get a proper stab at it. But, maybe it's what we should come to expect. We've already seen any number of imposters walking around like real listings. It's even more distressing when beauties like 706 Union Street re-post their listing on October 28th as active, but it's actually in contract when we talk to them the very next week. We guess it's just a case of, "...fool me twice, shame on me," in this topsy-turvy world of Brooklyn real estate. (Some prefer the more eloquent George W. version.)

As much potential as there is here on 6th Avenue, it's not like the building is a steal either. Once you get past the great exterior...

We're given only one interior picture, indicating a pretty extensive rehab...

So even if you could get a commercial loan on the thing (which requires a hefty down payment), you're probably facing another half-million or more in renovation, which is some pretty serious intial cash outlay. For that kind of money, you'd think these jokers over at Lion Head Realty would have the courtesy to update their listings. In Brooklyn? Nothing doing, sir.

Compare to something totally turnkey like the darling 158 Garfield Place that had 30 suitors in 30 days in order to see what kind of value swing that free market vs. rent stabilized can represent.

Pro's: curb appeal, location, size, mixed-use flexibility, all free market

Con's: commercial loan, hard to finance, renovation needed, ****tease listing

Ideally: as gut renos in the Slope under $400/sqft go, this is going to be a flagship property - if executed properly. Others may long for something totally nice & turnkey at these prices, and we couldn't blame them either.

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