Monday, August 13, 2012

Under a Rock and Dreaming: 131 5th Avenue

If you don't like a 4-cap as gorgeous as this one in Park Slope, then you're not going to like 131 5th Avenue, priced at worse than a 4-cap.  $4M is a pretty steep asking price for a mixed-used brownstone with 6 one-bedroom apartments that barely nets $150K.  People weren't buying this bad-boy at $2.95M.... the price jump to $4M isn't sweetening the pot at all.  Then again, if you were asleep at the wheel for a prime corner play that's almost a 7-cap at the $2.2M price it sold for last month like 603 Vanderbilt Avenue, perhaps you've seen what passes for a $2.4M listing over there now.  Both of those are on a very comparable commercial stretch of Prospect Heights that we've been calling that neighborhood's answer to Park Slope's 5th Avenue for years.  If you don't know what we're talking about, Jay-Z says, "Better look on map."  Besides, those were both Corcoran listings.  What happens when you get an undercover listing that's over-priced to boot?  Throw in no interior pictures, and you've got yourself a recipe for no sales activity whatsoever.  Which is exactly what's going on.  But BK to the Fullest has you covered...

No need to worry about washer/dryers in the units or the basement when your groundfloor tenant is a laundromat!

On the residential side, 20' x 60' is a floorplate people are tripping over themselves to get.  But right on 5th Avenue in a mixed-use building, that angle is pretty much out.  However, it should fit healthier-sized rentals.  On only an 80' lot, there can't be much yard to speak of, not that it matters for the laundry.  Maybe you'd like to reposition the commercial space with a better tenant to take advantage of the stadium?  That'll take some patience with the 7 years left on the laundry's lease.  This wouldn't be the first time (or the second) that we've seen no upside in Park Slope since the market turned.  When there's a corner building with finished condos over here for around this price, who in their right mind would touch this thing anywhere close to $4M?

Why someone decides to list a property with a no-name broker with no marketing, no pictures, and an absurd asking price is beyond us.  We can imagine the calls they've gotten and will continue to get from better commercial brokers trying to snatch the listing up & "gitter done" properly.

Pro's:  location, size, rent roll given, rental income potential

Con's:  price, no interior pics anymore, living under a rock sans marketing

Ideally:  maybe a sensible cash offer might arouse the interest of this seller sitting on alllll equity.  We've seen much crazier things happen recently.


  1. What a retarded listing. You pretty much nailed it man!

  2. about the same as my property on 5th. mixed use with 6 one bedroom apartments. However, my lot is 21x98. RR is about the same.
    I would never dream of asking 4mil for it. That's just crazy!