Thursday, September 6, 2012

Bed-Stuy Undercover: The Next Shoe to Drop

You won't find this listing on your Streeteasy, or your New York Times, or even the listing broker's own website!  But Platinum Members had the lead on this Bed-Stuy estate sale months before it dropped from $950K to $750K a few weeks ago.  At that point, we put the "Bat Signal" out that this was the next shoe to drop in the neighborhood.

Now it takes about $800K to take down this 16' x 50' 2-Family fixer-upper one block from the Nostrand A train in the opening corner of Bed-Stuy on a beautiful quiet street.  It's currently set up as a triplex over a garden rental, which makes the best use of its narrow width with 2 entrances and an interior staircase.

All this on a block with a pretty row of them...

The exterior features some great historical details like stained-glass windows, and a bust with the face of 1800's singing sensation Jenny Lind:

And it doesn't stop there.  Step inside to see 5 original mantles, pocket doors, wainscoting, parquet woodfloors, more stained-glass windows...

With $100K-$200K in work, this place will twankle & glisten, and rent for $5,000+/month or flip for over a million.  But it's really best suited for a user who wants to live in it, and we think that's where it ends up.

Pro's:  curb appeal, location, original details, best use of a 16' x 50' 2-Family, not being bid-up by the masses

Con's:  needs fixing, undercover, won't last long

Ideally:  Platinum Members passed on a contract at $750K last week, and now it'll take a little more to "gitter done", but it's still well worth it & won't last long...