Monday, September 24, 2012

Don't Know What You've Got 'Til It's Gone: 317 St. Marks Avenue

Joni Mitchell said, "They paved paradise & put up a parking lot."  And for those skeptics who need peer review, Q-Tip said, "Joni Mitchell never lies."  But what happens when they sell your parking lot and turn it into condos?

Locals love this parking lot at 317 St. Marks Avenue because it's some of the best sub-$300/month parking in the area...

On Platinum Member radar since January, Massey Knakal reports this Prospect Heights lot was sold as a development site for $5.75M.  While some developers were moaning that it didn't have enough frontage and is an awkward shape, others were saying, "How 'bout just under $100 per buildable square foot in one of the hottest neighb's and upcoming school districts in all of Brooklyn?!?"  We're sure they won't have any problems slangin' those 62,000 square feet for the neighborhood's standard $500/sqft, or much more by the time they come to market.

If parking was tough in Prospect Heights and Crown Heights before, it will only get tougher as these parking spaces are pushed out onto the streets...

Pro's:  location, size, price (for those who can afford it), steps from the school

Con's:  awkward shape, not a lot of frontage, kiss great parking spaces goodbye

Ideally:  playing Goldilocks in Brooklyn, you might miss some of the best buys of this decade

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