Monday, April 23, 2012

Bootleg Listing on Bed-Stuy Mixed-Use: 313 Nostrand Avenue

We know Jay-Z reps his Brooklyn upbringing, despite bragging about when he's "in my Tribeca loft with my high-brow art" and his "apartment in the Trump I only slept in once". We know even Jay-Z thinks Brooklyn's getting pretty expensive these days.

On his latest album with Jay-Z, Kanye West pays some lip service to Jay-Z's neck of the woods, "Made a left on Nostrand Ave, we in Bed-Stuy." When in actuality Kanye posts up in Soho at The Mercer Hotel for $3,300/night, as your trusty blogger found out when Kanye photo bombed him while minding his own business eating his soup...

So Kanye might be, but are you ready to make a left on Nostrand Ave and be in Bed-Stuy? 313 Nostrand Avenue is a large mixed-use spot with 2 stores and 4 apartments at the corner of Lexington Avenue in Bed-Stuy. Agents didn't bother to even snap a picture of the exterior, opting for that OG file photo:

Is $1.19M the price for a corner in Bed-Stuy? Even the funeral home corner on Court Street in Carroll Gardens wants $5M. As with Court Street, whether the rental numbers provided are real will determine a lot. But $1,300-$1,400 each for the 4 apartments ain't bad. If you're grossing towards $8,000 and pushing a 7 cap or higher for 5,000+ sqft, there are worse places to stash that kind of cash. We think it's worth nibbling closer to $1M for the right investor. However, there are also a few fixer-uppers on corners with more upside at much lower pricepoints that are worth a look too.

Pro's: size, corner, rental income potential over time

Con's: listing doesn't give much detail, not everyone's ready for Bed-Stuy, what's the condition inside?

Ideally: the push east is inevitable. A mixed-use corner this large might have more value over the smaller things in better neighborhoods.

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