Tuesday, January 3, 2012

New Year, Same Haystack: 554 Court Street

554 Court Street is a little mystery-meat mixed-use building at the far southern tip of Carroll Gardens, by the BQE. It's still a "needle in a haystack" situation to come across this listing, that provides no address on Zillow. In fact, in addition to being able to e-mail this listing, post it to Facebook, or "Digg" it, there's even an icon for "StumbleUpon" - which more accurately captures the true nature of the Brooklyn real estate process:

We've been among the several moans and groans about the proximity to the BQE in this area. But that didn't stop 159 Nelson Street from fetching over $1.7M. Or even 536 Court Street from doing a sweet, modern conversion that fetched almost $1.7M.

Obviously, 554 Court Street won't be priced like Camp at almost $1.5M either, but what's stopping the top two apartments from getting nice rents and a hip commercial tenant coming in to this healthy 20' x 50'? And for a price that you might see on Myrtle Avenue in Clinton Hill for something this size?

As every corner of South Slope gets explored for prices that sometimes feel ahead of themselves, it makes sense to see 554 Court fetch somewhere near this asking price. Though still more evidence for why 258 Dekalb Avenue in Fort Greene was the next shoe to drop in this genre of mixed-use plays around (or on the edge of) upscale areas.

Others might shoot for a play on Smith Street; figuring, if you're already in for over $400K down, what's $75-100K more?

Pro's: location, price, size

Con's: edge of the neighborhood, a little more down payment might get a better place

Ideally: worth sizing up.

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