Saturday, July 28, 2012

Undercover in Park Slope?: Carroll Street

(Our 100th post in Park Slope!)

Everyone knows and loves Park Slope.  The market for townhomes there is bananas.  Product is slim and prices are steep.  So it's a little surprising that a sleeper hit like this one on Carroll Street even still exists.  A 20' x 50' brownstone for sale on a landmarked block between 7th and 8th Avenue in PS 321 that isn't on StreetEasy, New York Times, or  On a block this epic, there are still undercover listings?

 Step inside this lovely 4-Family...

This clean restoration kept it all intact.  Wood everywhere, trim everything.

They didn't do anything outlandishly awesome, nor did they tamper with period details excessively.  The true destination for a home like this is ultimately a 1 or 2-Family conversion.  But cry me a river if in the meantime you're picking up 4 turnkey floors perhaps under $3M in a neighb' that commands $1M or more for less-picturesque single-floor apartments.  4 floors of $3,000+/month rentals and your pick of the litter of top-notch tenants?  With what unrenovated apartments with original details fetch in the top neighborhoods, on a condo-conversion valuation alone you could go over $3M here on Carroll Street.  If 35 St. Marks Avenue gladly turned down $2M+ all-cash offers because he figured he could at least sell for $775K/floor (and did!), similar math creates a pricing floor here.  We figure they've seen $2.5M offers all day from people who want to put another $500K+ to personalize it.  These absentee owners are ostensibly in no rush to liquidate their immaculate asset to low-ball bidders in a rising market.

We know, you're screamin',  "The comps, boss!  The comps!"  How far off are we from an immaculate 2-Family like 833 President Street fetching just over $3.4M?  We're certainly not as decked-out and unique as 167 6th Avenue which lasted a month with Corcoran before getting its asking price of $3.45M.  Carroll Street is a step up the ladder from something like 104 Berkeley in the less desirable PS 282, which was a semi-undercover 3-Family that could use some sprucing-up for $2.35M, and is probably north of $2.5M if marketed better.  Carroll Street is not as hard to unlock, being only a 4-Family, as 864 President Street for $2.7M.  In WAY better shape than 220 Garfield, which seems like a steal in retrospect at last year's at $2.1M.  Carroll Street is an easier to digest, more affordable alternative to the more severe, neo-classical 848 Carroll Street currently listed at $3.575M.

Manhattan views from the roof and a modest backyard that's just quaint enough to get ya started?

This house is a real winner at the right price.  We're told the broker is showing only to qualified buyers with proof of funds.

Pro's:  curb appeal, location, PS 321, tasteful restoration, totally turnkey, not on everyone's radar

Con's:  it ain't cheap, taxes are taxin', money to be spent to convert to 1 or 2-Family

Ideally:  we see a savvy buyer making a great deal here.

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